Accelerant (NYSE:ARX) Price Target Cut to $16.00 by Analysts at Wells Fargo & Company

Accelerant (NYSE:ARX) had its price target trimmed by Wells Fargo & Company from $17.00 to $16.00 in a report issued on Thursday morning,Benzinga reports. The brokerage currently has an overweight rating on the technology company’s stock.

ARX has been the topic of several other research reports. BMO Capital Markets boosted their price objective on Accelerant from $16.50 to $17.00 and gave the stock an “outperform” rating in a report on Tuesday, June 16th. Citizens Jmp dropped their target price on shares of Accelerant from $20.00 to $17.00 and set a “market outperform” rating on the stock in a research report on Monday, April 13th. Weiss Ratings upgraded shares of Accelerant from a “sell (e+)” rating to a “sell (d-)” rating in a report on Tuesday, June 16th. Raymond James Financial upped their price target on shares of Accelerant from $16.00 to $19.00 and gave the company an “outperform” rating in a research report on Monday, June 1st. 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 research note on Tuesday, May 26th. Ten analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $18.60.

Accelerant Price Performance

Shares of NYSE:ARX opened at $12.69 on Thursday. The stock has a market cap of $2.77 billion and a price-to-earnings ratio of -1.82. 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 has a 12 month low of $9.18 and a 12 month high of $31.18. The stock’s 50 day moving average price is $14.17 and its 200 day moving average price is $13.60.

Accelerant (NYSE:ARX) last released its 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. Accelerant had a positive return on equity of 49.99% and a negative net margin of 135.47%.The firm had revenue of $273.20 million for the quarter. The firm’s quarterly revenue was up 53.5% compared to the same quarter last year. Equities research analysts anticipate that Accelerant will post 0.73 earnings per share for the current fiscal year.

Insider Activity

In other Accelerant news, insider Francis James Oneill sold 76,464 shares of the stock in a transaction on Tuesday, June 23rd. The shares were sold at an average price of $13.11, for a total transaction of $1,002,443.04. Following the transaction, the insider directly owned 7,050,125 shares of the company’s stock, valued at $92,427,138.75. This represents a 1.07% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 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 on Tuesday, June 23rd. The stock was sold at an average price of $13.11, for a total transaction of $458,850.00. Following the transaction, the director directly owned 1,362,323 shares in the company, valued at $17,860,054.53. The trade was a 2.50% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders have sold 495,500 shares of company stock worth $6,497,784. 66.59% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Accelerant

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Capital World Investors acquired a new stake in shares of Accelerant in the third quarter valued at about $85,666,000. Alliancebernstein L.P. acquired a new position in shares of Accelerant during the 3rd quarter worth about $41,529,000. Vanguard Group Inc. bought a new stake in Accelerant during the 3rd quarter valued at approximately $33,482,000. Deer Park Road Corp acquired a new stake in Accelerant in the 3rd quarter valued at approximately $29,692,000. Finally, Balyasny Asset Management L.P. acquired a new stake in Accelerant in the 3rd quarter valued at approximately $30,060,000.

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.