Credit Acceptance (NASDAQ:CACC) Shares Down 4%

Credit Acceptance Co. (NASDAQ:CACC)’s stock price dropped 4% during trading on Thursday . The company traded as low as $494.94 and last traded at $498.96. Approximately 44,509 shares changed hands during mid-day trading, a decline of 31% from the average daily volume of 64,574 shares. The stock had previously closed at $519.88.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on the company. StockNews.com raised Credit Acceptance from a “hold” rating to a “buy” rating in a research report on Wednesday, February 28th. TD Cowen reduced their price objective on Credit Acceptance from $465.00 to $420.00 and set a “sell” rating for the company in a research note on Thursday, May 2nd. One research analyst has rated the stock with a sell rating, two have given a hold rating and one has assigned a buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Hold” and an average target price of $402.33.

Credit Acceptance Trading Down 4.1 %

The stock has a market cap of $6.04 billion, a PE ratio of 26.67 and a beta of 1.44. The company has a 50 day moving average of $538.18 and a two-hundred day moving average of $516.66. The company has a debt-to-equity ratio of 3.29, a quick ratio of 13.79 and a current ratio of 13.79.

Credit Acceptance (NASDAQ:CACC) last announced its earnings results on Tuesday, April 30th. The credit services provider reported $9.28 earnings per share for the quarter, topping the consensus estimate of $6.81 by $2.47. The firm had revenue of $508.00 million for the quarter, compared to the consensus estimate of $497.71 million. Credit Acceptance had a net margin of 12.83% and a return on equity of 30.70%. The firm’s revenue for the quarter was up 11.9% on a year-over-year basis. During the same period in the prior year, the firm earned $9.71 EPS. Sell-side analysts anticipate that Credit Acceptance Co. will post 40.28 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, insider Douglas W. Busk sold 2,500 shares of the stock in a transaction that occurred on Thursday, March 21st. The stock was sold at an average price of $572.58, for a total transaction of $1,431,450.00. Following the completion of the transaction, the insider now directly owns 3,112 shares of the company’s stock, valued at approximately $1,781,868.96. The sale was disclosed in a document filed with the SEC, which is accessible through this link. 4.20% of the stock is owned by insiders.

Hedge Funds Weigh In On Credit Acceptance

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Cerity Partners LLC acquired a new stake in Credit Acceptance during the fourth quarter worth about $472,516,000. Wellington Management Group LLP increased its position in shares of Credit Acceptance by 7.4% in the third quarter. Wellington Management Group LLP now owns 644,666 shares of the credit services provider’s stock worth $296,624,000 after acquiring an additional 44,454 shares in the last quarter. Crow s Nest Holdings LP raised its stake in shares of Credit Acceptance by 39.4% in the 4th quarter. Crow s Nest Holdings LP now owns 92,000 shares of the credit services provider’s stock valued at $49,011,000 after acquiring an additional 26,000 shares during the period. Quantum Capital Management LLC NJ lifted its holdings in shares of Credit Acceptance by 55.9% during the 4th quarter. Quantum Capital Management LLC NJ now owns 52,896 shares of the credit services provider’s stock valued at $28,179,000 after acquiring an additional 18,960 shares in the last quarter. Finally, Quadrature Capital Ltd purchased a new stake in Credit Acceptance during the 1st quarter worth $6,830,000. Institutional investors and hedge funds own 81.71% of the company’s stock.

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.