Credit Acceptance (NASDAQ:CACC) Price Target Lowered to $380.00 at TD Cowen

Credit Acceptance (NASDAQ:CACC) had its price objective cut by equities researchers at TD Cowen from $400.00 to $380.00 in a report released on Friday, Benzinga reports. The brokerage presently has a “sell” rating on the credit services provider’s stock. TD Cowen’s price objective suggests a potential downside of 10.38% from the company’s previous close.

Credit Acceptance Trading Down 0.2 %

NASDAQ:CACC traded down $1.00 on Friday, reaching $424.00. 47,372 shares of the stock traded hands, compared to its average volume of 57,048. Credit Acceptance has a 1-year low of $406.53 and a 1-year high of $616.66. The company has a current ratio of 19.15, a quick ratio of 19.15 and a debt-to-equity ratio of 3.77. The company’s 50 day moving average is $454.37 and its 200-day moving average is $489.87. The firm has a market capitalization of $5.13 billion, a price-to-earnings ratio of 28.52 and a beta of 1.42.

Credit Acceptance (NASDAQ:CACC) last issued its quarterly earnings results on Wednesday, October 30th. The credit services provider reported $8.79 earnings per share for the quarter, topping analysts’ consensus estimates of $7.88 by $0.91. Credit Acceptance had a return on equity of 29.15% and a net margin of 9.08%. The firm had revenue of $550.30 million during the quarter, compared to the consensus estimate of $548.13 million. During the same period last year, the business posted $10.70 EPS. The business’s revenue was up 15.0% compared to the same quarter last year. Equities research analysts anticipate that Credit Acceptance will post 46.7 EPS for the current fiscal year.

Insider Transactions at Credit Acceptance

In other news, insider Thomas W. Smith sold 1,200 shares of the firm’s stock in a transaction dated Monday, September 9th. The stock was sold at an average price of $451.01, for a total value of $541,212.00. Following the completion of the sale, the insider now directly owns 74,450 shares in the company, valued at $33,577,694.50. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Insiders own 5.30% of the company’s stock.

Institutional Investors Weigh In On Credit Acceptance

A number of hedge funds have recently added to or reduced their stakes in the company. nVerses Capital LLC acquired a new position in Credit Acceptance during the second quarter worth $51,000. Healthcare of Ontario Pension Plan Trust Fund bought a new stake in shares of Credit Acceptance in the 1st quarter worth $156,000. MQS Management LLC purchased a new stake in shares of Credit Acceptance during the first quarter valued at approximately $242,000. FORA Capital LLC purchased a new stake in Credit Acceptance in the 1st quarter worth about $269,000. Finally, Headlands Technologies LLC raised its position in shares of Credit Acceptance by 24,850.0% in the second quarter. Headlands Technologies LLC now owns 499 shares of the credit services provider’s stock valued at $257,000 after purchasing an additional 497 shares during the period. Institutional investors and hedge funds own 81.71% of the company’s stock.

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.