Bank of America Corp DE Sells 155,553 Shares of Accelerant Holdings $ARX

Key Points

• Bank of America cut its Accelerant Holdings position by 46.3% in the first quarter, selling 155,553 shares and retaining 180,186 shares valued at approximately $2.4 million.
• Analyst sentiment has weakened, with several firms lowering price targets or ratings; the stock carries a consensus “Hold” rating and an average target price of $18.95.
• Accelerant reported quarterly EPS of $0.32, beating estimates of $0.16, while insiders sold more than 1.2 million shares worth $16.6 million over the past 90 days. ARX opened at $19.77, near its 12-month high of $21.68.

Bank of America Corp DE decreased its holdings in shares of Accelerant Holdings (NYSE:ARX - Free Report) by 46.3% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 180,186 shares of the technology company's stock after selling 155,553 shares during the period. Bank of America Corp DE owned approximately 0.08% of Accelerant worth $2,407,000 as of its most recent SEC filing.

A number of other large investors have also recently made changes to their positions in the business. State of Wyoming bought a new position in Accelerant in the 1st quarter valued at about $28,000. Quarry LP acquired a new position in Accelerant during the 3rd quarter valued at about $40,000. PNC Financial Services Group Inc. bought a new stake in Accelerant during the 3rd quarter worth approximately $42,000. CWM LLC bought a new stake in Accelerant during the 4th quarter worth approximately $109,000. Finally, Royal Bank of Canada raised its stake in shares of Accelerant by 50.3% in the first quarter. Royal Bank of Canada now owns 7,729 shares of the technology company's stock worth $103,000 after purchasing an additional 2,585 shares during the last quarter.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on ARX shares. Wells Fargo & Company cut their price objective on shares of Accelerant from $17.00 to $16.00 and set an "overweight" rating on the stock in a report on Thursday, July 9th. Morgan Stanley dropped their price target on shares of Accelerant from $16.00 to $14.00 and set an "equal weight" rating on the stock in a research report on Monday, July 6th. Weiss Ratings raised shares of Accelerant from a "sell (e+)" rating to a "sell (d-)" rating in a research report on Tuesday, August 4th. Citigroup cut shares of Accelerant from an "outperform" rating to a "market perform" rating in a report on Thursday, August 13th. Finally, Royal Bank Of Canada downgraded shares of Accelerant from a "moderate buy" rating to a "hold" rating and set a $20.25 price objective for the company. in a research report on Friday, August 14th. Four analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Hold" and an average target price of $18.95.

Insider Transactions at Accelerant

In other news, insider Francis James Oneill sold 89,219 shares of the company's stock in a transaction on Tuesday, August 11th. The stock was sold at an average price of $12.41, for a total transaction of $1,107,207.79. Following the transaction, the insider owned 6,369,290 shares of the company's stock, valued at $79,042,888.90. This represents a 1.38% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Jeffrey L. Radke sold 80,000 shares of the stock in a transaction on Monday, August 10th. The stock was sold at an average price of $12.09, for a total value of $967,200.00. Following the transaction, the chief executive officer owned 27,591,939 shares of the company's stock, valued at $333,586,542.51. The trade was a 0.29% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders sold 1,237,271 shares of company stock valued at $16,557,879. Corporate insiders own 66.59% of the company's stock.

Accelerant Stock Up 0.2%

ARX opened at $19.77 on Wednesday. The company has a quick ratio of 1.53, a current ratio of 1.53 and a debt-to-equity ratio of 0.16. The stock has a market cap of $4.29 billion, a price-to-earnings ratio of -2.97 and a beta of 0.04. Accelerant Holdings has a twelve month low of $9.18 and a twelve month high of $21.68. The company's 50-day moving average price is $14.87 and its two-hundred day moving average price is $13.76.

Accelerant (NYSE:ARX - Get Free Report) last issued its quarterly earnings results on Thursday, August 13th. The technology company reported $0.32 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.16 by $0.16. Accelerant had a negative net margin of 113.08% and a positive return on equity of 42.79%. The company had revenue of $356.90 million during the quarter. As a group, equities analysts expect that Accelerant Holdings will post 0.9 earnings per share for the current year.

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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