Accelerant (NYSE:ARX) Given New $17.00 Price Target at Wells Fargo & Company

Accelerant (NYSE:ARX) had its target price upped by equities research analysts at Wells Fargo & Company from $15.00 to $17.00 in a research note issued on Monday,Benzinga reports. The firm presently has an “overweight” rating on the technology company’s stock. Wells Fargo & Company‘s price objective suggests a potential upside of 9.36% from the company’s current price.

Several other equities analysts have also recently issued reports on ARX. Citizens Jmp decreased their price target on shares of Accelerant from $20.00 to $17.00 and set a “market outperform” rating for the company in a research report on Monday, April 13th. Piper Sandler reduced their price objective on shares of Accelerant from $18.00 to $13.00 and set an “overweight” rating on the stock in a research note on Monday, February 23rd. Weiss Ratings downgraded Accelerant from a “sell (d)” rating to a “sell (d-)” rating in a report on Wednesday. TD Cowen lowered their target price on Accelerant from $36.00 to $30.00 and set a “buy” rating for the company in a research report on Thursday, March 26th. Finally, Morgan Stanley cut their target price on Accelerant from $16.00 to $15.00 and set an “equal weight” rating on the stock in a report on Monday, April 6th. Ten research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $18.39.

Accelerant Price Performance

ARX stock traded up $0.11 during midday trading on Monday, reaching $15.55. 163,571 shares of the stock were exchanged, compared to its average volume of 1,212,920. Accelerant has a 52 week low of $9.18 and a 52 week high of $31.18. The company has a fifty day moving average price of $12.96 and a 200 day moving average price of $13.43. 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 stock has a market capitalization of $3.45 billion and a PE ratio of -2.24.

Accelerant (NYSE:ARX) last released its quarterly earnings results on Wednesday, May 13th. The technology company reported $0.17 earnings per share for the quarter, topping 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 business’s quarterly revenue was up 53.5% compared to the same quarter last year. As a group, analysts expect that Accelerant will post 0.69 EPS for the current fiscal year.

Insider Buying and Selling at Accelerant

In other news, CFO Jay Michael Green sold 50,000 shares of the stock in a transaction on Monday, March 23rd. The shares were sold at an average price of $12.77, for a total transaction of $638,500.00. Following the completion of the sale, 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 ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 66.59% of the stock is currently owned by company insiders.

Institutional Trading of Accelerant

A number of institutional investors have recently bought and sold shares of ARX. The Manufacturers Life Insurance Company bought a new position in shares of Accelerant in the 1st quarter worth about $137,000. SummitTX Capital L.P. boosted its position in shares of Accelerant by 11.0% during the 1st quarter. SummitTX Capital L.P. now owns 62,999 shares of the technology company’s stock valued at $842,000 after purchasing an additional 6,219 shares in the last quarter. Entropy Technologies LP acquired a new stake in Accelerant during the first quarter worth approximately $239,000. Renaissance Technologies LLC increased its holdings in Accelerant by 280.5% in the first quarter. Renaissance Technologies LLC now owns 276,600 shares of the technology company’s stock worth $3,695,000 after purchasing an additional 203,900 shares in the last quarter. Finally, Sei Investments Co. increased its holdings in Accelerant by 95.1% in the first quarter. Sei Investments Co. now owns 73,935 shares of the technology company’s stock worth $988,000 after purchasing an additional 36,033 shares in the last quarter.

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.