Accelerant (NYSE:ARX) CEO Sells $1,054,400.00 in Stock

Accelerant Holdings (NYSE:ARX) CEO Jeffrey Radke sold 80,000 shares of the stock in a transaction dated Monday, July 13th. The shares were sold at an average price of $13.18, for a total value of $1,054,400.00. Following the completion of the transaction, the chief executive officer directly owned 27,941,939 shares in the company, valued at $368,274,756.02. The trade was a 0.29% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Accelerant Stock Performance

Shares of ARX opened at $13.91 on Friday. The firm has a market cap of $3.04 billion and a P/E ratio of -2.00. Accelerant Holdings has a twelve month low of $9.18 and a twelve month high of $31.18. The company has a debt-to-equity ratio of 0.17, a quick ratio of 1.61 and a current ratio of 1.61. The firm’s 50 day moving average price is $14.16 and its two-hundred day moving average price is $13.47.

Accelerant (NYSE:ARX) last issued its quarterly earnings data on Wednesday, May 13th. The technology company reported $0.17 earnings per share (EPS) for the quarter, topping the consensus estimate 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 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, analysts forecast that Accelerant Holdings will post 0.73 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of ARX. Alliancebernstein L.P. bought a new stake in shares of Accelerant during the 3rd quarter worth approximately $41,529,000. Balyasny Asset Management L.P. lifted its stake in Accelerant by 35.4% in the fourth quarter. Balyasny Asset Management L.P. now owns 2,733,595 shares of the technology company’s stock valued at $44,694,000 after acquiring an additional 714,811 shares during the last quarter. Azora Capital LP lifted its position in shares of Accelerant by 288.9% in the fourth quarter. Azora Capital LP now owns 2,439,094 shares of the technology company’s stock valued at $39,879,000 after buying an additional 1,811,976 shares during the last quarter. Vanguard Group Inc. acquired a new stake in shares of Accelerant in the third quarter valued at approximately $33,482,000. Finally, Deer Park Road Corp bought a new position in Accelerant during the third quarter worth $29,692,000.

Wall Street Analyst Weigh In

Several research firms have issued reports on ARX. TD Cowen dropped their price target on Accelerant from $36.00 to $30.00 and set a “buy” rating on the stock in a research note on Thursday, March 26th. Wells Fargo & Company decreased their price objective on Accelerant from $17.00 to $16.00 and set an “overweight” rating for the company in a report on Thursday, July 9th. Piper Sandler increased their price objective on Accelerant from $18.00 to $19.00 and gave the stock an “overweight” rating in a report on Tuesday, May 26th. Morgan Stanley dropped their target price on Accelerant from $16.00 to $14.00 and set an “equal weight” rating on the stock in a research report on Monday, July 6th. Finally, BMO Capital Markets boosted their target price on Accelerant from $16.50 to $17.00 and gave the company 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 stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $18.60.

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.