Magnetar Financial LLC Purchases 56,626 Shares of Accel Entertainment, Inc. $ACEL

Key Points

• Magnetar Financial LLC significantly increased its stake in Accel Entertainment by 308% in Q1, owning a total of 75,011 shares valued at approximately $744,000.
• Insider activity showed Director Gordon Rubenstein sold 29,000 shares, representing a 67.26% decrease in his ownership, while another director, David W. Ruttenberg, sold 25,000 shares, reducing his position by 8.05%.
• Analysts maintained a positive outlook on Accel Entertainment, with Macquarie issuing an "outperform" rating and a target price of $16.00, amidst an average buy rating for the stock.

Magnetar Financial LLC lifted its position in shares of Accel Entertainment, Inc. (NYSE:ACEL - Free Report) by 308.0% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 75,011 shares of the company's stock after buying an additional 56,626 shares during the period. Magnetar Financial LLC owned about 0.09% of Accel Entertainment worth $744,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently modified their holdings of ACEL. Invesco Ltd. boosted its position in shares of Accel Entertainment by 24.7% during the first quarter. Invesco Ltd. now owns 912,129 shares of the company's stock worth $9,048,000 after buying an additional 180,868 shares during the period. Millennium Management LLC acquired a new position in shares of Accel Entertainment during the fourth quarter worth about $1,523,000. Nuveen LLC acquired a new position in shares of Accel Entertainment during the first quarter worth about $1,386,000. D. E. Shaw & Co. Inc. acquired a new position in shares of Accel Entertainment during the fourth quarter worth about $1,228,000. Finally, Two Sigma Investments LP boosted its position in shares of Accel Entertainment by 164.3% during the fourth quarter. Two Sigma Investments LP now owns 160,094 shares of the company's stock worth $1,710,000 after buying an additional 99,532 shares during the period. 55.39% of the stock is owned by institutional investors and hedge funds.

Accel Entertainment Stock Down 0.3%

NYSE ACEL traded down $0.04 during trading hours on Friday, hitting $11.46. 245,208 shares of the company traded hands, compared to its average volume of 357,246. The business's 50-day moving average is $11.88 and its 200-day moving average is $11.26. Accel Entertainment, Inc. has a twelve month low of $9.02 and a twelve month high of $13.27. The company has a debt-to-equity ratio of 2.15, a quick ratio of 2.56 and a current ratio of 2.64. The stock has a market capitalization of $965.59 million, a price-to-earnings ratio of 28.64 and a beta of 1.12.

Analyst Upgrades and Downgrades

Separately, Wall Street Zen cut Accel Entertainment from a "strong-buy" rating to a "buy" rating in a research report on Friday. Two investment analysts have rated the stock with a Buy rating, Based on data from MarketBeat, Accel Entertainment presently has an average rating of "Buy" and a consensus target price of $15.50.

Insider Activity at Accel Entertainment

In other Accel Entertainment news, Director David W. Ruttenberg sold 25,000 shares of the company's stock in a transaction that occurred on Monday, June 16th. The stock was sold at an average price of $11.30, for a total value of $282,500.00. Following the sale, the director owned 285,635 shares in the company, valued at $3,227,675.50. This represents a 8.05% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CAO Christen Kozlik sold 3,791 shares of the company's stock in a transaction that occurred on Tuesday, June 10th. The shares were sold at an average price of $11.50, for a total value of $43,596.50. Following the completion of the sale, the chief accounting officer owned 4,534 shares in the company, valued at $52,141. This represents a 45.54% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 88,791 shares of company stock valued at $1,020,147. Insiders own 18.33% of the company's stock.

Accel Entertainment Company Profile

Accel Entertainment, Inc, together with its subsidiaries, operates as a distributed gaming operator in the United States. It is involved in the installation, maintenance, and operation of gaming terminals; redemption devices that disburse winnings and contain automated teller machine (ATM) functionality; and other amusement devices in authorized non-casino locations, such as restaurants, bars, taverns, convenience stores, liquor stores, truck stops, and grocery stores.