Insider Selling: Accelerant (NYSE:ARX) COO Sells 17,568 Shares

Accelerant Holdings (NYSE:ARX) COO Matthew David Sternberg sold 17,568 shares of Accelerant stock in a transaction on Monday, July 27th. The stock was sold at an average price of $14.64, for a total transaction of $257,195.52. Following the completion of the transaction, the chief operating officer directly owned 596,482 shares in the company, valued at approximately $8,732,496.48. The trade was a 2.86% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Accelerant Trading Down 0.4%

NYSE:ARX traded down $0.07 during midday trading on Tuesday, reaching $14.54. 3,487,482 shares of the stock traded hands, compared to its average volume of 1,433,565. The stock has a market capitalization of $3.17 billion and a P/E ratio of -2.08. The company has a debt-to-equity ratio of 0.17, a quick ratio of 1.61 and a current ratio of 1.61. The company has a fifty day moving average of $14.12 and a 200 day moving average of $13.35. Accelerant Holdings has a 12 month low of $9.18 and a 12 month high of $30.48.

Accelerant (NYSE:ARX) last announced its quarterly earnings results on Wednesday, May 13th. The technology company reported $0.17 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.16 by $0.01. Accelerant had a negative net margin of 135.47% and a positive return on equity of 49.99%. The business had revenue of $273.20 million for the quarter. Accelerant’s revenue was up 53.5% on a year-over-year basis. On average, research analysts predict that Accelerant Holdings will post 0.73 EPS for the current year.

Analyst Ratings Changes

A number of brokerages recently issued reports on ARX. Morgan Stanley reduced their price target on Accelerant from $16.00 to $14.00 and set an “equal weight” rating on the stock in a report on Monday, July 6th. Wells Fargo & Company cut their price objective on Accelerant from $17.00 to $16.00 and set an “overweight” rating on the stock in a research report on Thursday, July 9th. BMO Capital Markets boosted their target price on Accelerant from $16.50 to $17.00 and gave the company an “outperform” rating in a research note on Tuesday, June 16th. Weiss Ratings downgraded Accelerant from a “sell (d-)” rating to a “sell (e+)” rating in a report on Monday, July 20th. Finally, UBS Group set a $16.00 price objective on shares of Accelerant in a research report on Thursday, May 21st. Ten analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $18.60.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. State of Wyoming purchased a new stake in Accelerant in the first quarter worth $28,000. Quarry LP purchased a new position in Accelerant during the third quarter valued at $40,000. PNC Financial Services Group Inc. purchased a new position in Accelerant during the third quarter valued at $42,000. Royal Bank of Canada boosted its holdings in shares of Accelerant by 50.3% during the 1st quarter. Royal Bank of Canada now owns 7,729 shares of the technology company’s stock valued at $103,000 after buying an additional 2,585 shares in the last quarter. Finally, CWM LLC purchased a new stake in shares of Accelerant in the 4th quarter worth about $109,000.

About Accelerant

Aeroflex Holding Corp. (Aeroflex Holding) is a provider of radio frequency (RF) and microwave integrated circuits, components and systems used in the design, development and maintenance of wireless communication systems. The Company’s solutions include microelectronic components and test and measurement equipment used by companies in the space, avionics and defense; commercial wireless communications, and medical and other markets. Its products include a range of RF, microwave and millimeter wave microelectronic components, integrated circuits (ICs), and analog and mixed-signal devices.