Credit Acceptance (NASDAQ:CACC) Sees Large Volume Increase – What’s Next?

Credit Acceptance Corporation (NASDAQ:CACCGet Free Report) saw unusually-high trading volume on Friday . Approximately 170,393 shares traded hands during mid-day trading, an increase of 62% from the previous session’s volume of 105,159 shares.The stock last traded at $504.89 and had previously closed at $503.99.

Credit Acceptance Stock Performance

The stock’s 50-day simple moving average is $488.68 and its 200 day simple moving average is $489.72. The company has a debt-to-equity ratio of 3.92, a quick ratio of 17.64 and a current ratio of 17.64. The company has a market capitalization of $5.83 billion, a PE ratio of 21.43 and a beta of 1.15.

Credit Acceptance (NASDAQ:CACCGet Free Report) last announced its quarterly earnings data on Wednesday, April 30th. The credit services provider reported $9.35 EPS for the quarter, missing analysts’ consensus estimates of $10.31 by ($0.96). Credit Acceptance had a net margin of 13.03% and a return on equity of 28.60%. The firm had revenue of $571.10 million during the quarter, compared to analysts’ expectations of $570.25 million. During the same period in the prior year, the company posted $9.28 earnings per share. The company’s revenue for the quarter was up 12.4% on a year-over-year basis. As a group, research analysts expect that Credit Acceptance Corporation will post 53.24 earnings per share for the current fiscal year.

Insider Buying and Selling at Credit Acceptance

In related news, insider Daniel A. Ulatowski sold 6,356 shares of Credit Acceptance stock in a transaction on Wednesday, June 11th. The shares were sold at an average price of $522.16, for a total transaction of $3,318,848.96. Following the sale, the insider now directly owns 28,290 shares in the company, valued at $14,771,906.40. This trade represents a 18.35% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Douglas W. Busk sold 3,000 shares of Credit Acceptance stock in a transaction on Tuesday, March 25th. The stock was sold at an average price of $515.97, for a total transaction of $1,547,910.00. Following the sale, the insider now owns 3,112 shares in the company, valued at $1,605,698.64. This represents a 49.08% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 5.30% of the company’s stock.

Institutional Investors Weigh In On Credit Acceptance

Several hedge funds and other institutional investors have recently bought and sold shares of CACC. Principal Securities Inc. acquired a new stake in Credit Acceptance during the 4th quarter worth $197,000. State of New Jersey Common Pension Fund D grew its position in Credit Acceptance by 13.3% during the 4th quarter. State of New Jersey Common Pension Fund D now owns 4,717 shares of the credit services provider’s stock worth $2,214,000 after purchasing an additional 554 shares during the last quarter. Sanctuary Advisors LLC purchased a new position in Credit Acceptance during the 4th quarter worth $486,000. Global Retirement Partners LLC purchased a new position in Credit Acceptance during the 4th quarter worth $314,000. Finally, First Horizon Advisors Inc. purchased a new position in Credit Acceptance during the 4th quarter worth $34,000. 81.71% of the stock is currently owned by institutional investors and hedge funds.

About Credit Acceptance

(Get Free Report)

Credit Acceptance Corporation engages in the provision of financing programs, and related products and services in the United States. The company advances money to automobile dealers in exchange for the right to service the underlying consumer loans; and buys the consumer loans from the dealers and keeps the amount collected from the consumers.

Further Reading

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