Credit Acceptance (NASDAQ:CACC) Sees Large Volume Increase - What's Next?

Credit Acceptance Corporation (NASDAQ:CACC - Get Free Report) saw unusually-high trading volume on Friday . Approximately 170,393 shares changed hands during mid-day trading, an increase of 62% from the previous session's volume of 105,159 shares.The stock last traded at $504.89 and had previously closed at $503.99.

Credit Acceptance Stock Performance

The firm's 50 day simple moving average is $488.68 and its 200 day simple moving average is $489.85. The firm has a market cap of $5.80 billion, a PE ratio of 21.35 and a beta of 1.16. The company has a current ratio of 17.64, a quick ratio of 17.64 and a debt-to-equity ratio of 3.92.

Credit Acceptance (NASDAQ:CACC - Get Free Report) last announced its earnings results on Wednesday, April 30th. The credit services provider reported $9.35 earnings per share for the quarter, missing the consensus estimate of $10.31 by ($0.96). The firm had revenue of $571.10 million during the quarter, compared to analysts' expectations of $570.25 million. Credit Acceptance had a net margin of 13.03% and a return on equity of 28.60%. The company's revenue was up 12.4% compared to the same quarter last year. During the same period in the prior year, the company posted $9.28 EPS. On average, research analysts forecast that Credit Acceptance Corporation will post 53.24 EPS for the current fiscal year.

Insider Activity at Credit Acceptance

In other news, insider Daniel A. Ulatowski sold 6,356 shares of the stock in a transaction dated Wednesday, June 11th. The shares were sold at an average price of $522.16, for a total transaction of $3,318,848.96. Following the sale, the insider now directly owns 28,290 shares of the company's stock, valued at $14,771,906.40. This represents a 18.35% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Andrew K. Rostami sold 375 shares of Credit Acceptance stock in a transaction on Friday, June 20th. The shares were sold at an average price of $505.29, for a total transaction of $189,483.75. Following the completion of the sale, the insider now directly owns 25,478 shares in the company, valued at $12,873,778.62. This represents a 1.45% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 9,731 shares of company stock valued at $5,056,243 over the last quarter. 5.30% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Credit Acceptance

Hedge funds and other institutional investors have recently modified their holdings of the business. Rhumbline Advisers grew its position in Credit Acceptance by 0.8% in the first quarter. Rhumbline Advisers now owns 9,122 shares of the credit services provider's stock worth $4,710,000 after acquiring an additional 70 shares during the period. Bayforest Capital Ltd acquired a new position in shares of Credit Acceptance during the first quarter worth about $225,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its position in shares of Credit Acceptance by 3.9% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 23,886 shares of the credit services provider's stock valued at $12,334,000 after purchasing an additional 900 shares during the last quarter. Ascent Group LLC lifted its holdings in Credit Acceptance by 13.0% during the 1st quarter. Ascent Group LLC now owns 7,472 shares of the credit services provider's stock worth $3,858,000 after buying an additional 860 shares during the last quarter. Finally, Aristeia Capital L.L.C. purchased a new stake in Credit Acceptance during the first quarter worth approximately $281,000. 81.71% of the stock is owned by hedge funds and other institutional investors.

About Credit Acceptance

Credit Acceptance Corporation engages in the provision of financing programs, and related products and services in the United States. The company advances money to automobile dealers in exchange for the right to service the underlying consumer loans; and buys the consumer loans from the dealers and keeps the amount collected from the consumers.