Jay Martin Sells 3,000 Shares of Credit Acceptance (NASDAQ:CACC) Stock

Credit Acceptance Corporation (NASDAQ:CACC) CFO Jay Martin sold 3,000 shares of Credit Acceptance stock in a transaction dated Wednesday, June 24th. The shares were sold at an average price of $601.04, for a total value of $1,803,120.00. Following the completion of the transaction, the chief financial officer owned 25,963 shares of the company’s stock, valued at $15,604,801.52. The trade was a 10.36% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Credit Acceptance Stock Performance

Shares of Credit Acceptance stock opened at $629.62 on Friday. The business has a 50-day simple moving average of $548.53 and a 200-day simple moving average of $495.82. The company has a debt-to-equity ratio of 4.09, a quick ratio of 13.62 and a current ratio of 13.62. Credit Acceptance Corporation has a one year low of $401.90 and a one year high of $638.55. The company has a market cap of $6.59 billion, a PE ratio of 15.65 and a beta of 1.38.

Credit Acceptance (NASDAQ:CACC) last issued its earnings results on Tuesday, May 5th. The credit services provider reported $10.71 earnings per share for the quarter, missing the consensus estimate of $10.73 by ($0.02). Credit Acceptance had a net margin of 19.49% and a return on equity of 29.95%. The firm had revenue of $406.00 million during the quarter, compared to analyst estimates of $580.77 million. During the same period last year, the business earned $9.35 EPS. The firm’s revenue was up 1.6% compared to the same quarter last year. On average, equities research analysts forecast that Credit Acceptance Corporation will post 47.5 EPS for the current fiscal year.

Analyst Ratings Changes

CACC has been the subject of several recent analyst reports. Stephens lifted their price objective on shares of Credit Acceptance from $450.00 to $540.00 and gave the stock an “equal weight” rating in a research report on Friday, April 17th. Zacks Research lowered Credit Acceptance from a “strong-buy” rating to a “hold” rating in a report on Wednesday, May 13th. TD Cowen raised their price target on Credit Acceptance from $450.00 to $500.00 and gave the company a “hold” rating in a research note on Wednesday, May 6th. Finally, Weiss Ratings raised Credit Acceptance from a “hold (c)” rating to a “hold (c+)” rating in a report on Friday, May 8th. Four research analysts have rated the stock with a Hold rating, According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $520.00.

Institutional Investors Weigh In On Credit Acceptance

Institutional investors and hedge funds have recently bought and sold shares of the stock. State of Wyoming acquired a new position in Credit Acceptance in the fourth quarter valued at $27,000. Kestra Advisory Services LLC acquired a new stake in shares of Credit Acceptance during the fourth quarter worth about $27,000. Parallel Advisors LLC lifted its holdings in shares of Credit Acceptance by 590.0% in the 1st quarter. Parallel Advisors LLC now owns 69 shares of the credit services provider’s stock valued at $29,000 after purchasing an additional 59 shares during the last quarter. Altshuler Shaham Ltd lifted its holdings in shares of Credit Acceptance by 37.3% in the 1st quarter. Altshuler Shaham Ltd now owns 70 shares of the credit services provider’s stock valued at $30,000 after purchasing an additional 19 shares during the last quarter. Finally, Rockefeller Capital Management L.P. boosted its position in shares of Credit Acceptance by 53.3% in the 4th quarter. Rockefeller Capital Management L.P. now owns 69 shares of the credit services provider’s stock valued at $31,000 after purchasing an additional 24 shares during the period. 81.71% of the stock is owned by hedge funds and other institutional investors.

About Credit Acceptance

Credit Acceptance Corporation, founded in 1972 and headquartered in Southfield, Michigan, is a specialty finance company focused on the indirect automotive lending market. The company partners with independent and franchised auto dealers to facilitate purchase financing for consumers who may not qualify for traditional prime auto loans. By purchasing retail installment contracts originated by these dealers, Credit Acceptance provides capital and credit insurance to support vehicle sales, enabling dealers to broaden their customer base and reduce credit risk.

Through its proprietary underwriting platform and risk management strategies, Credit Acceptance evaluates borrower applications, structures credit plans, and retains servicing rights on the acquired contracts.