Credit Acceptance Corp. (NASDAQ:CACC) saw a large decline in short interest in the month of August. As of August 31st, there was short interest totalling 556,400 shares, a decline of 10.5% from the July 31st total of 621,600 shares. Currently, 4.5% of the shares of the company are short sold. Based on an average daily trading volume, of 90,400 shares, the days-to-cover ratio is presently 6.2 days.
CACC has been the topic of several recent research reports. Credit Suisse Group set a $380.00 price objective on shares of Credit Acceptance and gave the company an “underperform” rating in a research note on Wednesday, July 31st. BidaskClub raised shares of Credit Acceptance from a “sell” rating to a “hold” rating in a research note on Thursday. BMO Capital Markets boosted their price objective on shares of Credit Acceptance to $484.00 and gave the company a “market perform” rating in a research note on Thursday, August 1st. BTIG Research reissued a “sell” rating and issued a $340.00 price objective on shares of Credit Acceptance in a research note on Wednesday, July 31st. Finally, ValuEngine cut shares of Credit Acceptance from a “hold” rating to a “sell” rating in a research note on Thursday, September 5th. Three investment analysts have rated the stock with a sell rating and six have assigned a hold rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus price target of $441.00.
Shares of NASDAQ CACC traded up $6.52 during trading on Friday, hitting $481.74. 4,894 shares of the company were exchanged, compared to its average volume of 76,611. The company has a market cap of $8.71 billion, a price-to-earnings ratio of 16.96, a PEG ratio of 1.34 and a beta of 0.75. Credit Acceptance has a 1 year low of $356.12 and a 1 year high of $509.99. The firm’s fifty day moving average price is $464.06 and its 200 day moving average price is $468.18. The company has a debt-to-equity ratio of 1.89, a current ratio of 28.16 and a quick ratio of 28.16.
Credit Acceptance (NASDAQ:CACC) last issued its earnings results on Tuesday, July 30th. The credit services provider reported $8.60 EPS for the quarter, topping the consensus estimate of $8.52 by $0.08. The company had revenue of $370.60 million for the quarter, compared to analyst estimates of $363.38 million. Credit Acceptance had a net margin of 45.15% and a return on equity of 30.02%. The business’s revenue was up 17.5% on a year-over-year basis. During the same period in the previous year, the firm earned $6.95 EPS. On average, research analysts forecast that Credit Acceptance will post 34.67 earnings per share for the current year.
Hedge funds and other institutional investors have recently modified their holdings of the business. Hanson & Doremus Investment Management purchased a new stake in shares of Credit Acceptance during the 2nd quarter worth $26,000. Pearl River Capital LLC purchased a new stake in shares of Credit Acceptance in the 2nd quarter worth about $42,000. NumerixS Investment Technologies Inc purchased a new stake in shares of Credit Acceptance in the 2nd quarter worth about $97,000. Point72 Hong Kong Ltd boosted its position in shares of Credit Acceptance by 187.1% in the 2nd quarter. Point72 Hong Kong Ltd now owns 244 shares of the credit services provider’s stock worth $118,000 after buying an additional 159 shares in the last quarter. Finally, HWG Holdings LP purchased a new stake in shares of Credit Acceptance in the 2nd quarter worth about $180,000. Institutional investors own 66.05% of the company’s stock.
Credit Acceptance Company Profile
Credit Acceptance Corporation provides financing programs, and related products and services to independent and franchised automobile dealers in the United States. The company advances money to dealers in exchange for the right to service the underlying consumer loans; and buys the consumer loans from the dealers and keeps various amounts collected from the consumers.
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