Cubist Systematic Strategies LLC Raises Stake in Credit Acceptance Corporation $CACC

Key Points

• Cubist Systematic Strategies LLC increased its stake in Credit Acceptance Corporation by 75.7%, now holding 1,172 shares valued at approximately $605,000.
• Major shareholder Jill Foss Watson sold 20,000 shares for around $10.8 million, representing a 16.38% decrease in ownership.
• Credit Acceptance reported earnings of $8.56 per share for the quarter, missing estimates, while its revenue increased by 8.5% compared to the previous year.

Cubist Systematic Strategies LLC boosted its position in Credit Acceptance Corporation (NASDAQ:CACC - Free Report) by 75.7% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 1,172 shares of the credit services provider's stock after buying an additional 505 shares during the period. Cubist Systematic Strategies LLC's holdings in Credit Acceptance were worth $605,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also recently bought and sold shares of the company. Sierra Ocean LLC purchased a new stake in Credit Acceptance in the first quarter valued at approximately $26,000. CX Institutional purchased a new stake in Credit Acceptance in the first quarter valued at approximately $36,000. BI Asset Management Fondsmaeglerselskab A S acquired a new position in Credit Acceptance in the first quarter valued at approximately $44,000. Harbor Capital Advisors Inc. acquired a new position in Credit Acceptance in the first quarter valued at approximately $49,000. Finally, Point72 Asia Singapore Pte. Ltd. lifted its holdings in Credit Acceptance by 13,400.0% in the fourth quarter. Point72 Asia Singapore Pte. Ltd. now owns 135 shares of the credit services provider's stock valued at $64,000 after acquiring an additional 134 shares during the period. Hedge funds and other institutional investors own 81.71% of the company's stock.

Insider Buying and Selling

In other Credit Acceptance news, major shareholder Jill Foss Watson sold 20,000 shares of the business's stock in a transaction that occurred on Wednesday, July 2nd. The stock was sold at an average price of $539.97, for a total value of $10,799,400.00. Following the completion of the transaction, the insider directly owned 102,107 shares of the company's stock, valued at approximately $55,134,716.79. The trade was a 16.38% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Andrew K. Rostami sold 375 shares of the business's stock in a transaction that occurred on Friday, June 20th. The shares were sold at an average price of $505.29, for a total value of $189,483.75. Following the completion of the transaction, the insider directly owned 25,478 shares of the company's stock, valued at $12,873,778.62. The trade was a 1.45% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 30,072 shares of company stock valued at $15,943,779. Insiders own 6.60% of the company's stock.

Credit Acceptance Trading Down 0.4%

Shares of NASDAQ:CACC opened at $516.41 on Thursday. Credit Acceptance Corporation has a 12-month low of $414.15 and a 12-month high of $560.00. The company has a market capitalization of $5.80 billion, a PE ratio of 14.89 and a beta of 1.25. The business has a 50 day moving average of $501.37 and a two-hundred day moving average of $494.82. The company has a current ratio of 22.03, a quick ratio of 22.03 and a debt-to-equity ratio of 4.16.

Credit Acceptance (NASDAQ:CACC - Get Free Report) last announced its quarterly earnings results on Thursday, July 31st. The credit services provider reported $8.56 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $9.84 by ($1.28). Credit Acceptance had a net margin of 18.69% and a return on equity of 27.06%. The company had revenue of $583.80 million during the quarter, compared to analyst estimates of $583.30 million. During the same period in the previous year, the firm posted $10.29 earnings per share. The company's revenue was up 8.5% compared to the same quarter last year. As a group, analysts forecast that Credit Acceptance Corporation will post 53.24 EPS for the current year.

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.

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