Magnetar Financial LLC Purchases New Stake in World Acceptance Corporation $WRLD

Key Points

• Magnetar Financial LLC has acquired a new stake in World Acceptance Corporation by purchasing 2,434 shares valued at approximately $308,000 during the first quarter of 2023.
• Institutional investors now hold 83.63% of World Acceptance's stock, while various firms have significantly increased their holdings, including Russell Investments Group which boosted its stake by 876.2%.
• World Acceptance's stock was recently downgraded to a "hold" rating by Wall Street Zen, with an average price target set at $10.00, following a disappointing quarterly earnings report.

Magnetar Financial LLC bought a new stake in World Acceptance Corporation (NASDAQ:WRLD - Free Report) in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor bought 2,434 shares of the credit services provider's stock, valued at approximately $308,000.

Several other institutional investors and hedge funds also recently made changes to their positions in WRLD. Wells Fargo & Company MN raised its holdings in shares of World Acceptance by 48.8% in the fourth quarter. Wells Fargo & Company MN now owns 1,643 shares of the credit services provider's stock valued at $185,000 after purchasing an additional 539 shares during the last quarter. Barclays PLC raised its holdings in shares of World Acceptance by 7.3% in the fourth quarter. Barclays PLC now owns 8,218 shares of the credit services provider's stock valued at $924,000 after purchasing an additional 561 shares during the last quarter. Price T Rowe Associates Inc. MD raised its holdings in shares of World Acceptance by 22.5% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 2,909 shares of the credit services provider's stock valued at $328,000 after purchasing an additional 535 shares during the last quarter. Northern Trust Corp raised its holdings in shares of World Acceptance by 13.4% in the fourth quarter. Northern Trust Corp now owns 64,584 shares of the credit services provider's stock valued at $7,262,000 after purchasing an additional 7,622 shares during the last quarter. Finally, Comerica Bank raised its holdings in shares of World Acceptance by 3.8% in the fourth quarter. Comerica Bank now owns 2,513 shares of the credit services provider's stock valued at $283,000 after purchasing an additional 93 shares during the last quarter. Hedge funds and other institutional investors own 83.63% of the company's stock.

Insider Transactions at World Acceptance

In other World Acceptance news, Director Charles D. Way sold 402 shares of the stock in a transaction dated Wednesday, August 6th. The shares were sold at an average price of $160.00, for a total transaction of $64,320.00. Following the completion of the transaction, the director owned 15,395 shares in the company, valued at $2,463,200. This trade represents a 2.54% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Daniel Clinton Dyer sold 4,704 shares of the firm's stock in a transaction that occurred on Wednesday, July 30th. The shares were sold at an average price of $159.50, for a total transaction of $750,288.00. Following the completion of the transaction, the insider owned 42,714 shares of the company's stock, valued at $6,812,883. This trade represents a 9.92% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 5,156 shares of company stock valued at $822,658 in the last quarter. Company insiders own 41.60% of the company's stock.

Analysts Set New Price Targets

Separately, Wall Street Zen lowered shares of World Acceptance from a "strong-buy" rating to a "hold" rating in a research report on Saturday, July 26th. One research analyst has rated the stock with a Hold rating, According to data from MarketBeat.com, the stock has an average rating of "Hold" and an average price target of $10.00.

World Acceptance Stock Performance

NASDAQ:WRLD traded down $2.75 on Friday, reaching $173.01. 34,467 shares of the company's stock were exchanged, compared to its average volume of 38,931. The company has a debt-to-equity ratio of 1.10, a current ratio of 17.83 and a quick ratio of 17.83. The firm has a market cap of $942.90 million, a price-to-earnings ratio of 11.67 and a beta of 1.28. World Acceptance Corporation has a 52 week low of $104.99 and a 52 week high of $177.25. The stock has a fifty day simple moving average of $167.10 and a 200-day simple moving average of $147.82.

World Acceptance (NASDAQ:WRLD - Get Free Report) last issued its earnings results on Thursday, July 24th. The credit services provider reported $0.25 earnings per share for the quarter, missing analysts' consensus estimates of $2.44 by ($2.19). The business had revenue of $132.45 million for the quarter, compared to the consensus estimate of $122.38 million. World Acceptance had a return on equity of 18.95% and a net margin of 14.29%. As a group, sell-side analysts predict that World Acceptance Corporation will post 14 earnings per share for the current year.

World Acceptance Profile

World Acceptance Corporation engages in consumer finance business in the United States. The company provides short-term small installment loans, medium-term larger installment loans, related credit insurance, and ancillary products and services to individuals. It offers income tax return preparation and filing services; and automobile club memberships.