Credit Acceptance (NASDAQ:CACC) Upgraded at StockNews.com

StockNews.com upgraded shares of Credit Acceptance (NASDAQ:CACC) from a hold rating to a buy rating in a research note released on Wednesday.

Several other research firms have also recently weighed in on CACC. TD Cowen cut their price objective on Credit Acceptance from $400.00 to $380.00 and set a “sell” rating on the stock in a research report on Friday, November 1st. Stephens initiated coverage on Credit Acceptance in a research report on Wednesday, November 13th. They issued an “equal weight” rating and a $452.00 price target on the stock.

Credit Acceptance Stock Up 0.5 %

Shares of NASDAQ:CACC opened at $484.82 on Wednesday. Credit Acceptance has a 1 year low of $409.22 and a 1 year high of $616.66. The company has a market cap of $5.87 billion, a PE ratio of 32.56 and a beta of 1.46. The company has a debt-to-equity ratio of 3.79, a current ratio of 23.63 and a quick ratio of 23.63. The stock’s 50-day moving average is $470.15 and its 200 day moving average is $476.38.

Credit Acceptance (NASDAQ:CACC) last posted its quarterly earnings data on Wednesday, October 30th. The credit services provider reported $8.79 earnings per share for the quarter, beating the consensus estimate of $7.88 by $0.91. The business had revenue of $550.30 million for the quarter, compared to analysts’ expectations of $548.13 million. Credit Acceptance had a return on equity of 29.18% and a net margin of 9.08%. The business’s revenue was up 15.0% on a year-over-year basis. During the same period in the previous year, the firm posted $10.70 EPS. Sell-side analysts anticipate that Credit Acceptance will post 36.53 EPS for the current year.

Insider Transactions at Credit Acceptance

In other news, COO Jonathan Lum sold 552 shares of the business’s stock in a transaction that occurred on Tuesday, December 17th. The stock was sold at an average price of $489.90, for a total value of $270,424.80. Following the sale, the chief operating officer now directly owns 31,493 shares of the company’s stock, valued at $15,428,420.70. The trade was a 1.72 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Insiders own 5.30% of the company’s stock.

Institutional Trading of Credit Acceptance

Hedge funds have recently made changes to their positions in the stock. Dimensional Fund Advisors LP raised its holdings in Credit Acceptance by 4.1% in the 2nd quarter. Dimensional Fund Advisors LP now owns 179,655 shares of the credit services provider’s stock worth $92,455,000 after acquiring an additional 7,064 shares during the last quarter. Renaissance Technologies LLC raised its stake in Credit Acceptance by 38.6% during the 2nd quarter. Renaissance Technologies LLC now owns 7,900 shares of the credit services provider’s stock valued at $4,066,000 after buying an additional 2,200 shares during the last quarter. XTX Topco Ltd purchased a new stake in Credit Acceptance during the 2nd quarter valued at $876,000. Greenline Partners LLC raised its stake in Credit Acceptance by 811.9% during the 2nd quarter. Greenline Partners LLC now owns 5,116 shares of the credit services provider’s stock valued at $2,646,000 after buying an additional 4,555 shares during the last quarter. Finally, EverSource Wealth Advisors LLC raised its stake in Credit Acceptance by 137,050.0% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 2,743 shares of the credit services provider’s stock valued at $1,412,000 after buying an additional 2,741 shares during the last quarter. 81.71% of the stock is owned by institutional investors.

Credit Acceptance Company Profile

Credit Acceptance Corporation engages in the provision of financing programs, and related products and services in the United States. The company advances money to automobile dealers in exchange for the right to service the underlying consumer loans; and buys the consumer loans from the dealers and keeps the amount collected from the consumers.