Short Interest in Credit Acceptance Co. (NASDAQ:CACC) Decreases By 14.6%

Credit Acceptance Co. (NASDAQ:CACC) saw a large drop in short interest in the month of November. As of November 15th, there was short interest totalling 454,100 shares, a drop of 14.6% from the October 31st total of 531,900 shares. Based on an average daily trading volume, of 61,400 shares, the short-interest ratio is currently 7.4 days. Approximately 7.2% of the shares of the company are short sold.

Credit Acceptance Stock Up 0.7 %

Credit Acceptance stock traded up $3.46 during mid-day trading on Friday, reaching $497.70. The stock had a trading volume of 51,011 shares, compared to its average volume of 85,532. Credit Acceptance has a one year low of $409.22 and a one year high of $616.66. The company has a 50-day moving average price of $455.85 and a two-hundred day moving average price of $479.97. The company has a market capitalization of $6.03 billion, a price-to-earnings ratio of 33.43 and a beta of 1.42. The company has a debt-to-equity ratio of 3.79, a current ratio of 23.63 and a quick ratio of 23.63.

Credit Acceptance (NASDAQ:CACC) last announced its quarterly earnings results 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 company had revenue of $550.30 million during the quarter, compared to the consensus estimate of $548.13 million. Credit Acceptance had a net margin of 9.08% and a return on equity of 29.18%. The firm’s quarterly revenue was up 15.0% compared to the same quarter last year. During the same quarter last year, the firm earned $10.70 earnings per share. On average, analysts expect that Credit Acceptance will post 36.77 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of brokerages recently weighed in on CACC. TD Cowen lowered their target price on shares of Credit Acceptance from $400.00 to $380.00 and set a “sell” rating on the stock in a research note on Friday, November 1st. StockNews.com raised shares of Credit Acceptance from a “hold” rating to a “buy” rating in a research note on Tuesday, November 12th. Finally, Stephens started coverage on shares of Credit Acceptance in a report on Wednesday, November 13th. They issued an “equal weight” rating and a $452.00 target price on the stock.

Insider Buying and Selling

In other news, insider Thomas W. Smith sold 1,200 shares of the company’s stock in a transaction dated Monday, September 9th. The stock was sold at an average price of $451.01, for a total transaction of $541,212.00. Following the sale, the insider now directly owns 74,450 shares in the company, valued at $33,577,694.50. This represents a 1.59 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. 5.30% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of CACC. nVerses Capital LLC purchased a new position in Credit Acceptance in the 2nd quarter worth about $51,000. Quest Partners LLC raised its holdings in shares of Credit Acceptance by 11,900.0% during the third quarter. Quest Partners LLC now owns 120 shares of the credit services provider’s stock valued at $53,000 after purchasing an additional 119 shares during the last quarter. Point72 Hong Kong Ltd bought a new position in Credit Acceptance during the third quarter valued at approximately $177,000. Kovitz Investment Group Partners LLC purchased a new stake in Credit Acceptance in the third quarter worth approximately $245,000. Finally, Headlands Technologies LLC boosted its holdings in Credit Acceptance by 24,850.0% in the second quarter. Headlands Technologies LLC now owns 499 shares of the credit services provider’s stock worth $257,000 after purchasing an additional 497 shares during the last quarter. 81.71% of the stock is owned by institutional investors.

About Credit Acceptance

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.