Credit Acceptance (NASDAQ:CACC) Rating Increased to Buy at StockNews.com

StockNews.com upgraded shares of Credit Acceptance (NASDAQ:CACC) from a hold rating to a buy rating in a report published on Wednesday morning.

A number of other research firms have also recently issued reports on CACC. TD Cowen lowered their price objective on Credit Acceptance from $400.00 to $380.00 and set a “sell” rating on the stock in a research report on Friday, November 1st. Stephens assumed coverage on Credit Acceptance in a research report on Wednesday, November 13th. They set an “equal weight” rating and a $452.00 price objective on the stock.

Credit Acceptance Stock Performance

Shares of NASDAQ CACC opened at $475.69 on Wednesday. The company has a quick ratio of 23.63, a current ratio of 23.63 and a debt-to-equity ratio of 3.79. The business’s 50 day moving average is $468.90 and its two-hundred day moving average is $476.56. The company has a market cap of $5.76 billion, a P/E ratio of 31.95 and a beta of 1.46. Credit Acceptance has a 12 month low of $409.22 and a 12 month high of $616.66.

Credit Acceptance (NASDAQ:CACC) last released its quarterly earnings data on Wednesday, October 30th. The credit services provider reported $8.79 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $7.88 by $0.91. The business had revenue of $550.30 million for the quarter, compared to analysts’ expectations of $548.13 million. Credit Acceptance had a return on equity of 29.18% and a net margin of 9.08%. Credit Acceptance’s quarterly revenue was up 15.0% on a year-over-year basis. During the same period in the previous year, the business posted $10.70 earnings per share. On average, equities analysts expect that Credit Acceptance will post 36.53 EPS for the current year.

Insider Buying and Selling at Credit Acceptance

In other Credit Acceptance news, COO Jonathan Lum sold 552 shares of the company’s stock in a transaction on Tuesday, December 17th. The stock was sold at an average price of $489.90, for a total value of $270,424.80. Following the sale, the chief operating officer now directly owns 31,493 shares in the company, valued at $15,428,420.70. This represents a 1.72 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Company insiders own 5.30% of the company’s stock.

Institutional Trading of Credit Acceptance

A number of large investors have recently bought and sold shares of the stock. HighTower Advisors LLC grew its position in Credit Acceptance by 5.7% in the third quarter. HighTower Advisors LLC now owns 595 shares of the credit services provider’s stock valued at $263,000 after acquiring an additional 32 shares during the period. Eagle Bay Advisors LLC acquired a new position in Credit Acceptance in the fourth quarter worth $28,000. Wedge Capital Management L L P NC boosted its stake in Credit Acceptance by 2.7% in the fourth quarter. Wedge Capital Management L L P NC now owns 2,687 shares of the credit services provider’s stock worth $1,261,000 after purchasing an additional 70 shares in the last quarter. PDT Partners LLC boosted its stake in Credit Acceptance by 1.9% in the third quarter. PDT Partners LLC now owns 5,458 shares of the credit services provider’s stock worth $2,420,000 after purchasing an additional 100 shares in the last quarter. Finally, Lountzis Asset Management LLC boosted its stake in Credit Acceptance by 22.3% in the third quarter. Lountzis Asset Management LLC now owns 598 shares of the credit services provider’s stock worth $265,000 after purchasing an additional 109 shares in the last quarter. 81.71% of the stock is currently owned by institutional investors.

Credit Acceptance Company Profile

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.