Victory Capital Management Inc. Invests $377,000 in Accel Entertainment, Inc. (NYSE:ACEL)

Key Points

• Victory Capital Management Inc. has invested $377,000 in Accel Entertainment, acquiring 38,019 shares during the 1st quarter of the year.
• Research firms have given positive ratings for Accel Entertainment, with Northland Securities setting a price target of $15.00 and Macquarie setting it at $16.00.
• Insider selling has been notable, with Director David W. Ruttenberg selling 25,000 shares for $302,250, reducing his total ownership significantly.

Victory Capital Management Inc. purchased a new stake in Accel Entertainment, Inc. (NYSE:ACEL - Free Report) during the first quarter, according to its most recent filing with the SEC. The firm purchased 38,019 shares of the company's stock, valued at approximately $377,000.

A number of other hedge funds have also modified their holdings of ACEL. Man Group plc raised its stake in Accel Entertainment by 242.1% during the 4th quarter. Man Group plc now owns 93,180 shares of the company's stock worth $995,000 after buying an additional 65,939 shares during the period. JPMorgan Chase & Co. raised its stake in shares of Accel Entertainment by 70.0% in the 4th quarter. JPMorgan Chase & Co. now owns 483,401 shares of the company's stock valued at $5,163,000 after purchasing an additional 199,092 shares during the period. Northern Trust Corp raised its stake in shares of Accel Entertainment by 11.1% in the 4th quarter. Northern Trust Corp now owns 488,463 shares of the company's stock valued at $5,217,000 after purchasing an additional 48,639 shares during the period. D. E. Shaw & Co. Inc. acquired a new stake in shares of Accel Entertainment in the 4th quarter valued at about $1,228,000. Finally, BNP Paribas Financial Markets acquired a new stake in shares of Accel Entertainment in the 4th quarter valued at about $369,000. 55.39% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, Director Gordon Rubenstein sold 29,000 shares of Accel Entertainment stock in a transaction dated Friday, June 6th. The stock was sold at an average price of $11.24, for a total transaction of $325,960.00. Following the completion of the transaction, the director owned 14,117 shares in the company, valued at approximately $158,675.08. This trade represents a 67.26% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director David W. Ruttenberg sold 25,000 shares of the business's stock in a transaction that occurred on Thursday, May 15th. The stock was sold at an average price of $11.73, for a total value of $293,250.00. Following the sale, the director owned 298,135 shares of the company's stock, valued at approximately $3,497,123.55. This represents a 7.74% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 143,674 shares of company stock worth $1,649,158. Company insiders own 18.33% of the company's stock.

Wall Street Analyst Weigh In

Several analysts have issued reports on ACEL shares. Northland Securities lifted their price target on Accel Entertainment to $15.00 and gave the company a "buy" rating in a research note on Thursday, May 1st. Macquarie restated an "outperform" rating and issued a $16.00 price objective on shares of Accel Entertainment in a report on Tuesday, May 6th.

Accel Entertainment Stock Performance

Accel Entertainment stock traded down $1.91 during midday trading on Wednesday, reaching $10.48. 785,592 shares of the company's stock were exchanged, compared to its average volume of 350,707. Accel Entertainment, Inc. has a 52 week low of $9.02 and a 52 week high of $13.27. The company has a debt-to-equity ratio of 2.11, a quick ratio of 2.35 and a current ratio of 2.42. The firm has a market cap of $887.03 million, a price-to-earnings ratio of 21.38 and a beta of 1.32. The stock's 50-day simple moving average is $11.92 and its 200 day simple moving average is $11.31.

Accel Entertainment Profile

Accel Entertainment, Inc, together with its subsidiaries, operates as a distributed gaming operator in the United States. It is involved in the installation, maintenance, and operation of gaming terminals; redemption devices that disburse winnings and contain automated teller machine (ATM) functionality; and other amusement devices in authorized non-casino locations, such as restaurants, bars, taverns, convenience stores, liquor stores, truck stops, and grocery stores.