Accelerant (NYSE:ARX) Issues Earnings Results

Accelerant (NYSE:ARX) released its quarterly earnings results on Wednesday. The technology company reported $0.17 EPS for the quarter, topping analysts’ consensus estimates of $0.16 by $0.01, FiscalAI reports. Accelerant had a positive return on equity of 56.42% and a negative net margin of 135.47%.The company had revenue of $273.20 million for the quarter. The business’s revenue for the quarter was up 53.5% compared to the same quarter last year.

Accelerant Stock Up 5.6%

Shares of NYSE ARX traded up $0.82 during mid-day trading on Friday, hitting $15.43. The company had a trading volume of 1,997,443 shares, compared to its average volume of 1,220,177. Accelerant has a 1-year low of $9.18 and a 1-year high of $31.18. The company has a debt-to-equity ratio of 0.17, a current ratio of 1.61 and a quick ratio of 1.61. The company has a market capitalization of $3.43 billion and a PE ratio of -2.21. The business’s 50-day simple moving average is $12.88 and its 200 day simple moving average is $13.41.

Analysts Set New Price Targets

A number of research firms have commented on ARX. Piper Sandler decreased their price target on Accelerant from $18.00 to $13.00 and set an “overweight” rating on the stock in a research note on Monday, February 23rd. Wells Fargo & Company upgraded Accelerant from an “equal weight” rating to an “overweight” rating and reduced their price objective for the company from $17.00 to $15.00 in a research note on Friday, March 20th. TD Cowen reduced their price objective on Accelerant from $36.00 to $30.00 and set a “buy” rating on the stock in a research note on Thursday, March 26th. Citizens Jmp reduced their price objective on Accelerant from $20.00 to $17.00 and set a “market outperform” rating on the stock in a research note on Monday, April 13th. Finally, Raymond James Financial reiterated an “outperform” rating and issued a $13.00 price objective on shares of Accelerant in a research note on Tuesday, February 17th. Ten investment analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $18.17.

Insiders Place Their Bets

In other Accelerant news, CFO Jay Michael Green sold 50,000 shares of the firm’s stock in a transaction 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 sale, the chief financial officer directly owned 1,175,589 shares in the company, valued at $15,012,271.53. This trade represents a 4.08% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 66.59% of the stock is currently owned by corporate insiders.

Institutional Trading of Accelerant

A number of hedge funds and other institutional investors have recently bought and sold shares of ARX. Security Benefit Life Insurance Co. KS acquired a new stake in Accelerant in the third quarter valued at $80,797,000. Capital World Investors acquired a new stake in Accelerant in the third quarter valued at $85,666,000. Barings LLC acquired a new stake in Accelerant in the third quarter valued at $46,370,000. Alliancebernstein L.P. acquired a new stake in Accelerant in the third quarter valued at $41,529,000. Finally, Vanguard Group Inc. acquired a new stake in Accelerant in the third quarter valued at $33,482,000.

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.