Morgan Stanley Cuts Accelerant (NYSE:ARX) Price Target to $15.00

Accelerant (NYSE:ARX) had its price target decreased by Morgan Stanley from $16.00 to $15.00 in a research report report published on Monday,Benzinga reports. Morgan Stanley currently has an equal weight rating on the technology company’s stock.

Other analysts have also issued reports about the company. The Goldman Sachs Group reissued a “buy” rating and set a $20.00 price objective on shares of Accelerant in a report on Wednesday, January 7th. Piper Sandler decreased their price objective on Accelerant from $18.00 to $13.00 and set an “overweight” rating for the company in a report on Monday, February 23rd. Raymond James Financial reissued an “outperform” rating and set a $13.00 price objective on shares of Accelerant in a report on Tuesday, February 17th. Weiss Ratings reissued a “sell (d-)” rating on shares of Accelerant in a report on Monday, December 22nd. Finally, Wells Fargo & Company raised Accelerant from an “equal weight” rating to an “overweight” rating and decreased their price objective for the stock from $17.00 to $15.00 in a report on Friday, March 20th. Ten research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, Accelerant currently has an average rating of “Moderate Buy” and a consensus target price of $18.50.

Accelerant Stock Performance

ARX traded down $0.21 during midday trading on Monday, reaching $12.87. 37,043 shares of the company were exchanged, compared to its average volume of 1,159,959. 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 firm has a market capitalization of $2.86 billion and a P/E ratio of -1.86. Accelerant has a one year low of $9.18 and a one year high of $31.18.

Accelerant (NYSE:ARX) last issued its quarterly earnings data on Wednesday, March 18th. The technology company reported $0.23 EPS for the quarter, topping analysts’ consensus estimates of $0.22 by $0.01. The firm had revenue of $248.40 million during the quarter. Accelerant had a positive return on equity of 67.99% and a negative net margin of 148.33%.Accelerant’s quarterly revenue was up 30.3% on a year-over-year basis.

Insider Buying and Selling at Accelerant

In other news, CFO Jay Michael Green sold 50,000 shares of the business’s stock in a transaction that occurred on Monday, March 23rd. The stock was sold at an average price of $12.77, for a total value of $638,500.00. Following the transaction, the chief financial officer owned 1,175,589 shares in the company, valued at $15,012,271.53. The trade was a 4.08% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 6.20% of the stock is owned by insiders.

Hedge Funds Weigh In On Accelerant

A number of hedge funds and other institutional investors have recently modified their holdings of the business. XTX Topco Ltd boosted its stake in shares of Accelerant by 66.4% in the 4th quarter. XTX Topco Ltd now owns 106,248 shares of the technology company’s stock worth $1,737,000 after buying an additional 42,383 shares during the last quarter. SummitTX Capital L.P. boosted its stake in shares of Accelerant by 77.9% in the 4th quarter. SummitTX Capital L.P. now owns 56,780 shares of the technology company’s stock worth $928,000 after buying an additional 24,860 shares during the last quarter. Balyasny Asset Management L.P. boosted its stake in shares of Accelerant by 35.4% in the 4th quarter. Balyasny Asset Management L.P. now owns 2,733,595 shares of the technology company’s stock worth $44,694,000 after buying an additional 714,811 shares during the last quarter. Azora Capital LP boosted its stake in shares of Accelerant by 288.9% in the 4th quarter. Azora Capital LP now owns 2,439,094 shares of the technology company’s stock worth $39,879,000 after buying an additional 1,811,976 shares during the last quarter. Finally, Boothbay Fund Management LLC purchased a new position in shares of Accelerant in the 4th quarter worth approximately $425,000.

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.