Wells Fargo & Company Issues Pessimistic Forecast for Accelerant (NYSE:ARX) Stock Price

Accelerant (NYSE:ARX) had its price objective cut by stock analysts at Wells Fargo & Company from $17.00 to $16.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The brokerage presently has an “overweight” rating on the technology company’s stock. Wells Fargo & Company‘s price objective would suggest a potential upside of 25.97% from the stock’s current price.

ARX has been the topic of several other reports. UBS Group set a $16.00 price objective on Accelerant in a research note on Thursday, May 21st. BMO Capital Markets upped their target price on shares of Accelerant from $16.50 to $17.00 and gave the stock an “outperform” rating in a research note on Tuesday, June 16th. Morgan Stanley lowered their target price on shares of Accelerant from $16.00 to $14.00 and set an “equal weight” rating for the company in a report on Monday. Weiss Ratings upgraded shares of Accelerant from a “sell (e+)” rating to a “sell (d-)” rating in a report on Tuesday, June 16th. Finally, Citizens Jmp cut their price target on shares of Accelerant from $20.00 to $17.00 and set a “market outperform” rating on the stock in a report on Monday, April 13th. Ten research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $18.60.

Accelerant Stock Down 2.8%

Shares of Accelerant stock traded down $0.37 on Thursday, hitting $12.70. The company had a trading volume of 1,390,905 shares, compared to its average volume of 1,417,235. The stock has a market capitalization of $2.77 billion and a price-to-earnings ratio of -1.83. Accelerant has a 1 year low of $9.18 and a 1 year high of $31.18. The stock has a 50 day moving average of $14.18 and a 200-day moving average of $13.62. The company has a debt-to-equity ratio of 0.17, a quick ratio of 1.61 and a current ratio of 1.61.

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

Insiders Place Their Bets

In other Accelerant news, Director Nancy Hasley sold 35,000 shares of the business’s stock in a transaction on Tuesday, June 23rd. The stock was sold at an average price of $13.11, for a total value of $458,850.00. Following the transaction, the director owned 1,362,323 shares of the company’s stock, valued at approximately $17,860,054.53. The trade was a 2.50% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Francis James Oneill sold 76,464 shares of the company’s stock in a transaction on Tuesday, June 23rd. The shares were sold at an average price of $13.11, for a total value of $1,002,443.04. Following the completion of the transaction, the insider owned 7,050,125 shares of the company’s stock, valued at $92,427,138.75. This trade represents a 1.07% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders have sold 495,500 shares of company stock valued at $6,497,784. Insiders own 66.59% of the company’s stock.

Hedge Funds Weigh In On Accelerant

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Capital World Investors purchased a new stake in shares of Accelerant during the third quarter worth $85,666,000. Alliancebernstein L.P. purchased a new position in shares of Accelerant in the third quarter valued at $41,529,000. Balyasny Asset Management L.P. raised its stake in shares of Accelerant by 35.4% during the 4th quarter. Balyasny Asset Management L.P. now owns 2,733,595 shares of the technology company’s stock valued at $44,694,000 after purchasing an additional 714,811 shares during the period. Azora Capital LP raised its stake in shares of Accelerant by 288.9% during the 4th quarter. Azora Capital LP now owns 2,439,094 shares of the technology company’s stock valued at $39,879,000 after purchasing an additional 1,811,976 shares during the period. Finally, Vanguard Group Inc. purchased a new stake in Accelerant during the 3rd quarter worth about $33,482,000.

Accelerant Company Profile

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.