Morgan Stanley Cuts Accelerant (NYSE:ARX) Price Target to $15.00

Key Points

• Morgan Stanley cut its price target on Accelerant (NYSE:ARX) from $16 to $15 and kept an "equal weight" rating, implying roughly a 14.7% upside from the prior close.
• The consensus from analysts is a Moderate Buy (10 Buys, 2 Holds, 1 Sell) with an average price target of $18.50, while individual targets recently ranged from $13 to $36.
• Accelerant posted Q revenue up 30.3% YoY and beat EPS estimates ($0.23 vs $0.22), but showed a negative net margin (-148.33%) and negative P/E, and CFO Jay Michael Green sold 50,000 shares on March 23.

Accelerant (NYSE:ARX - Get Free Report) had its price target dropped by research analysts at Morgan Stanley from $16.00 to $15.00 in a report released on Monday,Benzinga reports. The brokerage currently has an "equal weight" rating on the technology company's stock. Morgan Stanley's price objective would suggest a potential upside of 14.68% from the company's previous close.

A number of other brokerages also recently weighed in on ARX. TD Cowen lowered their price target on Accelerant from $36.00 to $30.00 and set a "buy" rating for the company in a report on Thursday, March 26th. Piper Sandler lowered their price target on Accelerant from $18.00 to $13.00 and set an "overweight" rating for the company in a report on Monday, February 23rd. The Goldman Sachs Group reiterated a "buy" rating and issued a $20.00 price target on shares of Accelerant in a report on Wednesday, January 7th. Weiss Ratings reiterated a "sell (d-)" rating on shares of Accelerant in a report on Monday, December 22nd. Finally, Raymond James Financial reiterated an "outperform" rating and issued a $13.00 price target on shares of Accelerant in a report on Tuesday, February 17th. Ten analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $18.50.

Accelerant Price Performance

Shares of NYSE ARX opened at $13.08 on Monday. The company has a debt-to-equity ratio of 0.17, a current ratio of 1.61 and a quick ratio of 1.61. The firm has a market capitalization of $2.91 billion and a P/E ratio of -1.89.

Accelerant (NYSE:ARX - Get Free Report) last issued its quarterly earnings results on Wednesday, March 18th. The technology company reported $0.23 earnings per share for the quarter, beating analysts' consensus estimates of $0.22 by $0.01. Accelerant had a positive return on equity of 67.99% and a negative net margin of 148.33%.The business had revenue of $248.40 million during the quarter. The company's revenue for the quarter was up 30.3% on a year-over-year basis.

Insider Buying and Selling

In related news, CFO Jay Michael Green sold 50,000 shares of the company's stock in a transaction on Monday, March 23rd. The stock was sold at an average price of $12.77, for a total transaction of $638,500.00. Following the completion of the transaction, the chief financial officer directly owned 1,175,589 shares in the company, valued at $15,012,271.53. This represents a 4.08% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 6.20% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the stock. XTX Topco Ltd grew its stake in Accelerant by 66.4% during the 4th quarter. XTX Topco Ltd now owns 106,248 shares of the technology company's stock worth $1,737,000 after buying an additional 42,383 shares during the last quarter. SummitTX Capital L.P. grew its stake in shares of Accelerant by 77.9% in the fourth quarter. SummitTX Capital L.P. now owns 56,780 shares of the technology company's stock worth $928,000 after purchasing an additional 24,860 shares in the last quarter. Balyasny Asset Management L.P. grew its stake in shares of Accelerant by 35.4% in the fourth quarter. Balyasny Asset Management L.P. now owns 2,733,595 shares of the technology company's stock worth $44,694,000 after purchasing an additional 714,811 shares in the last quarter. Azora Capital LP grew its stake in shares of Accelerant by 288.9% in the fourth quarter. Azora Capital LP now owns 2,439,094 shares of the technology company's stock worth $39,879,000 after purchasing an additional 1,811,976 shares in the last quarter. Finally, Boothbay Fund Management LLC bought a new position in shares of Accelerant in the fourth quarter worth $425,000.

Accelerant Company Profile

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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