Piper Sandler Issues Positive Forecast for Accelerant (NYSE:ARX) Stock Price

Accelerant (NYSE:ARX) had its price objective lifted by Piper Sandler from $13.00 to $18.00 in a research report issued on Tuesday,Benzinga reports. The brokerage currently has an “overweight” rating on the technology company’s stock. Piper Sandler’s target price points to a potential upside of 13.39% from the company’s previous close.

Other equities research analysts have also recently issued reports about the company. Raymond James Financial reissued an “outperform” rating and issued a $13.00 target price on shares of Accelerant in a research note on Tuesday, February 17th. Morgan Stanley cut their price target on Accelerant from $16.00 to $15.00 and set an “equal weight” rating on the stock in a research note on Monday, April 6th. Weiss Ratings cut Accelerant from a “sell (d)” rating to a “sell (d-)” rating in a report on Wednesday, May 13th. Wells Fargo & Company lifted their price objective on Accelerant from $15.00 to $17.00 and gave the stock an “overweight” rating in a research report on Monday. Finally, Citizens Jmp dropped their price objective on Accelerant from $20.00 to $17.00 and set a “market outperform” rating for the company in a report on Monday, April 13th. Ten equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat, Accelerant presently has an average rating of “Moderate Buy” and a consensus price target of $18.94.

Accelerant Price Performance

Shares of ARX stock opened at $15.87 on Tuesday. Accelerant has a 1 year low of $9.18 and a 1 year high of $31.18. 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 firm’s 50 day moving average is $13.05 and its 200-day moving average is $13.45. The firm has a market capitalization of $3.53 billion and a price-to-earnings ratio of -2.28.

Accelerant (NYSE:ARX) last issued its quarterly 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 negative net margin of 135.47% and a positive return on equity of 49.99%. The business had revenue of $273.20 million during the quarter. Accelerant’s quarterly revenue was up 53.5% compared to the same quarter last year. Sell-side analysts forecast that Accelerant will post 0.69 EPS for the current fiscal year.

Insider Activity

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

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of ARX. Security Benefit Life Insurance Co. KS acquired a new position in Accelerant during the third quarter valued at approximately $80,797,000. Capital World Investors bought a new position in shares of Accelerant during the third quarter worth $85,666,000. Barings LLC acquired a new position in shares of Accelerant in the 3rd quarter valued at $46,370,000. Alliancebernstein L.P. acquired a new position in shares of Accelerant in the 3rd quarter valued at $41,529,000. Finally, Vanguard Group Inc. bought a new stake in shares of Accelerant in the 3rd quarter valued at $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.