BMO Capital Markets Forecasts Strong Price Appreciation for Accelerant (NYSE:ARX) Stock

Accelerant (NYSE:ARX) had its price objective increased by equities researchers at BMO Capital Markets from $16.50 to $17.00 in a research note issued to investors on Tuesday, MarketBeat Ratings reports. The brokerage currently has an “outperform” rating on the technology company’s stock. BMO Capital Markets’ target price would indicate a potential upside of 31.13% from the company’s previous close.

ARX has been the topic of a number of other reports. UBS Group set a $16.00 price target on shares of Accelerant in a research note on Thursday, May 21st. Raymond James Financial raised their price target on shares of Accelerant from $16.00 to $19.00 and gave the company an “outperform” rating in a research note on Monday, June 1st. TD Cowen decreased their price target on shares of Accelerant from $36.00 to $30.00 and set a “buy” rating on the stock in a research note on Thursday, March 26th. Piper Sandler raised their price target on shares of Accelerant from $18.00 to $19.00 and gave the company an “overweight” rating in a research note on Tuesday, May 26th. Finally, Morgan Stanley raised their price target on shares of Accelerant from $15.00 to $16.00 and gave the company an “equal weight” rating in a research note on Thursday, May 21st. Ten equities research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $18.90.

Accelerant Price Performance

NYSE:ARX opened at $12.96 on Tuesday. Accelerant has a 52 week low of $9.18 and a 52 week high of $31.18. 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 $2.83 billion and a PE ratio of -1.86. The stock’s 50-day moving average price is $14.39 and its 200-day moving average price is $13.85.

Accelerant (NYSE:ARX) last issued its quarterly earnings results on Wednesday, May 13th. The technology company reported $0.17 earnings per share for the quarter, beating analysts’ consensus estimates of $0.16 by $0.01. The firm had revenue of $273.20 million for the quarter. Accelerant had a negative net margin of 135.47% and a positive return on equity of 49.99%. The firm’s revenue was up 53.5% on a year-over-year basis. As a group, equities analysts expect that Accelerant will post 0.73 EPS for the current fiscal year.

Insiders Place Their Bets

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

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of ARX. Envestnet Asset Management Inc. purchased a new position in Accelerant in the 3rd quarter worth approximately $165,000. PNC Financial Services Group Inc. acquired a new stake in shares of Accelerant during the 3rd quarter worth approximately $42,000. JPMorgan Chase & Co. acquired a new stake in shares of Accelerant during the 3rd quarter worth approximately $23,986,000. Vanguard Group Inc. acquired a new stake in shares of Accelerant during the 3rd quarter worth approximately $33,482,000. Finally, CenterBook Partners LP acquired a new stake in shares of Accelerant during the 3rd quarter worth approximately $5,698,000.

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.