Jeffrey Radke Sells 80,000 Shares of Accelerant (NYSE:ARX) Stock

Accelerant Holdings (NYSE:ARX) CEO Jeffrey Radke sold 80,000 shares of the stock in a transaction that occurred on Tuesday, June 23rd. The shares were sold at an average price of $13.11, for a total transaction of $1,048,800.00. Following the transaction, the chief executive officer directly owned 28,181,939 shares of the company’s stock, valued at $369,465,220.29. This represents a 0.28% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Accelerant Stock Performance

Shares of ARX stock opened at $13.71 on Friday. The stock has a market capitalization of $2.99 billion and a P/E ratio of -1.97. The firm’s 50 day moving average is $14.39 and its 200 day moving average is $13.77. Accelerant Holdings has a 12 month low of $9.18 and a 12 month 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.

Accelerant (NYSE:ARX) last posted its quarterly earnings data on Wednesday, May 13th. The technology company reported $0.17 earnings per share (EPS) for the quarter, beating the consensus estimate 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 during the quarter. Accelerant’s revenue for the quarter was up 53.5% compared to the same quarter last year. On average, sell-side analysts anticipate that Accelerant Holdings will post 0.73 earnings per share for the current year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. Militia Capital Management LLC purchased a new stake in shares of Accelerant during the 1st quarter valued at about $2,004,000. Royal Bank of Canada grew its position in Accelerant by 50.3% in the first quarter. Royal Bank of Canada now owns 7,729 shares of the technology company’s stock worth $103,000 after acquiring an additional 2,585 shares in the last quarter. The Manufacturers Life Insurance Company bought a new stake in Accelerant during the first quarter worth approximately $137,000. SummitTX Capital L.P. increased its stake in Accelerant by 11.0% during the first quarter. SummitTX Capital L.P. now owns 62,999 shares of the technology company’s stock worth $842,000 after acquiring an additional 6,219 shares during the last quarter. Finally, Entropy Technologies LP bought a new stake in Accelerant during the first quarter worth approximately $239,000.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on ARX. Citizens Jmp lowered their target price on shares of Accelerant from $20.00 to $17.00 and set a “market outperform” rating for the company in a report on Monday, April 13th. Piper Sandler raised their target price on shares of Accelerant from $18.00 to $19.00 and gave the stock an “overweight” rating in a report on Tuesday, May 26th. Raymond James Financial raised their target price on Accelerant from $16.00 to $19.00 and gave the stock an “outperform” rating in a research report on Monday, June 1st. Wells Fargo & Company boosted their price target on Accelerant from $15.00 to $17.00 and gave the company an “overweight” rating in a research note on Monday, May 18th. Finally, BMO Capital Markets increased their price objective 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. Ten equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, Accelerant presently has a consensus rating of “Moderate Buy” and an average target price of $18.90.

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.