Accelevation (NASDAQ:ACCV) Announces Quarterly Earnings Results

Accelevation (NASDAQ:ACCV) announced its quarterly earnings results on Thursday. The company reported $0.21 EPS for the quarter, topping the consensus estimate of $0.09 by $0.12, Zacks reports.

Accelevation Trading Up 14.7%

Shares of Accelevation stock opened at $14.00 on Friday. Accelevation has a 52 week low of $9.54 and a 52 week high of $18.10.

Insider Activity

In related news, Director Howard Heckes purchased 5,000 shares of the business’s stock in a transaction dated Thursday, October 1st. The shares were purchased at an average cost of $18.00 per share, for a total transaction of $90,000.00. Following the completion of the acquisition, the director owned 5,000 shares in the company, valued at approximately $90,000. This trade represents a ∞ increase in their position. The purchase was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CEO Michael Rubiera purchased 200,000 shares of Accelevation stock in a transaction that occurred on Thursday, October 1st. The stock was bought at an average cost of $18.00 per share, for a total transaction of $3,600,000.00. Following the purchase, the chief executive officer directly owned 1,424,285 shares in the company, valued at $25,637,130. This trade represents a 16.34% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. In the last three months, insiders bought 227,700 shares of company stock valued at $4,098,600.

Analysts Set New Price Targets

A number of research analysts recently weighed in on ACCV shares. Barclays started coverage on shares of Accelevation in a report on Monday, October 26th. They issued an “overweight” rating and a $20.00 target price for the company. Wall Street Zen raised shares of Accelevation to a “hold” rating in a research note on Saturday, October 10th. The Goldman Sachs Group started coverage on shares of Accelevation in a research note on Monday, October 26th. They set a “buy” rating and a $22.00 price target on the stock. William Blair set a $20.00 price objective on shares of Accelevation in a research report on Monday, October 26th. Finally, Robert W. Baird began coverage on shares of Accelevation in a research note on Monday, October 26th. They issued an “outperform” rating and a $16.00 price objective for the company. Seven research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $19.43.

About Accelevation

Accelevation Holdings Corp. designs, manufactures and installs customized structural, electrical and mechanical systems for mission-critical infrastructure. The company primarily serves data centers, including facilities supporting artificial intelligence, cloud computing, hyperscale computing and other high-density technology applications. The company’s products and solutions include power distribution equipment, modular infrastructure systems, structural support components, thermal management products and related electrical systems.