TD Cowen Cuts Credit Acceptance (NASDAQ:CACC) Price Target to $380.00

Credit Acceptance (NASDAQ:CACC) had its price target dropped by research analysts at TD Cowen from $400.00 to $380.00 in a note issued to investors on Friday, Benzinga reports. The brokerage currently has a “sell” rating on the credit services provider’s stock. TD Cowen’s target price points to a potential downside of 10.38% from the stock’s previous close.

Credit Acceptance Stock Performance

NASDAQ CACC traded down $1.00 during trading on Friday, reaching $424.00. The company’s stock had a trading volume of 47,372 shares, compared to its average volume of 57,048. The company has a current ratio of 19.15, a quick ratio of 19.15 and a debt-to-equity ratio of 3.77. Credit Acceptance has a 12 month low of $406.53 and a 12 month high of $616.66. The firm has a 50 day moving average price of $454.37 and a 200 day moving average price of $489.87. The firm has a market capitalization of $5.13 billion, a price-to-earnings ratio of 28.52 and a beta of 1.42.

Credit Acceptance (NASDAQ:CACC) last posted its quarterly earnings data on Wednesday, October 30th. The credit services provider reported $8.79 EPS for the quarter, topping analysts’ consensus estimates of $7.88 by $0.91. The firm had revenue of $550.30 million for the quarter, compared to analyst estimates of $548.13 million. Credit Acceptance had a return on equity of 29.15% and a net margin of 9.08%. The company’s revenue was up 15.0% on a year-over-year basis. During the same quarter last year, the company earned $10.70 EPS. As a group, equities analysts anticipate that Credit Acceptance will post 46.7 EPS for the current fiscal year.

Insider Buying and Selling at Credit Acceptance

In other news, insider Thomas W. Smith sold 1,200 shares of the company’s stock in a transaction that occurred on Monday, September 9th. The shares were sold at an average price of $451.01, for a total transaction of $541,212.00. Following the completion of the sale, the insider now owns 74,450 shares of the company’s stock, valued at approximately $33,577,694.50. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders own 5.30% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the company. nVerses Capital LLC acquired a new position in shares of Credit Acceptance during the 2nd quarter worth $51,000. Healthcare of Ontario Pension Plan Trust Fund acquired a new stake in shares of Credit Acceptance in the 1st quarter valued at approximately $156,000. MQS Management LLC bought a new stake in shares of Credit Acceptance during the 1st quarter valued at approximately $242,000. Headlands Technologies LLC lifted its stake in Credit Acceptance by 24,850.0% in the 2nd quarter. Headlands Technologies LLC now owns 499 shares of the credit services provider’s stock valued at $257,000 after purchasing an additional 497 shares during the last quarter. Finally, FORA Capital LLC acquired a new stake in Credit Acceptance in the first quarter valued at approximately $269,000. 81.71% of the stock is currently owned by institutional investors and hedge funds.

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.