Insider Selling: Accelerant (NYSE:ARX) CEO Sells $1,054,400.00 in Stock

Key Points

• Accelerant CEO Jeffrey Radke sold 80,000 shares on July 13 at an average price of $13.18, totaling about $1.05 million. The sale was made under a pre-arranged Rule 10b5-1 trading plan.
• After the transaction, Radke still owned 27.94 million shares valued at roughly $368.3 million, representing a small 0.29% decrease in his holdings.
• The stock fell 4.7% to $12.72 in Tuesday trading, even as analysts maintain a Moderate Buy consensus with an average target price of $18.60.

Accelerant Holdings (NYSE:ARX - Get Free Report) CEO Jeffrey Radke sold 80,000 shares of Accelerant stock in a transaction on Monday, July 13th. The shares were sold at an average price of $13.18, for a total value of $1,054,400.00. Following the completion of the transaction, the chief executive officer owned 27,941,939 shares in the company, valued at $368,274,756.02. This represents a 0.29% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Accelerant Stock Down 4.7%

Shares of NYSE ARX traded down $0.62 during mid-day trading on Tuesday, reaching $12.72. 1,295,368 shares of the company were exchanged, compared to its average volume of 1,433,173. Accelerant Holdings has a 1 year low of $9.18 and a 1 year high of $31.18. The firm has a 50-day moving average of $14.16 and a 200 day moving average of $13.55. The stock has a market cap of $2.78 billion and a price-to-earnings ratio of -1.82. The company has a quick ratio of 1.61, a current ratio of 1.61 and a debt-to-equity ratio of 0.17.

Accelerant (NYSE:ARX - Get Free Report) last posted its earnings results on Wednesday, May 13th. The technology company reported $0.17 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.16 by $0.01. The company had revenue of $273.20 million for the quarter. Accelerant had a positive return on equity of 49.99% and a negative net margin of 135.47%.The company's revenue was up 53.5% compared to the same quarter last year. On average, research analysts expect that Accelerant Holdings will post 0.73 earnings per share for the current year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Militia Capital Management LLC acquired a new stake in shares of Accelerant during the first quarter worth $2,004,000. Royal Bank of Canada increased its position in shares of Accelerant by 50.3% in the 1st quarter. Royal Bank of Canada now owns 7,729 shares of the technology company's stock valued at $103,000 after acquiring an additional 2,585 shares during the period. The Manufacturers Life Insurance Company purchased a new position in Accelerant in the 1st quarter worth $137,000. SummitTX Capital L.P. raised its stake in Accelerant by 11.0% in the 1st quarter. SummitTX Capital L.P. now owns 62,999 shares of the technology company's stock worth $842,000 after acquiring an additional 6,219 shares during the last quarter. Finally, Entropy Technologies LP acquired a new stake in Accelerant during the 1st quarter worth about $239,000.

Wall Street Analysts Forecast Growth

ARX has been the subject of several recent analyst reports. Piper Sandler raised their target price on shares of Accelerant from $18.00 to $19.00 and gave the company an "overweight" rating in a research note on Tuesday, May 26th. UBS Group set a $16.00 price target on Accelerant in a research report on Thursday, May 21st. BMO Capital Markets increased their price objective on Accelerant from $16.50 to $17.00 and gave the company an "outperform" rating in a report on Tuesday, June 16th. Raymond James Financial raised their price objective on Accelerant from $16.00 to $19.00 and gave the stock an "outperform" rating in a research report on Monday, June 1st. Finally, Morgan Stanley dropped their target price on Accelerant from $16.00 to $14.00 and set an "equal weight" rating on the stock in a research note on Monday, July 6th. Ten analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, Accelerant currently has an average rating of "Moderate Buy" and a consensus target price of $18.60.

About Accelerant

Aeroflex Holding Corp. (Aeroflex Holding) is a provider of radio frequency (RF) and microwave integrated circuits, components and systems used in the design, development and maintenance of wireless communication systems. The Company's solutions include microelectronic components and test and measurement equipment used by companies in the space, avionics and defense; commercial wireless communications, and medical and other markets. Its products include a range of RF, microwave and millimeter wave microelectronic components, integrated circuits (ICs), and analog and mixed-signal devices.

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