Credit Acceptance Corp. (CACC) Short Interest Down 1.7% in November
Credit Acceptance Corp. (NASDAQ:CACC) saw a large decrease in short interest during the month of November. As of November 30th, there was short interest totalling 3,755,537 shares, a decrease of 1.7% from the November 15th total of 3,820,368 shares. Currently, 30.3% of the shares of the company are short sold. Based on an average daily trading volume, of 283,181 shares, the days-to-cover ratio is currently 13.3 days.
Several institutional investors and hedge funds have recently made changes to their positions in CACC. Ladenburg Thalmann Financial Services Inc. grew its stake in Credit Acceptance by 437.0% in the 3rd quarter. Ladenburg Thalmann Financial Services Inc. now owns 537 shares of the credit services provider’s stock valued at $150,000 after acquiring an additional 437 shares during the last quarter. The Manufacturers Life Insurance Company grew its stake in Credit Acceptance by 6.9% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 619 shares of the credit services provider’s stock valued at $159,000 after acquiring an additional 40 shares during the last quarter. SG Americas Securities LLC grew its stake in Credit Acceptance by 102.8% in the 2nd quarter. SG Americas Securities LLC now owns 618 shares of the credit services provider’s stock valued at $159,000 after acquiring an additional 22,463 shares during the last quarter. Rathbone Brothers plc acquired a new stake in Credit Acceptance in the 3rd quarter valued at about $210,000. Finally, First Capital Advisors Group LLC. acquired a new stake in Credit Acceptance in the 3rd quarter valued at about $233,000. Institutional investors and hedge funds own 70.69% of the company’s stock.
CACC has been the subject of a number of analyst reports. Jefferies Group restated a “hold” rating and set a $260.00 price objective (up previously from $240.00) on shares of Credit Acceptance in a research report on Tuesday, October 10th. BMO Capital Markets restated a “hold” rating and set a $238.00 price objective on shares of Credit Acceptance in a research report on Friday, October 6th. Zacks Investment Research downgraded shares of Credit Acceptance from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, October 3rd. BidaskClub upgraded shares of Credit Acceptance from a “buy” rating to a “strong-buy” rating in a research report on Tuesday, December 12th. Finally, Bank of America increased their price target on shares of Credit Acceptance from $195.00 to $230.00 and gave the company an “underperform” rating in a report on Tuesday, October 31st. Four equities research analysts have rated the stock with a sell rating, six have given a hold rating and one has given a strong buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average target price of $229.78.
Credit Acceptance (NASDAQ:CACC) last announced its quarterly earnings results on Monday, October 30th. The credit services provider reported $5.43 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $5.15 by $0.28. The business had revenue of $283.90 million during the quarter, compared to the consensus estimate of $281.03 million. Credit Acceptance had a net margin of 35.29% and a return on equity of 32.08%. The business’s revenue was up 15.1% compared to the same quarter last year. During the same quarter last year, the firm posted $4.53 EPS. analysts forecast that Credit Acceptance will post 20.84 earnings per share for the current fiscal year.
TRADEMARK VIOLATION NOTICE: This news story was first reported by Watch List News and is the property of of Watch List News. If you are accessing this news story on another publication, it was copied illegally and reposted in violation of U.S. and international trademark and copyright laws. The legal version of this news story can be read at https://www.watchlistnews.com/credit-acceptance-corp-cacc-short-interest-down-1-7-in-november/1775255.html.
Credit Acceptance Company Profile
Credit Acceptance Corporation offers financing programs that enable automobile dealers to sell vehicles to consumers. The Company’s financing programs are offered through a network of automobile dealers. The Company has two Dealers financing programs: the Portfolio Program and the Purchase Program. Under the Portfolio Program, the Company advances money to dealers (Dealer Loan) in exchange for the right to service the underlying consumer loans.
Receive News & Ratings for Credit Acceptance Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Credit Acceptance and related companies with MarketBeat.com's FREE daily email newsletter.