Accelerant (NYSE:ARX) Shares Down 5.2% – Here’s What Happened

Accelerant Holdings (NYSE:ARX) fell 5.2% during mid-day trading on Thursday . The stock traded as low as $13.45 and last traded at $13.3790. 1,788,181 shares traded hands during trading, an increase of 42% from the average session volume of 1,258,998 shares. The stock had previously closed at $14.12.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on ARX. Piper Sandler upped their target price on shares of 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 upped their target price on shares of Accelerant from $15.00 to $17.00 and gave the company an “overweight” rating in a research report on Monday, May 18th. Morgan Stanley upped their target price on shares of Accelerant from $15.00 to $16.00 and gave the company an “equal weight” rating in a research report on Thursday, May 21st. UBS Group set a $16.00 target price on shares of Accelerant in a research report on Thursday, May 21st. Finally, TD Cowen decreased their target price on shares of Accelerant from $36.00 to $30.00 and set a “buy” rating on the stock in a research report on Thursday, March 26th. Ten 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.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $19.45.

Accelerant Stock Performance

The firm’s 50 day moving average is $14.40 and its 200 day moving average is $13.85. 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 stock has a market cap of $2.87 billion and a P/E ratio of -1.91.

Accelerant (NYSE:ARX) last announced its earnings results on Wednesday, May 13th. The technology company reported $0.17 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.16 by $0.01. The business had revenue of $273.20 million for the quarter. Accelerant had a negative net margin of 135.47% and a positive return on equity of 49.99%. The company’s revenue for the quarter was up 53.5% compared to the same quarter last year. Analysts anticipate that Accelerant Holdings will post 0.73 EPS for the current year.

Insiders Place Their Bets

In other Accelerant news, CFO Jay Michael Green sold 50,000 shares of the business’s stock in a transaction dated Monday, March 23rd. The shares were sold at an average price of $12.77, for a total value of $638,500.00. Following the transaction, the chief financial officer directly 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 transaction was disclosed in a document filed with the SEC, which is available through the SEC website. 66.59% of the stock is owned by insiders.

Hedge Funds Weigh In On Accelerant

Several institutional investors and hedge funds have recently bought and sold shares of ARX. State of Wyoming acquired a new position in shares of Accelerant in the 1st quarter worth approximately $28,000. Quarry LP acquired a new position in shares of Accelerant in the 3rd quarter worth approximately $40,000. PNC Financial Services Group Inc. acquired a new position in shares of Accelerant in the 3rd quarter worth approximately $42,000. CWM LLC acquired a new position in shares of Accelerant in the 4th quarter worth approximately $109,000. Finally, Royal Bank of Canada lifted its holdings in shares of Accelerant by 50.3% in the 1st 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.

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.