Accelerant (NYSE:ARX) Issues Earnings Results, Misses Estimates By $0.02 EPS

Accelerant (NYSE:ARX) posted its quarterly earnings results on Thursday. The company reported $0.18 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.20 by ($0.02), FiscalAI reports. The firm had revenue of $280.20 million for the quarter. Accelerant had a positive return on equity of 42.79% and a negative net margin of 113.08%.

Accelerant Stock Performance

ARX traded up $0.03 on Thursday, reaching $19.89. The company had a trading volume of 442,709 shares, compared to its average volume of 2,029,755. The stock has a market cap of $4.32 billion, a P/E ratio of -2.99 and a beta of 0.08. The company has a debt-to-equity ratio of 0.16, a quick ratio of 1.53 and a current ratio of 1.53. Accelerant has a fifty-two week low of $9.18 and a fifty-two week high of $19.91. The company’s fifty day moving average is $19.79 and its 200 day moving average is $15.22.

Institutional Investors Weigh In On Accelerant

A number of institutional investors have recently made changes to their positions in ARX. Ieq Capital LLC acquired a new position in shares of Accelerant in the third quarter valued at approximately $287,000. Alberta Investment Management Corp acquired a new stake in Accelerant during the 3rd quarter worth approximately $6,906,000. Eurizon Capital SGR S.p.A. bought a new stake in Accelerant in the 3rd quarter valued at $26,000. Transmarket Holdings LP bought a new stake in Accelerant in the 3rd quarter valued at $1,773,000. Finally, Deer Park Road Corp acquired a new position in Accelerant in the 3rd quarter valued at $90,645,000.

Analyst Ratings Changes

Several research analysts have recently weighed in on ARX shares. Royal Bank Of Canada lowered shares of Accelerant from a “moderate buy” rating to a “hold” rating and set a $20.25 price objective on the stock. in a research note on Friday, August 14th. William Blair downgraded shares of Accelerant from an “outperform” rating to a “market perform” rating in a research note on Thursday, August 13th. Weiss Ratings upgraded Accelerant from a “sell (d-)” rating to a “sell (d)” rating in a report on Thursday, October 8th. TD Cowen cut Accelerant from a “buy” rating to a “hold” rating and cut their price objective for the company from $30.00 to $20.25 in a research report on Wednesday, September 30th. Finally, Piper Sandler downgraded Accelerant from an “overweight” rating to a “hold” rating and set a $20.25 target price for the company. in a research note on Thursday, August 13th. Three investment analysts have rated the stock with a Buy rating, seven have issued a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $17.98.

About Accelerant

Accelerant is a data-driven risk exchange focused on the specialty insurance market. Its platform connects independent specialty insurance underwriters, including managing general agents, with insurance capacity providers seeking access to specialized risks. The company provides technology, data and analytics tools to support underwriting and help its members evaluate and manage insurance portfolios. Through the exchange, underwriters can access capacity, while insurers and other risk-bearing partners can connect with specialist underwriting expertise.