Squarepoint Ops LLC Has $28.76 Million Holdings in Credit Acceptance Corporation $CACC

Squarepoint Ops LLC reduced its stake in shares of Credit Acceptance Corporation (NASDAQ:CACC) by 17.1% in the second quarter, according to its most recent filing with the SEC. The institutional investor owned 45,167 shares of the credit services provider’s stock after selling 9,293 shares during the period. Squarepoint Ops LLC owned about 0.43% of Credit Acceptance worth $28,760,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Allworth Financial LP grew its position in Credit Acceptance by 105.3% in the 2nd quarter. Allworth Financial LP now owns 156 shares of the credit services provider’s stock worth $99,000 after purchasing an additional 80 shares in the last quarter. Nykredit A S bought a new position in shares of Credit Acceptance during the 2nd quarter worth approximately $161,000. Corient Private Wealth LP boosted its stake in shares of Credit Acceptance by 1.8% in the 2nd quarter. Corient Private Wealth LP now owns 1,338 shares of the credit services provider’s stock worth $852,000 after buying an additional 24 shares during the last quarter. California State Teachers Retirement System boosted its stake in shares of Credit Acceptance by 62,332.4% in the 2nd quarter. California State Teachers Retirement System now owns 3,938,237 shares of the credit services provider’s stock worth $2,507,633,000 after buying an additional 3,931,929 shares during the last quarter. Finally, HB Wealth Management LLC bought a new position in shares of Credit Acceptance in the second quarter valued at approximately $361,000. 81.71% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In related news, insider Erin Kerber sold 5,720 shares of the business’s stock in a transaction that occurred on Friday, June 26th. The stock was sold at an average price of $629.80, for a total value of $3,602,456.00. Following the completion of the sale, the insider owned 25,711 shares in the company, valued at $16,192,787.80. The trade was a 18.20% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Nicholas Elliott sold 2,306 shares of the business’s stock in a transaction that occurred on Friday, June 26th. The stock was sold at an average price of $629.99, for a total transaction of $1,452,756.94. Following the completion of the sale, the insider owned 20,897 shares of the company’s stock, valued at approximately $13,164,901.03. The trade was a 9.94% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders have sold 44,289 shares of company stock valued at $27,525,241. 6.10% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

CACC has been the subject of several research analyst reports. Weiss Ratings raised Credit Acceptance from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Thursday, July 16th. TD Cowen boosted their price target on shares of Credit Acceptance from $575.00 to $600.00 and gave the stock a “hold” rating in a report on Wednesday, August 5th. Finally, Zacks Research lowered shares of Credit Acceptance from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, May 13th. One investment analyst has rated the stock with a Buy rating and three have issued a Hold rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $570.00.

Credit Acceptance Stock Down 1.8%

Credit Acceptance stock opened at $593.78 on Wednesday. Credit Acceptance Corporation has a 1-year low of $401.90 and a 1-year high of $668.86. The firm has a market capitalization of $6.21 billion, a price-to-earnings ratio of 13.06 and a beta of 1.35. The company has a current ratio of 14.89, a quick ratio of 14.89 and a debt-to-equity ratio of 3.84. The firm has a 50 day simple moving average of $600.61 and a 200 day simple moving average of $544.62.

Credit Acceptance (NASDAQ:CACC) last posted its earnings results on Tuesday, August 4th. The credit services provider reported $12.12 earnings per share for the quarter, missing analysts’ consensus estimates of $12.20 by ($0.08). The company had revenue of $415.00 million for the quarter, compared to analysts’ expectations of $588.07 million. Credit Acceptance had a net margin of 21.54% and a return on equity of 31.67%. The firm’s quarterly revenue was up .6% compared to the same quarter last year. During the same period in the previous year, the firm earned $10.05 EPS. On average, analysts predict that Credit Acceptance Corporation will post 47.8 earnings per share for the current year.

About Credit Acceptance

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.