Insider Selling: Credit Acceptance Corp. (NASDAQ:CACC) CEO Sells 9,937 Shares of Stock

Credit Acceptance Corp. (NASDAQ:CACC) CEO Brett A. Roberts sold 9,937 shares of the business’s stock in a transaction on Friday, November 8th. The stock was sold at an average price of $427.63, for a total value of $4,249,359.31. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink.

Shares of CACC stock opened at $429.02 on Thursday. Credit Acceptance Corp. has a 1-year low of $356.12 and a 1-year high of $509.99. The company has a current ratio of 29.49, a quick ratio of 29.49 and a debt-to-equity ratio of 1.75. The company has a market capitalization of $8.14 billion, a price-to-earnings ratio of 15.11, a P/E/G ratio of 1.14 and a beta of 0.70. The stock’s fifty day simple moving average is $448.60 and its 200-day simple moving average is $469.39.

Credit Acceptance (NASDAQ:CACC) last issued its quarterly earnings results on Friday, November 1st. The credit services provider reported $8.89 earnings per share for the quarter, beating analysts’ consensus estimates of $8.86 by $0.03. Credit Acceptance had a return on equity of 29.54% and a net margin of 44.69%. The business had revenue of $378.70 million for the quarter, compared to the consensus estimate of $380.69 million. During the same quarter in the previous year, the company posted $7.56 earnings per share. Credit Acceptance’s revenue for the quarter was up 14.1% compared to the same quarter last year. On average, sell-side analysts predict that Credit Acceptance Corp. will post 34.57 EPS for the current year.

Several hedge funds have recently modified their holdings of CACC. Hanson & Doremus Investment Management purchased a new position in shares of Credit Acceptance during the second quarter valued at $26,000. Usca Ria LLC purchased a new position in shares of Credit Acceptance during the third quarter valued at $30,000. Pearl River Capital LLC purchased a new position in shares of Credit Acceptance during the second quarter valued at $42,000. Smithfield Trust Co. purchased a new position in shares of Credit Acceptance during the third quarter valued at $96,000. Finally, NumerixS Investment Technologies Inc purchased a new position in shares of Credit Acceptance during the second quarter valued at $97,000. Institutional investors and hedge funds own 60.29% of the company’s stock.

A number of brokerages have recently issued reports on CACC. BTIG Research reaffirmed a “sell” rating and set a $340.00 target price on shares of Credit Acceptance in a research report on Wednesday, July 31st. Stephens cut their target price on Credit Acceptance from $495.00 to $290.00 and set an “equal weight” rating on the stock in a research report on Tuesday, November 5th. ValuEngine raised Credit Acceptance from a “sell” rating to a “hold” rating in a research report on Wednesday, October 30th. BMO Capital Markets cut their target price on Credit Acceptance to $472.00 and set an “in-line” rating on the stock in a research report on Tuesday, November 5th. Finally, Credit Suisse Group set a $380.00 target price on Credit Acceptance and gave the stock an “underperform” rating in a research report on Wednesday, July 31st. Three investment analysts have rated the stock with a sell rating and six have given a hold rating to the company. The company presently has an average rating of “Hold” and an average target price of $408.33.

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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