Morgan Stanley Cuts Accelerant (NYSE:ARX) Price Target to $15.00

Accelerant (NYSE:ARX) had its price objective decreased by analysts at Morgan Stanley from $16.00 to $15.00 in a research report issued to clients and investors on Monday,Benzinga reports. The firm presently has an “equal weight” rating on the technology company’s stock. Morgan Stanley’s price target points to a potential upside of 14.68% from the stock’s previous close.

Several other analysts have also weighed in on the company. Weiss Ratings restated a “sell (d-)” rating on shares of Accelerant in a report on Monday, December 22nd. Piper Sandler cut their price objective on Accelerant from $18.00 to $13.00 and set an “overweight” rating for the company in a report on Monday, February 23rd. The Goldman Sachs Group restated a “buy” rating and issued a $20.00 price objective on shares of Accelerant in a report on Wednesday, January 7th. Raymond James Financial restated an “outperform” rating and issued a $13.00 price objective on shares of Accelerant in a report on Tuesday, February 17th. Finally, TD Cowen cut their price objective on Accelerant from $36.00 to $30.00 and set a “buy” rating for the company in a report on Thursday, March 26th. Ten research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, Accelerant has a consensus rating of “Moderate Buy” and a consensus price target of $18.50.

Accelerant Price Performance

NYSE:ARX opened at $13.08 on Monday. The company has a quick ratio of 1.61, a current ratio of 1.61 and a debt-to-equity ratio of 0.17. The stock has a market capitalization of $2.91 billion and a price-to-earnings ratio of -1.89.

Accelerant (NYSE:ARX) last announced its quarterly earnings data on Wednesday, March 18th. The technology company reported $0.23 earnings per share for the quarter, beating the consensus estimate of $0.22 by $0.01. The business had revenue of $248.40 million during the quarter. Accelerant had a positive return on equity of 67.99% and a negative net margin of 148.33%.The business’s revenue for the quarter was up 30.3% compared to the same quarter last year.

Insider Activity at Accelerant

In other news, CFO Jay Michael Green sold 50,000 shares of the company’s stock in a transaction on Monday, March 23rd. The stock was sold at an average price of $12.77, for a total transaction of $638,500.00. Following the completion of the sale, the chief financial officer directly owned 1,175,589 shares of the company’s stock, valued at $15,012,271.53. This represents a 4.08% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. 6.20% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Accelerant

Hedge funds have recently modified their holdings of the stock. Quarry LP purchased a new stake in shares of Accelerant during the third quarter valued at $40,000. PNC Financial Services Group Inc. purchased a new stake in shares of Accelerant during the third quarter valued at $42,000. CWM LLC purchased a new stake in shares of Accelerant during the fourth quarter valued at $109,000. Jefferies Financial Group Inc. purchased a new stake in shares of Accelerant during the third quarter valued at $149,000. Finally, Legal & General Group Plc purchased a new stake in shares of Accelerant during the third quarter valued at $149,000.

Accelerant Company Profile

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.