Accelerant (NYSE:ARX) Stock Price Down 5.2% – Here’s What Happened

Accelerant Holdings (NYSE:ARX)’s share price fell 5.2% during trading on Thursday . The company traded as low as $13.45 and last traded at $13.3790. 1,788,181 shares changed hands during mid-day trading, an increase of 42% from the average session volume of 1,258,998 shares. The stock had previously closed at $14.12.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on ARX. TD Cowen dropped their price objective on Accelerant from $36.00 to $30.00 and set a “buy” rating on the stock in a research note on Thursday, March 26th. Weiss Ratings lowered Accelerant from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Wednesday, May 27th. UBS Group set a $16.00 price target on Accelerant in a research note on Thursday, May 21st. Wells Fargo & Company boosted their price target on Accelerant from $15.00 to $17.00 and gave the company an “overweight” rating in a research note on Monday, May 18th. Finally, Raymond James Financial boosted their price target on Accelerant from $16.00 to $19.00 and gave the company an “outperform” rating in a research note on Monday, June 1st. Ten analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $19.45.

Accelerant Stock Performance

The company has a market capitalization of $2.85 billion and a P/E ratio of -1.87. The firm has a 50 day moving average price of $14.39 and a two-hundred day moving average price of $13.85. The company has a debt-to-equity ratio of 0.17, a quick ratio of 1.61 and a current ratio of 1.61.

Accelerant (NYSE:ARX) last released its quarterly earnings data on Wednesday, May 13th. The technology company reported $0.17 earnings per share for the quarter, beating the consensus estimate 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 company had revenue of $273.20 million for the quarter. The company’s quarterly revenue was up 53.5% on a year-over-year basis. On average, research analysts expect that Accelerant Holdings will post 0.73 earnings per share for the current fiscal year.

Insider Buying and Selling at Accelerant

In other news, CFO Jay Michael Green sold 50,000 shares of the company’s stock in a transaction that occurred on Monday, March 23rd. The stock was sold at an average price of $12.77, for a total value of $638,500.00. Following the sale, the chief financial officer directly owned 1,175,589 shares in the company, valued at approximately $15,012,271.53. This represents a 4.08% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Corporate insiders own 66.59% of the company’s stock.

Institutional Investors Weigh In On Accelerant

Several large investors have recently modified their holdings of the stock. Security Benefit Life Insurance Co. KS acquired a new position in Accelerant during the 3rd quarter worth $80,797,000. Capital World Investors acquired a new position in Accelerant during the 3rd quarter worth $85,666,000. Barings LLC acquired a new position in shares of Accelerant in the 3rd quarter valued at $46,370,000. Alliancebernstein L.P. acquired a new position in shares of Accelerant in the 3rd quarter valued at $41,529,000. Finally, Balyasny Asset Management L.P. lifted its stake in shares of Accelerant by 35.4% in the 4th quarter. Balyasny Asset Management L.P. now owns 2,733,595 shares of the technology company’s stock valued at $44,694,000 after purchasing an additional 714,811 shares during the period.

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.