Shares of Accelerant Holdings (NYSE:ARX – Get Free Report) traded up 6.1% during mid-day trading on Monday . The stock traded as high as $13.39 and last traded at $13.4150. 517,970 shares traded hands during trading, a decline of 64% from the average session volume of 1,427,982 shares. The stock had previously closed at $12.64.
Wall Street Analysts Forecast Growth
A number of research firms have recently commented on ARX. Piper Sandler raised their target price on Accelerant from $18.00 to $19.00 and gave the company an “overweight” rating in a research report on Tuesday, May 26th. Wells Fargo & Company lowered their price target on Accelerant from $17.00 to $16.00 and set an “overweight” rating on the stock in a research report on Thursday. Citizens Jmp lowered their price target on Accelerant from $20.00 to $17.00 and set a “market outperform” rating on the stock in a research report on Monday, April 13th. TD Cowen dropped their price objective on Accelerant from $36.00 to $30.00 and set a “buy” rating on the stock in a report on Thursday, March 26th. Finally, UBS Group set a $16.00 price objective on Accelerant in a research report on Thursday, May 21st. Ten equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, Accelerant has a consensus rating of “Moderate Buy” and an average target price of $18.60.
Read Our Latest Stock Report on ARX
Accelerant Trading Up 6.6%
Accelerant (NYSE:ARX – Get Free Report) last released its quarterly earnings results on Wednesday, May 13th. The technology company reported $0.17 earnings per share for the quarter, topping the consensus estimate 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 firm had revenue of $273.20 million during the quarter. The business’s revenue was up 53.5% on a year-over-year basis. Equities analysts expect that Accelerant Holdings will post 0.73 EPS for the current fiscal year.
Insider Buying and Selling at Accelerant
In other news, Director Nancy Hasley sold 35,000 shares of the firm’s stock in a transaction that occurred on Tuesday, June 23rd. The stock was sold at an average price of $13.11, for a total value of $458,850.00. Following the transaction, the director owned 1,362,323 shares in the company, valued at $17,860,054.53. This trade represents a 2.50% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Jeffrey L. Radke sold 80,000 shares of Accelerant stock in a transaction that occurred on Monday, July 6th. The stock was sold at an average price of $13.33, for a total value of $1,066,400.00. Following the completion of the sale, the chief executive officer directly owned 28,021,939 shares in the company, valued at $373,532,446.87. This represents a 0.28% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 495,500 shares of company stock valued at $6,497,784 over the last quarter. 66.59% of the stock is currently owned by insiders.
Institutional Investors Weigh In On Accelerant
A number of large investors have recently modified their holdings of ARX. Teacher Retirement System of Texas raised its position in shares of Accelerant by 0.6% in the fourth quarter. Teacher Retirement System of Texas now owns 176,043 shares of the technology company’s stock valued at $2,878,000 after buying an additional 1,043 shares during the last quarter. State of Wyoming purchased a new position in shares of Accelerant in the first quarter worth about $28,000. Royal Bank of Canada boosted its position in Accelerant by 50.3% during the first quarter. Royal Bank of Canada now owns 7,729 shares of the technology company’s stock worth $103,000 after acquiring an additional 2,585 shares during the last quarter. PNC Financial Services Group Inc. boosted its position in Accelerant by 73.6% during the first quarter. PNC Financial Services Group Inc. now owns 6,157 shares of the technology company’s stock worth $82,000 after acquiring an additional 2,611 shares during the last quarter. Finally, Quarry LP purchased a new stake in Accelerant during the 3rd quarter valued at about $40,000.
Accelerant Company Profile
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.
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