Renaissance Technologies LLC Raises Stock Holdings in Accelerant Holdings $ARX

Renaissance Technologies LLC grew its position in Accelerant Holdings (NYSE:ARX) by 280.5% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 276,600 shares of the technology company’s stock after acquiring an additional 203,900 shares during the quarter. Renaissance Technologies LLC owned about 0.12% of Accelerant worth $3,695,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Militia Capital Management LLC purchased a new stake in Accelerant in the 1st quarter valued at $2,004,000. UBS Group AG grew its position in Accelerant by 331.9% during the 4th quarter. UBS Group AG now owns 535,637 shares of the technology company’s stock worth $8,758,000 after purchasing an additional 411,612 shares during the last quarter. Tudor Investment Corp ET AL acquired a new position in Accelerant in the third quarter valued at $1,075,000. Azora Capital LP increased its stake in Accelerant by 288.9% in the fourth quarter. Azora Capital LP now owns 2,439,094 shares of the technology company’s stock valued at $39,879,000 after purchasing an additional 1,811,976 shares during the period. Finally, Jefferies Financial Group Inc. raised its holdings in shares of Accelerant by 349.8% in the fourth quarter. Jefferies Financial Group Inc. now owns 44,980 shares of the technology company’s stock valued at $735,000 after buying an additional 34,980 shares during the last quarter.

Accelerant Trading Up 1.3%

NYSE ARX opened at $12.44 on Friday. The stock has a market capitalization of $2.72 billion and a P/E ratio of -1.79. Accelerant Holdings has a 52-week low of $9.18 and a 52-week high of $30.48. The firm has a 50-day moving average price of $13.33 and a 200 day moving average price of $13.16. 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) last announced its quarterly earnings data on Wednesday, May 13th. The technology company reported $0.17 EPS for the quarter, beating analysts’ consensus estimates of $0.16 by $0.01. Accelerant had a negative net margin of 135.47% and a positive return on equity of 49.99%. The firm had revenue of $273.20 million during the quarter. The business’s quarterly revenue was up 53.5% compared to the same quarter last year. Equities research analysts expect that Accelerant Holdings will post 0.73 EPS for the current year.

Insider Activity

In other news, insider Francis James Oneill sold 104,647 shares of the firm’s stock in a transaction that occurred on Tuesday, July 28th. The stock was sold at an average price of $14.56, for a total value of $1,523,660.32. Following the completion of the sale, the insider directly owned 6,522,125 shares of the company’s stock, valued at $94,962,140. This trade represents a 1.58% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, COO Matthew David Sternberg sold 17,568 shares of Accelerant stock in a transaction that occurred on Monday, July 27th. The shares were sold at an average price of $14.64, for a total value of $257,195.52. Following the completion of the sale, the chief operating officer owned 596,482 shares in the company, valued at approximately $8,732,496.48. This trade represents a 2.86% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold 983,405 shares of company stock valued at $13,304,227 in the last three months. 66.59% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

ARX has been the subject of several recent research reports. BMO Capital Markets increased their target price on shares of Accelerant from $16.50 to $17.00 and gave the stock an “outperform” rating in a research note on Tuesday, June 16th. Wells Fargo & Company reduced their price objective on Accelerant from $17.00 to $16.00 and set an “overweight” rating for the company in a research note on Thursday, July 9th. Morgan Stanley decreased their price objective on Accelerant from $16.00 to $14.00 and set an “equal weight” rating for the company in a research report on Monday, July 6th. UBS Group set a $16.00 target price on Accelerant in a research note on Thursday, May 21st. Finally, Weiss Ratings raised Accelerant from a “sell (e+)” rating to a “sell (d-)” rating in a report on Tuesday. Ten investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, Accelerant currently has an average rating of “Moderate Buy” and an average price target 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.