Accelerant (NYSE:ARX) COO Matthew David Sternberg Sells 17,568 Shares of Stock

Accelerant Holdings (NYSE:ARX) COO Matthew David Sternberg sold 17,568 shares of the stock in a transaction dated Monday, July 27th. The shares were sold at an average price of $14.64, for a total transaction of $257,195.52. Following the completion of the sale, the chief operating officer owned 596,482 shares of the company’s stock, valued at approximately $8,732,496.48. The trade was a 2.86% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Accelerant Stock Performance

Shares of NYSE ARX opened at $14.59 on Wednesday. The business has a fifty day simple moving average of $14.08 and a 200 day simple moving average of $13.34. The company has a current ratio of 1.61, a quick ratio of 1.61 and a debt-to-equity ratio of 0.17. The firm has a market capitalization of $3.18 billion and a price-to-earnings ratio of -2.09. Accelerant Holdings has a one year low of $9.18 and a one year high of $30.48.

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

Institutional Investors Weigh In On Accelerant

Several large investors have recently bought and sold shares of the company. State of Wyoming bought a new position in shares of Accelerant during the 1st quarter valued at about $28,000. Quarry LP acquired a new stake in Accelerant during the 3rd quarter worth approximately $40,000. PNC Financial Services Group Inc. bought a new position in Accelerant in the third quarter valued at approximately $42,000. Royal Bank of Canada boosted its holdings in shares of Accelerant by 50.3% in the first quarter. Royal Bank of Canada now owns 7,729 shares of the technology company’s stock valued at $103,000 after buying an additional 2,585 shares during the period. Finally, CWM LLC bought a new stake in shares of Accelerant during the fourth quarter worth $109,000.

Analyst Ratings Changes

A number of equities research analysts have commented on the stock. BMO Capital Markets increased their price objective on shares of Accelerant from $16.50 to $17.00 and gave the stock an “outperform” rating in a report on Tuesday, June 16th. Weiss Ratings downgraded shares of Accelerant from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Monday, July 20th. UBS Group set a $16.00 target price on shares of Accelerant in a research report on Thursday, May 21st. Citizens Jmp decreased their price target on shares of 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, Piper Sandler increased their price target on shares of Accelerant from $18.00 to $19.00 and gave the company an “overweight” rating in a research note on Tuesday, May 26th. Ten research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, Accelerant currently has a consensus rating of “Moderate Buy” and an average price target of $18.60.

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.