Squarepoint Ops LLC Has $474,000 Stake in Accelerant Holdings $ARX

Key Points

• Squarepoint Ops LLC cut its Accelerant Holdings position by 81% in the second quarter, selling 172,363 shares and retaining 40,428 shares valued at approximately $474,000.
• Institutional interest was mixed, with several funds increasing or initiating positions, while analysts maintained a consensus “Hold” rating and an average price target of $18.95.
• Accelerant reported quarterly EPS of $0.32, beating estimates of $0.16, while insiders sold more than 1.16 million shares worth approximately $15.6 million over the past 90 days.

Squarepoint Ops LLC reduced its position in Accelerant Holdings (NYSE:ARX - Free Report) by 81.0% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 40,428 shares of the company's stock after selling 172,363 shares during the quarter. Squarepoint Ops LLC's holdings in Accelerant were worth $474,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Azora Capital LP boosted its position in shares of Accelerant by 288.9% in the fourth quarter. Azora Capital LP now owns 2,439,094 shares of the company's stock worth $39,879,000 after purchasing an additional 1,811,976 shares during the period. Renaissance Technologies LLC boosted its stake in shares of Accelerant by 280.5% during the 1st quarter. Renaissance Technologies LLC now owns 276,600 shares of the company's stock worth $3,695,000 after acquiring an additional 203,900 shares in the last quarter. Militia Capital Management LLC purchased a new stake in shares of Accelerant in the first quarter valued at approximately $2,004,000. Bank of New York Mellon Corp purchased a new position in Accelerant in the 1st quarter valued at approximately $488,000. Finally, Sei Investments Co. boosted its holdings in shares of Accelerant by 95.1% in the first quarter. Sei Investments Co. now owns 73,935 shares of the company's stock valued at $988,000 after acquiring an additional 36,033 shares during the period.

Wall Street Analyst Weigh In

ARX has been the topic of several recent analyst reports. Wells Fargo & Company cut their price target on Accelerant from $17.00 to $16.00 and set an "overweight" rating on the stock in a research note on Thursday, July 9th. Piper Sandler downgraded Accelerant from an "overweight" rating to a "hold" rating and set a $20.25 target price on the stock. in a research report on Thursday, August 13th. Citigroup cut shares of Accelerant from an "outperform" rating to a "market perform" rating in a report on Thursday, August 13th. BMO Capital Markets increased their price objective on shares of Accelerant from $16.50 to $17.00 and gave the stock an "outperform" rating in a research note on Tuesday, June 16th. Finally, Citizens Jmp cut shares of Accelerant from a "market outperform" rating to a "hold" rating in a research report on Friday, August 14th. Four analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, Accelerant has a consensus rating of "Hold" and a consensus price target of $18.95.

Insider Transactions at Accelerant

In related news, insider Francis 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 directly owned 6,369,290 shares of the company's stock, valued at approximately $79,042,888.90. The trade was a 1.38% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, COO Matthew David Sternberg sold 17,568 shares of Accelerant stock in a transaction dated Monday, July 27th. The shares were sold at an average price of $14.64, for a total value of $257,195.52. Following the sale, the chief operating officer owned 596,482 shares of the company's stock, valued at approximately $8,732,496.48. This represents a 2.86% 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. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last ninety days, insiders have sold 1,166,735 shares of company stock valued at $15,626,099. 66.59% of the stock is currently owned by company insiders.

Accelerant Price Performance

Shares of NYSE:ARX opened at $19.67 on Monday. The business's fifty day moving average price is $16.62 and its two-hundred day moving average price is $14.61. Accelerant Holdings has a one year low of $9.18 and a one year high of $19.90. The stock has a market cap of $4.27 billion, a PE ratio of -2.96 and a beta of 0.08. The company has a debt-to-equity ratio of 0.16, a quick ratio of 1.53 and a current ratio of 1.53.

Accelerant (NYSE:ARX - Get Free Report) last posted its quarterly earnings data on Thursday, August 13th. The company reported $0.32 EPS for the quarter, beating analysts' consensus estimates 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. On average, analysts forecast that Accelerant Holdings will post 0.91 EPS for the current fiscal year.

About Accelerant

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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