Credit Acceptance (NASDAQ:CACC) Insider Sells $1,452,756.94 in Stock

Credit Acceptance Corporation (NASDAQ:CACC) insider Nicholas Elliott sold 2,306 shares of Credit Acceptance stock in a transaction that occurred on Friday, June 26th. The shares were sold at an average price of $629.99, for a total value of $1,452,756.94. Following the transaction, the insider owned 20,897 shares of the company’s stock, valued at approximately $13,164,901.03. This represents a 9.94% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Credit Acceptance Trading Up 0.2%

Credit Acceptance stock opened at $657.12 on Friday. The firm has a market cap of $6.87 billion, a PE ratio of 16.33 and a beta of 1.36. Credit Acceptance Corporation has a 12 month low of $401.90 and a 12 month high of $666.24. The stock’s 50 day simple moving average is $558.57 and its two-hundred day simple moving average is $501.01. The company has a current ratio of 13.62, a quick ratio of 13.62 and a debt-to-equity ratio of 4.09.

Credit Acceptance (NASDAQ:CACC) last posted its earnings results on Tuesday, May 5th. The credit services provider reported $10.71 earnings per share (EPS) for the quarter, missing the consensus estimate of $10.73 by ($0.02). Credit Acceptance had a net margin of 19.49% and a return on equity of 29.95%. The firm had revenue of $406.00 million during the quarter, compared to analyst estimates of $580.77 million. During the same quarter in the prior year, the firm earned $9.35 earnings per share. The business’s revenue for the quarter was up 1.6% on a year-over-year basis. Analysts anticipate that Credit Acceptance Corporation will post 47.5 earnings per share for the current year.

Hedge Funds Weigh In On Credit Acceptance

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. State of Wyoming acquired a new stake in shares of Credit Acceptance in the fourth quarter valued at about $27,000. Kestra Advisory Services LLC acquired a new position in shares of Credit Acceptance during the 4th quarter worth about $27,000. Parallel Advisors LLC raised its position in shares of Credit Acceptance by 590.0% during the 1st quarter. Parallel Advisors LLC now owns 69 shares of the credit services provider’s stock worth $29,000 after purchasing an additional 59 shares during the last quarter. Altshuler Shaham Ltd lifted its stake in Credit Acceptance by 37.3% in the 1st quarter. Altshuler Shaham Ltd now owns 70 shares of the credit services provider’s stock valued at $30,000 after buying an additional 19 shares in the last quarter. Finally, Rockefeller Capital Management L.P. boosted its holdings in Credit Acceptance by 53.3% in the 4th quarter. Rockefeller Capital Management L.P. now owns 69 shares of the credit services provider’s stock worth $31,000 after buying an additional 24 shares during the last quarter. 81.71% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

CACC has been the topic of a number of analyst reports. Stephens raised their target price on Credit Acceptance from $450.00 to $540.00 and gave the company an “equal weight” rating in a research report on Friday, April 17th. Zacks Research cut Credit Acceptance from a “strong-buy” rating to a “hold” rating in a report on Wednesday, May 13th. TD Cowen increased their price target on Credit Acceptance from $450.00 to $500.00 and gave the stock a “hold” rating in a research report on Wednesday, May 6th. Finally, Weiss Ratings raised Credit Acceptance from a “hold (c)” rating to a “hold (c+)” rating in a report on Friday, May 8th. Four investment analysts have rated the stock with a Hold rating, Based on data from MarketBeat.com, Credit Acceptance currently has a consensus rating of “Hold” and an average target price of $520.00.

Credit Acceptance Company Profile

Credit Acceptance Corporation, founded in 1972 and headquartered in Southfield, Michigan, is a specialty finance company focused on the indirect automotive lending market. The company partners with independent and franchised auto dealers to facilitate purchase financing for consumers who may not qualify for traditional prime auto loans. By purchasing retail installment contracts originated by these dealers, Credit Acceptance provides capital and credit insurance to support vehicle sales, enabling dealers to broaden their customer base and reduce credit risk.

Through its proprietary underwriting platform and risk management strategies, Credit Acceptance evaluates borrower applications, structures credit plans, and retains servicing rights on the acquired contracts.