Accelerant (NYSE:ARX) Price Target Raised to $16.00

Accelerant (NYSE:ARX) had its target price boosted by research analysts at Morgan Stanley from $15.00 to $16.00 in a research note issued to investors on Thursday,Benzinga reports. The firm currently has an “equal weight” rating on the technology company’s stock. Morgan Stanley’s price objective would indicate a potential downside of 3.68% from the stock’s current price.

ARX has been the subject of several other reports. TD Cowen reduced their price objective on Accelerant from $36.00 to $30.00 and set a “buy” rating for the company in a research report on Thursday, March 26th. Citizens Jmp reduced their price target on Accelerant from $20.00 to $17.00 and set a “market outperform” rating for the company in a research report on Monday, April 13th. Wells Fargo & Company raised their price target on Accelerant from $15.00 to $17.00 and gave the company an “overweight” rating in a report on Monday. Piper Sandler lifted their price objective on shares of Accelerant from $13.00 to $18.00 and gave the company an “overweight” rating in a research note on Tuesday. Finally, Weiss Ratings lowered shares of Accelerant from a “sell (d)” rating to a “sell (d-)” rating in a research report on Wednesday, May 13th. Ten investment 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. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $19.06.

Accelerant Stock Down 0.5%

Accelerant stock opened at $16.61 on Thursday. 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 has a one year low of $9.18 and a one year high of $31.18. The company has a 50-day simple moving average of $13.26 and a 200-day simple moving average of $13.51. The firm has a market capitalization of $3.69 billion and a P/E ratio of -2.38.

Accelerant (NYSE:ARX) last posted its earnings results on Wednesday, May 13th. The technology company reported $0.17 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.16 by $0.01. Accelerant had a negative net margin of 135.47% and a positive return on equity of 49.99%. The firm had revenue of $273.20 million during the quarter. Accelerant’s revenue for the quarter was up 53.5% on a year-over-year basis. As a group, equities analysts expect that Accelerant will post 0.71 earnings per share for the current year.

Insider Activity

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

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the company. Tudor Investment Corp ET AL purchased a new position in Accelerant during the third quarter valued at approximately $1,075,000. Yorktown Management & Research Co Inc purchased a new stake in Accelerant in the 4th quarter worth approximately $970,000. UBS Group AG lifted its position in Accelerant by 331.9% in the 4th quarter. UBS Group AG now owns 535,637 shares of the technology company’s stock worth $8,758,000 after buying an additional 411,612 shares in the last quarter. 3G Capital Partners LP acquired a new stake in shares of Accelerant during the 3rd quarter valued at $521,000. Finally, Ghisallo Capital Management LLC acquired a new stake in shares of Accelerant during the 3rd quarter valued at $6,328,000.

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.