Accelerant Holdings (NYSE:ARX) Short Interest Up 42.6% in March

Key Points

• Short interest rose 42.6% in March to 3,312,521 shares (about 1.6% of the stock) with a days-to-cover ratio of 2.2.
• Analysts collectively rate the stock a "Moderate Buy" with a consensus price target of $18.17, while several firms recently adjusted ratings and trimmed targets.
• Accelerant slightly beat EPS estimates and reported revenue up 30.3% year‑over‑year, but it still shows a negative net margin; the CFO sold 50,000 shares and insiders own 66.59% of the stock.

Accelerant Holdings (NYSE:ARX - Get Free Report) was the recipient of a large growth in short interest in the month of March. As of March 31st, there was short interest totaling 3,312,521 shares, a growth of 42.6% from the March 15th total of 2,322,898 shares. Approximately 1.6% of the company's stock are short sold. Based on an average daily trading volume, of 1,485,897 shares, the days-to-cover ratio is presently 2.2 days.

Wall Street Analyst Weigh In

Several analysts recently commented on the stock. Wells Fargo & Company raised shares of Accelerant from an "equal weight" rating to an "overweight" rating and cut their price objective for the company from $17.00 to $15.00 in a research report on Friday, March 20th. The Goldman Sachs Group reissued a "buy" rating and set a $20.00 price objective on shares of Accelerant in a research report on Wednesday, January 7th. Raymond James Financial reissued an "outperform" rating and set a $13.00 price objective on shares of Accelerant in a research report on Tuesday, February 17th. Piper Sandler cut their price objective on shares of Accelerant from $18.00 to $13.00 and set an "overweight" rating on the stock in a research report on Monday, February 23rd. Finally, Citizens Jmp cut their price objective on shares of Accelerant from $20.00 to $17.00 and set a "market outperform" rating on the stock in a research report on Monday. 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's stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $18.17.

Accelerant Stock Performance

Shares of NYSE ARX traded up $0.47 during trading on Tuesday, reaching $13.30. 2,970,514 shares of the company traded hands, compared to its average volume of 1,288,362. The firm has a 50 day simple moving average of $11.77 and a 200-day simple moving average of $13.44. 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 $2.95 billion and a PE ratio of -1.92. Accelerant has a 52-week low of $9.18 and a 52-week high of $31.18.

Accelerant (NYSE:ARX - Get Free Report) last announced its quarterly earnings results on Wednesday, March 18th. The technology company reported $0.23 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.22 by $0.01. The firm had revenue of $248.40 million for the quarter. Accelerant had a negative net margin of 148.33% and a positive return on equity of 67.99%. The firm's revenue was up 30.3% on a year-over-year basis.

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 dated Monday, March 23rd. The shares were 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 of the company's stock, valued at $15,012,271.53. This represents a 4.08% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 66.59% of the stock is owned by corporate insiders.

Institutional Trading of Accelerant

A number of institutional investors have recently made changes to their positions in ARX. Pembroke Management LTD purchased a new stake in shares of Accelerant during the 3rd quarter valued at about $1,396,000. Teacher Retirement System of Texas purchased a new stake in shares of Accelerant during the 3rd quarter valued at about $2,606,000. Allianz Asset Management GmbH bought a new position in shares of Accelerant in the 3rd quarter worth approximately $1,063,000. Envestnet Asset Management Inc. bought a new position in shares of Accelerant in the 3rd quarter worth approximately $165,000. Finally, PNC Financial Services Group Inc. bought a new position in shares of Accelerant in the 3rd quarter worth approximately $42,000.

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.

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