Nicholas Elliott Sells 1,183 Shares of Credit Acceptance (NASDAQ:CACC) Stock

Credit Acceptance Corporation (NASDAQ:CACC) insider Nicholas Elliott sold 1,183 shares of the business’s stock in a transaction dated Thursday, June 25th. The stock was sold at an average price of $627.01, for a total value of $741,752.83. Following the completion of the sale, the insider owned 20,897 shares in the company, valued at $13,102,627.97. This represents a 5.36% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Credit Acceptance Price Performance

Shares of Credit Acceptance stock opened at $629.62 on Friday. The firm has a market cap of $6.59 billion, a PE ratio of 15.65 and a beta of 1.38. The stock has a 50 day moving average of $548.53 and a 200 day moving average of $495.82. The company has a current ratio of 13.62, a quick ratio of 13.62 and a debt-to-equity ratio of 4.09. Credit Acceptance Corporation has a 12 month low of $401.90 and a 12 month high of $638.55.

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

Analyst Ratings Changes

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

Institutional Investors Weigh In On Credit Acceptance

Several institutional investors have recently modified their holdings of CACC. State of Wyoming purchased a new position in shares of Credit Acceptance in the 4th quarter worth approximately $27,000. Kestra Advisory Services LLC purchased a new stake in Credit Acceptance during the 4th quarter valued at $27,000. Parallel Advisors LLC raised its holdings in Credit Acceptance by 590.0% during the 1st quarter. Parallel Advisors LLC now owns 69 shares of the credit services provider’s stock valued at $29,000 after buying an additional 59 shares during the period. Altshuler Shaham Ltd lifted its position in Credit Acceptance by 37.3% in the first quarter. Altshuler Shaham Ltd now owns 70 shares of the credit services provider’s stock worth $30,000 after buying an additional 19 shares during the last quarter. Finally, Rockefeller Capital Management L.P. lifted its position in Credit Acceptance by 53.3% in the fourth quarter. Rockefeller Capital Management L.P. now owns 69 shares of the credit services provider’s stock worth $31,000 after buying an additional 24 shares during the last quarter. 81.71% of the stock is owned by 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.