Accelerant (NYSE:ARX) Trading Down 8.5% – Time to Sell?

Accelerant Holdings (NYSE:ARX) dropped 8.5% during mid-day trading on Wednesday . The stock traded as low as $12.45 and last traded at $12.3450. Approximately 655,225 shares traded hands during mid-day trading, a decline of 44% from the average daily volume of 1,178,503 shares. The stock had previously closed at $13.49.

Wall Street Analysts Forecast Growth

ARX has been the subject of a number of recent analyst reports. Raymond James Financial restated an “outperform” rating and set a $13.00 price target on shares of Accelerant in a research report on Tuesday, February 17th. Morgan Stanley reduced their target price on Accelerant from $16.00 to $15.00 and set an “equal weight” rating for the company in a research report on Monday, April 6th. Piper Sandler decreased their target price on Accelerant from $18.00 to $13.00 and set an “overweight” rating on the stock in a research note on Monday, February 23rd. Weiss Ratings raised Accelerant from a “sell (d-)” rating to a “sell (d)” rating in a report on Friday, April 24th. Finally, Wells Fargo & Company upgraded shares of Accelerant from an “equal weight” rating to an “overweight” rating and decreased their price objective for the stock from $17.00 to $15.00 in a research report on Friday, March 20th. Ten research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $18.17.

Accelerant Price Performance

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 stock has a market capitalization of $2.80 billion and a PE ratio of -1.82. The business has a fifty day moving average price of $12.81 and a 200-day moving average price of $13.39.

Accelerant (NYSE:ARX) last released its earnings results on Wednesday, May 13th. The technology company reported $0.17 earnings per share for the quarter, topping analysts’ consensus estimates of $0.16 by $0.01. Accelerant had a positive return on equity of 67.99% and a negative net margin of 148.33%.The company had revenue of $273.20 million during the quarter. Research analysts expect that Accelerant Holdings will post 0.68 EPS for the current fiscal year.

Insider Buying and Selling at Accelerant

In other news, CFO Jay Michael Green sold 50,000 shares of the company’s stock in a transaction on Monday, March 23rd. The shares were sold at an average price of $12.77, for a total value of $638,500.00. Following the completion of the sale, the chief financial officer owned 1,175,589 shares of the company’s stock, valued at approximately $15,012,271.53. This represents a 4.08% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 66.59% of the company’s stock.

Hedge Funds Weigh In On Accelerant

A number of large investors have recently added to or reduced their stakes in the business. Quarry LP bought a new position in shares of Accelerant during the third quarter valued at about $40,000. PNC Financial Services Group Inc. bought a new stake in shares of Accelerant in the 3rd quarter valued at about $42,000. CWM LLC purchased a new stake in Accelerant during the 4th quarter valued at about $109,000. Arcus Capital Partners LLC bought a new position in Accelerant during the 1st quarter worth approximately $135,000. Finally, Jefferies Financial Group Inc. bought a new position in Accelerant during the 3rd quarter worth approximately $149,000.

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.