Credit Acceptance Co. (NASDAQ:CACC – Get Rating) gapped down before the market opened on Wednesday after Stephens lowered their price target on the stock from $519.00 to $442.00. The stock had previously closed at $471.84, but opened at $430.00. Stephens currently has an equal weight rating on the stock. Credit Acceptance shares last traded at $445.76, with a volume of 1,185 shares changing hands.
A number of other analysts have also recently weighed in on CACC. Credit Suisse Group lowered their price objective on Credit Acceptance from $430.00 to $410.00 and set an “underperform” rating for the company in a research report on Wednesday. StockNews.com began coverage on Credit Acceptance in a research report on Wednesday, October 12th. They issued a “hold” rating for the company. Two research analysts have rated the stock with a sell rating and three have assigned a hold rating to the stock. According to MarketBeat, the company has a consensus rating of “Hold” and an average price target of $408.75.
Hedge Funds Weigh In On Credit Acceptance
Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Steward Partners Investment Advisory LLC raised its stake in Credit Acceptance by 920.0% in the 1st quarter. Steward Partners Investment Advisory LLC now owns 51 shares of the credit services provider’s stock worth $28,000 after acquiring an additional 46 shares during the last quarter. Harbor Investment Advisory LLC raised its stake in Credit Acceptance by 195.0% in the 1st quarter. Harbor Investment Advisory LLC now owns 59 shares of the credit services provider’s stock worth $32,000 after acquiring an additional 39 shares during the last quarter. Wipfli Financial Advisors LLC purchased a new position in Credit Acceptance in the 3rd quarter worth $35,000. Meeder Asset Management Inc. raised its stake in Credit Acceptance by 251.9% in the 2nd quarter. Meeder Asset Management Inc. now owns 95 shares of the credit services provider’s stock worth $45,000 after acquiring an additional 68 shares during the last quarter. Finally, Knuff & Co LLC purchased a new position in Credit Acceptance in the 1st quarter worth $54,000. Hedge funds and other institutional investors own 63.11% of the company’s stock.
Credit Acceptance Price Performance
The stock has a 50 day simple moving average of $478.86 and a two-hundred day simple moving average of $523.52. The firm has a market cap of $5.88 billion, a PE ratio of 8.16 and a beta of 1.39. The company has a debt-to-equity ratio of 3.01, a quick ratio of 15.39 and a current ratio of 15.39.
Credit Acceptance (NASDAQ:CACC – Get Rating) last released its quarterly earnings data on Monday, August 1st. The credit services provider reported $13.92 earnings per share for the quarter, beating analysts’ consensus estimates of $12.14 by $1.78. The business had revenue of $457.40 million during the quarter, compared to analyst estimates of $454.77 million. Credit Acceptance had a return on equity of 47.19% and a net margin of 42.75%. The company’s revenue was down 3.0% on a year-over-year basis. During the same quarter last year, the business posted $13.71 EPS. Sell-side analysts expect that Credit Acceptance Co. will post 54.21 earnings per share for the current year.
About Credit Acceptance
Credit Acceptance Corporation provides financing programs, and related products and services to independent and franchised automobile dealers in the United States. The company advances money to dealers in exchange for the right to service the underlying consumer loans; and buys the consumer loans from the dealers and keeps various amounts collected from the consumers.