PDT Partners LLC Takes $1.71 Million Position in Credit Acceptance Corporation $CACC

PDT Partners LLC purchased a new stake in Credit Acceptance Corporation (NASDAQ:CACC) during the second quarter, Holdings Channel reports. The institutional investor purchased 2,677 shares of the credit services provider’s stock, valued at approximately $1,705,000.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. State of Wyoming acquired a new stake in Credit Acceptance during the 4th quarter worth $27,000. Kestra Advisory Services LLC acquired a new stake in shares of Credit Acceptance during the fourth quarter worth about $27,000. Parallel Advisors LLC raised its position in shares of Credit Acceptance by 590.0% during the first quarter. Parallel Advisors LLC now owns 69 shares of the credit services provider’s stock worth $29,000 after purchasing an additional 59 shares during the period. Altshuler Shaham Ltd lifted its holdings in shares of Credit Acceptance by 37.3% during the 1st quarter. Altshuler Shaham Ltd now owns 70 shares of the credit services provider’s stock valued at $30,000 after purchasing an additional 19 shares in the last quarter. Finally, Rockefeller Capital Management L.P. grew its position in shares of Credit Acceptance by 53.3% in the 4th 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. Institutional investors and hedge funds own 81.71% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on the stock. TD Cowen lifted their price target on shares of Credit Acceptance from $575.00 to $600.00 and gave the company a “hold” rating in a research note on Wednesday, August 5th. Zacks Research lowered shares of Credit Acceptance from a “strong-buy” rating to a “hold” rating in a report on Wednesday, May 13th. Finally, Weiss Ratings raised shares of Credit Acceptance from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Thursday, July 16th. One equities research analyst has rated the stock with a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $570.00.

Credit Acceptance Stock Performance

CACC opened at $593.64 on Thursday. The business’s 50-day simple moving average is $601.72 and its 200 day simple moving average is $538.13. Credit Acceptance Corporation has a 52-week low of $401.90 and a 52-week high of $668.86. The company has a debt-to-equity ratio of 3.84, a quick ratio of 14.89 and a current ratio of 14.89. The firm has a market capitalization of $6.21 billion, a PE ratio of 13.05 and a beta of 1.37.

Credit Acceptance (NASDAQ:CACC) last posted its quarterly earnings results on Tuesday, August 4th. The credit services provider reported $12.12 earnings per share (EPS) for the quarter, missing the consensus estimate of $12.20 by ($0.08). The firm had revenue of $415.00 million for the quarter, compared to the consensus estimate of $588.07 million. Credit Acceptance had a return on equity of 31.67% and a net margin of 21.54%.The business’s revenue was up .6% compared to the same quarter last year. During the same period last year, the company posted $10.05 earnings per share. As a group, sell-side analysts expect that Credit Acceptance Corporation will post 47.8 earnings per share for the current fiscal year.

Insider Activity at Credit Acceptance

In related news, CFO Jay D. Martin sold 3,000 shares of Credit Acceptance stock in a transaction dated Wednesday, June 24th. The stock was sold at an average price of $601.04, for a total transaction of $1,803,120.00. Following the completion of the transaction, the chief financial officer owned 25,963 shares in the company, valued at approximately $15,604,801.52. This trade represents a 10.36% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, COO Jonathan Lum sold 6,000 shares of the business’s stock in a transaction that occurred on Wednesday, June 24th. The stock was sold at an average price of $600.00, for a total value of $3,600,000.00. Following the transaction, the chief operating officer directly owned 31,609 shares in the company, valued at $18,965,400. The trade was a 15.95% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 44,289 shares of company stock worth $27,525,241 over the last ninety days. Company insiders own 6.10% of the company’s stock.

About Credit Acceptance

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.