Engineers Gate Manager LP Acquires 54,338 Shares of Accelerant Holdings $ARX

Key Points

• Engineers Gate Manager LP more than doubled its Accelerant Holdings stake during the second quarter, acquiring 54,338 additional shares for a total of 98,354 shares valued at approximately $1.15 million.
• Accelerant reported quarterly earnings of $0.32 per share, beating analysts’ $0.16 consensus estimate, on revenue of $356.9 million. The stock opened at $19.67, near its 52-week high of $19.90.
• Analyst sentiment is mixed, with the stock carrying a consensus “Hold” rating and an average price target of $18.95; insiders have sold 1.24 million shares worth $16.6 million over the past 90 days.

Engineers Gate Manager LP boosted its holdings in shares of Accelerant Holdings (NYSE:ARX - Free Report) by 123.5% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 98,354 shares of the company's stock after purchasing an additional 54,338 shares during the period. Engineers Gate Manager LP's holdings in Accelerant were worth $1,153,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. State of Wyoming purchased a new stake in Accelerant in the first quarter worth $28,000. PNC Financial Services Group Inc. increased its position in Accelerant by 73.6% during the 1st quarter. PNC Financial Services Group Inc. now owns 6,157 shares of the company's stock valued at $82,000 after purchasing an additional 2,611 shares during the period. Royal Bank of Canada increased its position in Accelerant by 50.3% during the 1st quarter. Royal Bank of Canada now owns 7,729 shares of the company's stock valued at $103,000 after purchasing an additional 2,585 shares during the period. Arcus Capital Partners LLC bought a new position in Accelerant in the 1st quarter worth $135,000. Finally, The Manufacturers Life Insurance Company bought a new position in Accelerant in the 1st quarter worth $137,000.

Accelerant Stock Performance

Shares of Accelerant stock opened at $19.67 on Friday. Accelerant Holdings has a 1 year low of $9.18 and a 1 year high of $19.90. The firm's 50-day moving average is $16.62 and its 200 day moving average is $14.59. The stock has a market cap of $4.27 billion, a price-to-earnings ratio of -2.96 and a beta of 0.08. The company has a debt-to-equity ratio of 0.16, a current ratio of 1.53 and a quick ratio of 1.53.

Accelerant (NYSE:ARX - Get Free Report) last released its quarterly earnings data on Thursday, August 13th. The company reported $0.32 earnings per share for the quarter, beating analysts' consensus estimates of $0.16 by $0.16. The business had revenue of $356.90 million during the quarter. Accelerant had a negative net margin of 113.08% and a positive return on equity of 42.79%. Sell-side analysts anticipate that Accelerant Holdings will post 0.91 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, COO Matthew David Sternberg sold 17,568 shares of the company's stock in a transaction on Monday, July 27th. The stock was sold at an average price of $14.64, for a total transaction of $257,195.52. Following the transaction, the chief operating officer directly owned 596,482 shares of the company's stock, valued at $8,732,496.48. This represents a 2.86% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Jeffrey L. Radke sold 80,000 shares of the stock in a transaction on Monday, August 10th. The shares were sold at an average price of $12.09, for a total value of $967,200.00. Following the sale, the chief executive officer directly owned 27,591,939 shares in the company, valued at $333,586,542.51. This trade represents a 0.29% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 1,237,271 shares of company stock worth $16,557,879 in the last 90 days. 66.59% of the stock is currently owned by company insiders.

Analyst Ratings Changes

Several research firms have recently commented on ARX. Citigroup lowered shares of Accelerant from an "outperform" rating to a "market perform" rating in a research note on Thursday, August 13th. Wells Fargo & Company decreased their price target on shares of Accelerant from $17.00 to $16.00 and set an "overweight" rating for the company in a research note on Thursday, July 9th. BMO Capital Markets raised their price objective on shares of Accelerant from $16.50 to $17.00 and gave the stock an "outperform" rating in a report on Tuesday, June 16th. Piper Sandler cut Accelerant from an "overweight" rating to a "hold" rating and set a $20.25 price objective on the stock. in a research report on Thursday, August 13th. Finally, Raymond James Financial downgraded Accelerant from a "moderate buy" rating to a "hold" rating in a report on Monday, August 17th. 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 company's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus target price of $18.95.

Accelerant Company Profile

Accelerant Holdings is a technology-enabled specialty insurance platform that connects managing general agents (MGAs) with insurance capacity providers. The company supports the development, underwriting and distribution of specialty insurance products, helping MGAs access capacity while giving insurers and other capital providers access to a broader portfolio of specialty risks.

Accelerant combines underwriting expertise, insurance data and technology through its platform, which is designed to improve risk selection, portfolio management and collaboration among insurance-market participants.

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