Brokerages Set Accelerant Holdings (NYSE:ARX) Price Target at $18.60

Accelerant Holdings (NYSE:ARX) has been assigned an average rating of “Moderate Buy” from the thirteen ratings firms that are covering the stock, Marketbeat.com reports. One equities research analyst has rated the stock with a sell recommendation, two have assigned a hold recommendation and ten have issued a buy recommendation on the company. The average 1 year price target among brokerages that have covered the stock in the last year is $18.60.

ARX has been the subject of several analyst reports. UBS Group set a $16.00 price objective on Accelerant in a research report on Thursday, May 21st. BMO Capital Markets boosted their target price on Accelerant from $16.50 to $17.00 and gave the stock an “outperform” rating in a research note on Tuesday, June 16th. Wells Fargo & Company lowered their price target on Accelerant from $17.00 to $16.00 and set an “overweight” rating for the company in a report on Thursday, July 9th. TD Cowen dropped their price target on shares of Accelerant from $36.00 to $30.00 and set a “buy” rating on the stock in a research note on Thursday, March 26th. Finally, Piper Sandler raised their price objective on shares of Accelerant from $18.00 to $19.00 and gave the stock an “overweight” rating in a report on Tuesday, May 26th.

Insider Buying and Selling

In other news, insider Francis James Oneill sold 76,464 shares of the company’s stock in a transaction dated Tuesday, June 23rd. The shares were sold at an average price of $13.11, for a total value of $1,002,443.04. Following the completion of the sale, the insider directly owned 7,050,125 shares of the company’s stock, valued at approximately $92,427,138.75. This represents a 1.07% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Nancy Hasley sold 35,000 shares of the stock in a transaction dated Tuesday, June 23rd. The stock was sold at an average price of $13.11, for a total transaction of $458,850.00. Following the sale, the director owned 1,362,323 shares of the company’s stock, valued at $17,860,054.53. This trade represents a 2.50% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 575,500 shares of company stock worth $7,552,184 in the last quarter. 66.59% of the stock is owned by insiders.

Hedge Funds Weigh In On Accelerant

A number of hedge funds and other institutional investors have recently bought and sold shares of ARX. Militia Capital Management LLC acquired a new stake in shares of Accelerant in the 1st quarter valued at approximately $2,004,000. Royal Bank of Canada boosted its stake in shares of Accelerant by 50.3% in the first quarter. Royal Bank of Canada now owns 7,729 shares of the technology company’s stock valued at $103,000 after buying an additional 2,585 shares in the last quarter. The Manufacturers Life Insurance Company acquired a new position in Accelerant during the first quarter worth $137,000. SummitTX Capital L.P. grew its holdings 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 period. Finally, Entropy Technologies LP purchased a new position in Accelerant in the first quarter worth $239,000.

Accelerant Stock Performance

Shares of Accelerant stock opened at $13.47 on Friday. The business has a 50-day moving average of $14.19 and a 200 day moving average of $13.38. Accelerant has a 12 month low of $9.18 and a 12 month high of $31.18. The stock has a market capitalization of $2.94 billion and a price-to-earnings ratio of -1.93. The company has a debt-to-equity ratio of 0.17, a current ratio of 1.61 and a quick ratio of 1.61.

Accelerant (NYSE:ARX) last issued its quarterly earnings results on Wednesday, May 13th. The technology company reported $0.17 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.16 by $0.01. The company had revenue of $273.20 million for the quarter. Accelerant had a negative net margin of 135.47% and a positive return on equity of 49.99%. The company’s revenue was up 53.5% compared to the same quarter last year. As a group, sell-side analysts forecast that Accelerant will post 0.73 earnings per share for the current year.

About Accelerant

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.