Accelerant (NYSE:ARX) Price Target Cut to $17.00 by Analysts at Citizens Jmp

Key Points

• Citizens Jmp cut its price target for Accelerant from $20.00 to $17.00 while keeping a "market outperform" rating, implying roughly a 30.6% upside from the recent share price.
• Analyst consensus remains cautiously positive: ten Buy, two Hold and one Sell give a consensus rating of "Moderate Buy" with a consensus target of $18.17, though several firms (Morgan Stanley, TD Cowen, Wells Fargo) have recently trimmed targets.
• Recent stock and corporate moves: ARX opened at $13.02 (12‑month range $9.18–$31.18) with a $2.89B market cap and negative P/E, it reported an EPS beat and 30.3% revenue growth last quarter, and CFO Jay Michael Green sold 50,000 shares (a 4.08% reduction in his stake).

Accelerant (NYSE:ARX - Get Free Report) had its price target lowered by Citizens Jmp from $20.00 to $17.00 in a note issued to investors on Monday,Benzinga reports. The firm presently has a "market outperform" rating on the technology company's stock. Citizens Jmp's target price suggests a potential upside of 30.57% from the company's previous close.

A number of other equities research analysts have also issued reports on ARX. Morgan Stanley cut their target price on shares of Accelerant from $16.00 to $15.00 and set an "equal weight" rating on the stock in a research note on Monday, April 6th. The Goldman Sachs Group reiterated a "buy" rating and set a $20.00 price objective on shares of Accelerant in a research note on Wednesday, January 7th. TD Cowen cut their price target on Accelerant from $36.00 to $30.00 and set a "buy" rating on the stock in a report on Thursday, March 26th. Raymond James Financial reaffirmed an "outperform" rating and set a $13.00 price target on shares of Accelerant in a report on Tuesday, February 17th. Finally, Wells Fargo & Company raised Accelerant from an "equal weight" rating to an "overweight" rating and cut their price target for the company from $17.00 to $15.00 in a report on Friday, March 20th. Ten equities 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 company's stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $18.17.

Accelerant Stock Performance

Shares of ARX stock opened at $13.02 on Monday. Accelerant has a 12 month low of $9.18 and a 12 month high of $31.18. The company has a debt-to-equity ratio of 0.17, a current ratio of 1.61 and a quick ratio of 1.61. The firm has a market capitalization of $2.89 billion and a P/E ratio of -1.87. The company's fifty day moving average price is $11.77 and its two-hundred day moving average price is $13.47.

Accelerant (NYSE:ARX - Get Free Report) last issued its 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 business 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 business's revenue was up 30.3% on a year-over-year basis.

Insider Activity at Accelerant

In related 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 transaction of $638,500.00. Following the transaction, the chief financial officer owned 1,175,589 shares in the company, valued at $15,012,271.53. This trade represents a 4.08% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 66.59% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. Quarry LP acquired a new position in shares of Accelerant during the third quarter valued at approximately $40,000. PNC Financial Services Group Inc. acquired a new position in shares of Accelerant during the third quarter valued at approximately $42,000. CWM LLC acquired a new position in shares of Accelerant during the fourth quarter valued at approximately $109,000. Jefferies Financial Group Inc. acquired a new position in shares of Accelerant during the third quarter valued at approximately $149,000. Finally, Legal & General Group Plc acquired a new position in shares of Accelerant during the third quarter valued at approximately $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.

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