Credit Acceptance (NASDAQ:CACC) Shares Gap Down to $574.90

Shares of Credit Acceptance Co. (NASDAQ:CACC) gapped down prior to trading on Thursday . The stock had previously closed at $574.90, but opened at $525.00. Credit Acceptance shares last traded at $524.20, with a volume of 20,815 shares trading hands.

Analysts Set New Price Targets

Separately, TD Cowen decreased their target price on shares of Credit Acceptance from $465.00 to $420.00 and set a “sell” rating for the company in a research note on Thursday, May 2nd. One analyst has rated the stock with a sell rating, two have given a hold rating and one has given a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $402.33.

Credit Acceptance Stock Down 13.8 %

The stock has a market capitalization of $6.00 billion, a price-to-earnings ratio of 26.55 and a beta of 1.44. The firm’s fifty day moving average is $518.68 and its 200-day moving average is $532.91. The company has a debt-to-equity ratio of 3.29, a current ratio of 13.79 and a quick ratio of 13.79.

Credit Acceptance (NASDAQ:CACC) last issued its earnings results on Wednesday, July 31st. The credit services provider reported $10.29 earnings per share for the quarter, topping analysts’ consensus estimates of $7.20 by $3.09. The company had revenue of $538.20 million for the quarter, compared to analysts’ expectations of $525.03 million. Credit Acceptance had a net margin of 12.83% and a return on equity of 30.70%. The firm’s revenue was up 12.6% compared to the same quarter last year. During the same period in the prior year, the company earned $10.69 earnings per share. On average, sell-side analysts predict that Credit Acceptance Co. will post 38.21 earnings per share for the current year.

Institutional Trading of Credit Acceptance

A number of institutional investors and hedge funds have recently modified their holdings of CACC. nVerses Capital LLC acquired a new stake in shares of Credit Acceptance in the 2nd quarter worth about $51,000. National Bank of Canada FI increased its holdings in shares of Credit Acceptance by 242.3% in the 4th quarter. National Bank of Canada FI now owns 243 shares of the credit services provider’s stock worth $131,000 after acquiring an additional 172 shares during the period. Healthcare of Ontario Pension Plan Trust Fund acquired a new stake in shares of Credit Acceptance in the 1st quarter worth about $156,000. Panagora Asset Management Inc. acquired a new stake in shares of Credit Acceptance in the 4th quarter worth about $210,000. Finally, Beacon Pointe Advisors LLC acquired a new stake in shares of Credit Acceptance in the 4th quarter worth about $211,000. 81.71% of the stock is owned by institutional investors and hedge funds.

About Credit Acceptance

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.