Credit Acceptance (NASDAQ:CACC) Releases Earnings Results, Beats Estimates By $0.15 EPS

Credit Acceptance (NASDAQ:CACC) posted its quarterly earnings results on Thursday. The credit services provider reported $13.01 earnings per share for the quarter, beating analysts’ consensus estimates of $12.86 by $0.15, FiscalAI reports. The company had revenue of $420.30 million for the quarter, compared to the consensus estimate of $596.40 million. Credit Acceptance had a net margin of 21.54% and a return on equity of 31.67%.

Credit Acceptance Trading Up 5.7%

Shares of NASDAQ CACC traded up $30.88 during trading hours on Thursday, hitting $575.78. The company’s stock had a trading volume of 143,015 shares, compared to its average volume of 160,231. The company has a debt-to-equity ratio of 3.84, a quick ratio of 14.89 and a current ratio of 14.89. Credit Acceptance has a 12 month low of $401.90 and a 12 month high of $668.86. The stock has a market cap of $6.02 billion, a price-to-earnings ratio of 12.66 and a beta of 1.40. The business has a 50-day simple moving average of $566.87 and a 200-day simple moving average of $536.93.

Analyst Upgrades and Downgrades

Several brokerages have commented on CACC. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Credit Acceptance in a research report on Wednesday, October 14th. TD Cowen dropped their price objective on shares of Credit Acceptance from $600.00 to $590.00 and set a “hold” rating on the stock in a report on Tuesday, October 6th. One investment analyst has rated the stock with a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $565.00.

About Credit Acceptance

Credit Acceptance Corporation (NASDAQ:CACC) is a specialized automobile finance company that provides financing programs for consumers who may have difficulty obtaining credit through traditional lenders. The company primarily operates through an indirect lending model, working with automobile dealers who offer financing to customers purchasing new or used vehicles.

Credit Acceptance purchases or services automotive loans originated through its dealer-partner network. Its programs are designed to help dealers sell vehicles to a broader range of consumers, while the company manages loan underwriting, servicing, collections, and related risk-management activities.