Accelerant (NYSE:ARX) COO Matthew David Sternberg Sells 17,568 Shares of Stock

Key Points

• COO Matthew David Sternberg sold 17,568 Accelerant shares at an average price of $14.64, generating $257,195.52. The sale was conducted under a pre-arranged Rule 10b5-1 plan to cover tax withholding on vested equity awards, reducing his ownership by 2.86%.
• Accelerant shares recently traded at $14.54, with the company valued at approximately $3.17 billion. Its latest quarterly results exceeded expectations, with EPS of $0.17 versus the $0.16 consensus and revenue up 53.5% year over year.
• Analyst sentiment remains generally positive: ten analysts rate the stock a Buy, two rate it Hold, and one rates it Sell. The consensus rating is Moderate Buy, with an average price target of $18.60.

Accelerant Holdings (NYSE:ARX - Get Free Report) COO Matthew David Sternberg sold 17,568 shares of the firm's stock in a transaction dated Monday, July 27th. The stock was sold at an average price of $14.64, for a total transaction of $257,195.52. Following the transaction, the chief operating officer directly owned 596,482 shares in the company, valued at approximately $8,732,496.48. This represents a 2.86% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Accelerant Price Performance

Accelerant stock traded down $0.07 during trading hours on Tuesday, reaching $14.54. 3,487,482 shares of the stock were exchanged, compared to its average volume of 1,433,565. The stock has a 50 day moving average of $14.12 and a two-hundred day moving average of $13.35. Accelerant Holdings has a twelve month low of $9.18 and a twelve month high of $30.48. The company has a current ratio of 1.61, a quick ratio of 1.61 and a debt-to-equity ratio of 0.17. The company has a market cap of $3.17 billion and a P/E ratio of -2.08.

Accelerant (NYSE:ARX - Get Free Report) last issued its quarterly earnings data on Wednesday, May 13th. The technology company reported $0.17 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.16 by $0.01. The firm had revenue of $273.20 million during the quarter. Accelerant had a negative net margin of 135.47% and a positive return on equity of 49.99%. The company's quarterly revenue was up 53.5% compared to the same quarter last year. Equities analysts expect that Accelerant Holdings will post 0.73 EPS for the current fiscal year.

Institutional Trading of Accelerant

Several hedge funds have recently added to or reduced their stakes in ARX. Militia Capital Management LLC purchased a new position in shares of Accelerant in the first quarter worth about $2,004,000. UBS Group AG boosted its holdings in Accelerant by 331.9% during the 4th quarter. UBS Group AG now owns 535,637 shares of the technology company's stock valued at $8,758,000 after acquiring an additional 411,612 shares during the period. Tudor Investment Corp ET AL bought a new position in Accelerant during the 3rd quarter worth approximately $1,075,000. Jefferies Financial Group Inc. increased its stake in Accelerant by 349.8% in the 4th quarter. Jefferies Financial Group Inc. now owns 44,980 shares of the technology company's stock worth $735,000 after purchasing an additional 34,980 shares during the period. Finally, Azora Capital LP increased its stake in Accelerant by 288.9% in the 4th quarter. Azora Capital LP now owns 2,439,094 shares of the technology company's stock worth $39,879,000 after purchasing an additional 1,811,976 shares during the period.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on ARX shares. BMO Capital Markets raised their price objective on shares of Accelerant from $16.50 to $17.00 and gave the company an "outperform" rating in a research report on Tuesday, June 16th. Piper Sandler increased their target price on Accelerant from $18.00 to $19.00 and gave the company an "overweight" rating in a research note on Tuesday, May 26th. Weiss Ratings downgraded Accelerant from a "sell (d-)" rating to a "sell (e+)" rating in a research report on Monday, July 20th. Morgan Stanley dropped their price target on Accelerant from $16.00 to $14.00 and set an "equal weight" rating for the company in a research note on Monday, July 6th. Finally, Wells Fargo & Company reduced their price objective on Accelerant from $17.00 to $16.00 and set an "overweight" rating on the stock in a research report on Thursday, July 9th. Ten research 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 data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $18.60.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.