Accelerant (NYSE:ARX) Hits New 52-Week High – Here’s What Happened

Accelerant Holdings (NYSE:ARX)’s share price hit a new 52-week high during trading on Thursday . The company traded as high as $19.90 and last traded at $19.8450, with a volume of 138540 shares trading hands. The stock had previously closed at $19.84.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on the stock. Weiss Ratings upgraded shares of Accelerant from a “sell (e+)” rating to a “sell (d-)” rating in a report on Tuesday, August 4th. Raymond James Financial cut shares of Accelerant from a “moderate buy” rating to a “hold” rating in a research report on Monday, August 17th. Morgan Stanley dropped their target price on shares of Accelerant from $16.00 to $14.00 and set an “equal weight” rating for the company in a research report on Monday, July 6th. UBS Group set a $16.00 target price on shares of Accelerant in a research note on Thursday, May 21st. Finally, BMO Capital Markets boosted their price target on shares of Accelerant from $16.50 to $17.00 and gave the company an “outperform” rating in a research report on Tuesday, June 16th. Four analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, Accelerant has a consensus rating of “Hold” and an average target price of $18.95.

Accelerant Stock Up 0.1%

The stock’s 50 day simple moving average is $15.70 and its two-hundred day simple moving average is $14.15. The firm has a market cap of $4.31 billion, a P/E ratio of -2.99 and a beta of 0.08. The company has a debt-to-equity ratio of 0.16, a current ratio of 1.53 and a quick ratio of 1.53.

Accelerant (NYSE:ARX) last released its earnings results on Thursday, August 13th. The company reported $0.32 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.16 by $0.16. The firm had revenue of $356.90 million during the quarter. Accelerant had a negative net margin of 113.08% and a positive return on equity of 42.79%. As a group, research analysts forecast that Accelerant Holdings will post 0.9 earnings per share for the current year.

Insiders Place Their Bets

In other Accelerant news, insider Francis Oneill sold 110,467 shares of the business’s stock in a transaction on Monday, July 27th. The stock was sold at an average price of $14.63, for a total value of $1,616,132.21. Following the sale, the insider directly owned 6,626,772 shares of the company’s stock, valued at approximately $96,949,674.36. The trade was a 1.64% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Jeffrey Radke sold 95,223 shares of the business’s stock in a transaction on Monday, July 27th. The stock was sold at an average price of $14.60, for a total value of $1,390,255.80. Following the completion of the sale, the chief executive officer directly owned 27,751,939 shares in the company, valued at $405,178,309.40. This trade represents a 0.34% 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 have sold 1,237,271 shares of company stock valued at $16,557,879 in the last quarter. 66.59% of the stock is owned by company insiders.

Hedge Funds Weigh In On Accelerant

Large investors have recently modified their holdings of the stock. State of Wyoming purchased a new stake in Accelerant during the 1st quarter valued at about $28,000. Quarry LP bought a new position in shares of Accelerant in the third quarter worth approximately $40,000. PNC Financial Services Group Inc. bought a new position in shares of Accelerant in the third quarter worth approximately $42,000. Royal Bank of Canada grew its holdings in shares of Accelerant by 50.3% during the first quarter. Royal Bank of Canada now owns 7,729 shares of the company’s stock valued at $103,000 after buying an additional 2,585 shares during the last quarter. Finally, Arcus Capital Partners LLC bought a new stake in shares of Accelerant during the first quarter valued at approximately $135,000.

About Accelerant

Accelerant Holdings, together with its subsidiaries, operates a data-driven risk exchange that connects selected specialty insurance underwriters with risk capital partners. It operates through Exchange Services, MGA Operations, and Underwriting segments. The Exchange Services segment consists of risk exchange, its operating platform that incorporates various technology, data ingestion, and agency operations that serve the needs of its members and risk capital partners. Its Risk capital partners write premiums directly through the Risk Exchange pay us a fixed-percentage, volume-based fee for sourcing, managing, and monitoring the business they write.