Credit Acceptance (NASDAQ:CACC) Upgraded at BidaskClub

BidaskClub upgraded shares of Credit Acceptance (NASDAQ:CACC) from a sell rating to a hold rating in a research note issued to investors on Wednesday, BidAskClub reports.

A number of other research analysts have also recently commented on CACC. Zacks Investment Research cut Credit Acceptance from a buy rating to a hold rating in a research note on Thursday, May 2nd. BMO Capital Markets raised their target price on Credit Acceptance to $484.00 and gave the company a market perform rating in a research note on Thursday, August 1st. Credit Suisse Group set a $380.00 price objective on Credit Acceptance and gave the company an underperform rating in a research note on Wednesday, July 31st. BTIG Research reiterated a sell rating and set a $340.00 price objective on shares of Credit Acceptance in a research note on Wednesday, July 31st. Finally, Stephens lifted their price objective on Credit Acceptance from $381.00 to $495.00 and gave the company an equal weight rating in a research note on Tuesday, April 30th. Two research analysts have rated the stock with a sell rating and six have issued a hold rating to the stock. The company currently has a consensus rating of Hold and a consensus price target of $441.00.

CACC opened at $452.98 on Wednesday. The stock has a market cap of $8.72 billion, a PE ratio of 14.45, a PEG ratio of 1.34 and a beta of 0.74. The company has a quick ratio of 28.16, a current ratio of 28.16 and a debt-to-equity ratio of 1.89. The business has a 50 day moving average of $476.80 and a 200-day moving average of $466.38. Credit Acceptance has a 52 week low of $356.12 and a 52 week high of $509.99.

Credit Acceptance (NASDAQ:CACC) last released its earnings results on Tuesday, July 30th. The credit services provider reported $8.60 EPS for the quarter, beating the Zacks’ consensus estimate of $8.52 by $0.08. The company had revenue of $370.60 million during the quarter, compared to analysts’ expectations of $363.38 million. Credit Acceptance had a return on equity of 30.02% and a net margin of 45.15%. The firm’s revenue for the quarter was up 17.5% compared to the same quarter last year. During the same quarter last year, the business posted $6.95 EPS. Equities analysts anticipate that Credit Acceptance will post 34.67 EPS for the current year.

A number of large investors have recently made changes to their positions in the business. Beck Mack & Oliver LLC raised its stake in Credit Acceptance by 4.1% during the second quarter. Beck Mack & Oliver LLC now owns 295,742 shares of the credit services provider’s stock valued at $143,089,000 after buying an additional 11,692 shares during the last quarter. Wasatch Advisors Inc. increased its stake in shares of Credit Acceptance by 1.9% during the first quarter. Wasatch Advisors Inc. now owns 256,285 shares of the credit services provider’s stock worth $115,823,000 after acquiring an additional 4,789 shares during the period. Nuveen Asset Management LLC increased its stake in shares of Credit Acceptance by 390.9% during the second quarter. Nuveen Asset Management LLC now owns 163,973 shares of the credit services provider’s stock worth $79,336,000 after acquiring an additional 130,573 shares during the period. Goodnow Investment Group LLC increased its stake in shares of Credit Acceptance by 0.5% during the second quarter. Goodnow Investment Group LLC now owns 149,575 shares of the credit services provider’s stock worth $72,369,000 after acquiring an additional 745 shares during the period. Finally, AQR Capital Management LLC increased its stake in shares of Credit Acceptance by 13.5% during the second quarter. AQR Capital Management LLC now owns 139,580 shares of the credit services provider’s stock worth $66,155,000 after acquiring an additional 16,649 shares during the period. Institutional investors and hedge funds own 61.63% of the company’s stock.

About Credit Acceptance

Credit Acceptance Corporation provides financing programs, and related products and services to independent and franchised automobile dealers in the United States. The company advances money to dealers in exchange for the right to service the underlying consumer loans; and buys the consumer loans from the dealers and keeps various amounts collected from the consumers.

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Analyst Recommendations for Credit Acceptance (NASDAQ:CACC)

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