Accel Entertainment (NYSE:ACEL) Downgraded by Wall Street Zen to Hold

Key Points

• Wall Street Zen downgraded Accel Entertainment from “Buy” to “Hold.” Despite the downgrade, the broader analyst consensus remains “Moderate Buy,” with an average price target of $14.80.
• Accel’s stock opened at $10.99, below its 52-week high of $14.00. In its latest quarter, the company reported $0.15 in earnings per share, missing estimates, while revenue of $368.13 million exceeded expectations.
• Insiders have recently sold shares, including a 26,324-share sale by an insider, while institutional investors own 55.39% of the company.

Accel Entertainment (NYSE:ACEL - Get Free Report) was downgraded by stock analysts at Wall Street Zen from a "buy" rating to a "hold" rating in a research note issued on Saturday, Wall Street Zen reports.

ACEL has been the subject of several other reports. Wells Fargo & Company started coverage on shares of Accel Entertainment in a research note on Friday, August 21st. They issued an "equal weight" rating and a $14.00 price target for the company. Weiss Ratings reissued a "buy (b-)" rating on shares of Accel Entertainment in a research report on Tuesday, September 22nd. Citizens Jmp raised their target price on Accel Entertainment from $14.00 to $15.00 and gave the company a "market outperform" rating in a research note on Wednesday, August 5th. Truist Financial set a $14.00 target price on Accel Entertainment in a research report on Wednesday, August 19th. Finally, Citigroup reaffirmed a "market outperform" rating on shares of Accel Entertainment in a research note on Wednesday, August 5th. Four equities research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat.com, Accel Entertainment has a consensus rating of "Moderate Buy" and an average target price of $14.80.

Accel Entertainment Price Performance

Accel Entertainment stock opened at $10.99 on Friday. The stock has a market capitalization of $892.68 million, a price-to-earnings ratio of 16.41 and a beta of 1.07. Accel Entertainment has a 52-week low of $9.55 and a 52-week high of $14.00. The stock's 50 day moving average price is $11.62 and its two-hundred day moving average price is $11.91. The company has a debt-to-equity ratio of 1.91, a quick ratio of 2.40 and a current ratio of 2.47.

Accel Entertainment (NYSE:ACEL - Get Free Report) last announced its quarterly earnings data on Tuesday, August 4th. The company reported $0.15 EPS for the quarter, missing the consensus estimate of $0.19 by ($0.04). Accel Entertainment had a return on equity of 22.30% and a net margin of 4.08%. The company had revenue of $368.13 million for the quarter, compared to analyst estimates of $356.66 million. On average, equities analysts predict that Accel Entertainment will post 0.69 earnings per share for the current year.

Insiders Place Their Bets

In related news, insider Derek Harmer sold 26,324 shares of the firm's stock in a transaction dated Friday, September 11th. The shares were sold at an average price of $11.63, for a total value of $306,148.12. Following the transaction, the insider owned 170,929 shares of the company's stock, valued at approximately $1,987,904.27. This trade represents a 13.35% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Over the last quarter, insiders have sold 40,036 shares of company stock valued at $465,180. 14.47% of the stock is currently owned by company insiders.

Institutional Trading of Accel Entertainment

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Versant Capital Management Inc raised its stake in shares of Accel Entertainment by 61.5% in the third quarter. Versant Capital Management Inc now owns 6,676 shares of the company's stock worth $71,000 after purchasing an additional 2,542 shares during the last quarter. Globeflex Capital L P bought a new stake in Accel Entertainment during the second quarter worth $3,894,000. Bank of New York Mellon Corp bought a new stake in Accel Entertainment during the second quarter worth $2,643,000. Quantinno Capital Management LP raised its position in Accel Entertainment by 18.9% in the 1st quarter. Quantinno Capital Management LP now owns 123,906 shares of the company's stock valued at $1,352,000 after buying an additional 19,734 shares during the last quarter. Finally, Lazard Asset Management LLC raised its position in Accel Entertainment by 17.1% in the 1st quarter. Lazard Asset Management LLC now owns 298,515 shares of the company's stock valued at $3,257,000 after buying an additional 43,663 shares during the last quarter. 55.39% of the stock is owned by institutional investors.

About Accel Entertainment

Accel Entertainment, Inc is a distributed gaming operator that provides gaming and amusement services to licensed, non-casino establishments across the United States. The company installs, operates, and maintains gaming terminals and related equipment in locations such as bars, restaurants, taverns, convenience stores, and other hospitality businesses, generally sharing gaming revenue with its establishment partners.

In addition to gaming terminals, Accel offers products and services that may include amusement devices, redemption equipment, ATMs, and other supporting technology.

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