Credit Acceptance Corporation (NASDAQ:CACC – Get Free Report) insider Nicholas Elliott sold 2,306 shares of the business’s stock in a transaction on Friday, June 26th. The stock was sold at an average price of $629.99, for a total value of $1,452,756.94. Following the transaction, the insider directly owned 20,897 shares in the company, valued at $13,164,901.03. This trade represents a 9.94% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.
Credit Acceptance Stock Performance
Shares of Credit Acceptance stock opened at $636.74 on Wednesday. The firm has a market cap of $6.66 billion, a PE ratio of 15.82 and a beta of 1.38. The company has a quick ratio of 13.62, a current ratio of 13.62 and a debt-to-equity ratio of 4.09. Credit Acceptance Corporation has a 52 week low of $401.90 and a 52 week high of $645.00. The business’s fifty day simple moving average is $553.59 and its 200-day simple moving average is $498.46.
Credit Acceptance (NASDAQ:CACC – Get Free Report) last posted its earnings results on Tuesday, May 5th. The credit services provider reported $10.71 EPS for the quarter, missing analysts’ consensus estimates of $10.73 by ($0.02). The company had revenue of $406.00 million during the quarter, compared to analyst estimates of $580.77 million. Credit Acceptance had a net margin of 19.49% and a return on equity of 29.95%. The company’s quarterly revenue was up 1.6% compared to the same quarter last year. During the same period in the previous year, the company earned $9.35 EPS. Equities analysts forecast that Credit Acceptance Corporation will post 47.5 earnings per share for the current year.
Analysts Set New Price Targets
View Our Latest Analysis on Credit Acceptance
Institutional Investors Weigh In On Credit Acceptance
Hedge funds have recently added to or reduced their stakes in the business. State of Wyoming purchased a new position in Credit Acceptance in the 4th quarter valued at approximately $27,000. Kestra Advisory Services LLC purchased a new stake in shares of Credit Acceptance during the fourth quarter worth $27,000. Parallel Advisors LLC raised its stake in shares of Credit Acceptance by 590.0% in the first quarter. Parallel Advisors LLC now owns 69 shares of the credit services provider’s stock valued at $29,000 after acquiring an additional 59 shares in the last quarter. Altshuler Shaham Ltd raised its stake in shares of Credit Acceptance by 37.3% in the first quarter. Altshuler Shaham Ltd now owns 70 shares of the credit services provider’s stock valued at $30,000 after acquiring an additional 19 shares in the last quarter. Finally, Rockefeller Capital Management L.P. boosted its holdings in Credit Acceptance by 53.3% in the fourth quarter. Rockefeller Capital Management L.P. now owns 69 shares of the credit services provider’s stock valued at $31,000 after purchasing an additional 24 shares during the period. 81.71% of the stock is currently owned by institutional investors and hedge funds.
Credit Acceptance Company Profile
Credit Acceptance Corporation, founded in 1972 and headquartered in Southfield, Michigan, is a specialty finance company focused on the indirect automotive lending market. The company partners with independent and franchised auto dealers to facilitate purchase financing for consumers who may not qualify for traditional prime auto loans. By purchasing retail installment contracts originated by these dealers, Credit Acceptance provides capital and credit insurance to support vehicle sales, enabling dealers to broaden their customer base and reduce credit risk.
Through its proprietary underwriting platform and risk management strategies, Credit Acceptance evaluates borrower applications, structures credit plans, and retains servicing rights on the acquired contracts.
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