Credit Acceptance (NASDAQ:CACC) Downgraded to “Sell” at BidaskClub

BidaskClub lowered shares of Credit Acceptance (NASDAQ:CACC) from a hold rating to a sell rating in a research note released on Wednesday morning, BidAskClub reports.

A number of other research firms have also recently commented on CACC. Stephens increased their price target on shares of Credit Acceptance from $381.00 to $495.00 and gave the company an equal weight rating in a report on Tuesday, April 30th. BMO Capital Markets increased their price target on shares of Credit Acceptance to $484.00 and gave the company a market perform rating in a report on Thursday, August 1st. Credit Suisse Group set a $380.00 price target on shares of Credit Acceptance and gave the company an underperform rating in a report on Wednesday, July 31st. Zacks Investment Research cut shares of Credit Acceptance from a buy rating to a hold rating in a report on Thursday, May 2nd. Finally, BTIG Research restated a sell rating and issued a $340.00 target price on shares of Credit Acceptance in a report on Wednesday, July 31st. Three investment analysts have rated the stock with a sell rating and five have issued a hold rating to the company. Credit Acceptance currently has a consensus rating of Hold and an average target price of $441.00.

Shares of NASDAQ:CACC remained flat at $$472.81 during trading on Wednesday. 92,466 shares of the stock were exchanged, compared to its average volume of 91,182. The company has a 50-day simple moving average of $481.61. Credit Acceptance has a 1 year low of $356.12 and a 1 year high of $509.99. The company has a debt-to-equity ratio of 1.89, a current ratio of 28.16 and a quick ratio of 28.16. The company has a market cap of $8.66 billion, a P/E ratio of 16.65, a PEG ratio of 1.33 and a beta of 0.74.

Credit Acceptance (NASDAQ:CACC) last posted its quarterly earnings results on Tuesday, July 30th. The credit services provider reported $8.60 EPS for the quarter, beating the Zacks’ consensus estimate of $8.52 by $0.08. Credit Acceptance had a net margin of 45.15% and a return on equity of 30.02%. The firm had revenue of $370.60 million for the quarter, compared to analysts’ expectations of $363.38 million. During the same quarter in the prior year, the company posted $6.95 earnings per share. The business’s revenue for the quarter was up 17.5% on a year-over-year basis. Equities research analysts predict that Credit Acceptance will post 34.62 EPS for the current year.

A number of hedge funds have recently modified their holdings of the stock. Trexquant Investment LP purchased a new stake in Credit Acceptance in the second quarter worth approximately $575,000. Skandinaviska Enskilda Banken AB publ purchased a new stake in Credit Acceptance in the second quarter worth approximately $726,000. Covey Capital Advisors LLC boosted its holdings in Credit Acceptance by 34.3% in the second quarter. Covey Capital Advisors LLC now owns 2,350 shares of the credit services provider’s stock worth $1,137,000 after purchasing an additional 600 shares during the last quarter. Private Advisors LLC boosted its holdings in Credit Acceptance by 3.1% in the second quarter. Private Advisors LLC now owns 2,480 shares of the credit services provider’s stock worth $1,200,000 after purchasing an additional 75 shares during the last quarter. Finally, Rational Advisors LLC purchased a new stake in Credit Acceptance in the second quarter worth approximately $1,022,000. Institutional investors own 61.67% of the company’s stock.

Credit Acceptance Company Profile

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.

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Analyst Recommendations for Credit Acceptance (NASDAQ:CACC)

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