Accelerant (NYSE:ARX) Issues Quarterly Earnings Results

Accelerant (NYSE:ARX) announced its earnings results on Thursday. The company reported $0.18 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.20 by ($0.02), FiscalAI reports. The business had revenue of $280.20 million for the quarter. Accelerant had a positive return on equity of 42.79% and a negative net margin of 113.08%.

Accelerant Trading Down 0.1%

Shares of ARX stock traded down $0.01 during mid-day trading on Friday, hitting $19.88. 931,456 shares of the company’s stock were exchanged, compared to its average volume of 2,026,161. Accelerant has a fifty-two week low of $9.18 and a fifty-two week high of $19.91. The stock has a 50-day simple moving average of $19.80 and a two-hundred day simple moving average of $15.24. The company has a quick ratio of 1.53, a current ratio of 1.53 and a debt-to-equity ratio of 0.16. The stock has a market cap of $4.32 billion, a price-to-earnings ratio of -2.99 and a beta of 0.08.

Analyst Upgrades and Downgrades

ARX has been the topic of a number of analyst reports. Weiss Ratings upgraded Accelerant from a “sell (d-)” rating to a “sell (d)” rating in a report on Thursday, October 8th. Citizens Jmp cut Accelerant from a “market outperform” rating to a “hold” rating in a report on Friday, August 14th. Piper Sandler downgraded Accelerant from an “overweight” rating to a “hold” rating and set a $20.25 price objective on the stock. in a research report on Thursday, August 13th. Raymond James Financial lowered Accelerant from a “market perform” rating to an “underperform” rating in a research note on Wednesday, September 23rd. Finally, William Blair cut Accelerant from an “outperform” rating to a “market perform” rating in a research report on Thursday, August 13th. Three equities research analysts have rated the stock with a Buy rating, seven have given a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $17.98.

Hedge Funds Weigh In On Accelerant

Several large investors have recently added to or reduced their stakes in ARX. Eurizon Capital SGR S.p.A. acquired a new stake in Accelerant in the 3rd quarter worth about $26,000. GAMMA Investing LLC increased its stake in shares of Accelerant by 998.8% during the 3rd quarter. GAMMA Investing LLC now owns 1,758 shares of the company’s stock valued at $35,000 after acquiring an additional 1,598 shares during the last quarter. Sterling Capital Management LLC increased its stake in shares of Accelerant by 543.3% during the 3rd quarter. Sterling Capital Management LLC now owns 1,885 shares of the company’s stock valued at $37,000 after acquiring an additional 1,592 shares during the last quarter. Versant Capital Management Inc purchased a new position in shares of Accelerant during the 3rd quarter worth about $38,000. Finally, State of Wyoming purchased a new position in shares of Accelerant during the 1st quarter worth about $28,000.

About Accelerant

Accelerant is a data-driven risk exchange focused on the specialty insurance market. Its platform connects independent specialty insurance underwriters, including managing general agents, with insurance capacity providers seeking access to specialized risks. The company provides technology, data and analytics tools to support underwriting and help its members evaluate and manage insurance portfolios. Through the exchange, underwriters can access capacity, while insurers and other risk-bearing partners can connect with specialist underwriting expertise.