Credit Acceptance (NASDAQ:CACC) Issues Earnings Results

Credit Acceptance (NASDAQ:CACC) released its quarterly earnings data on Wednesday. The credit services provider reported $8.79 earnings per share for the quarter, topping analysts’ consensus estimates of $7.88 by $0.91, Briefing.com reports. Credit Acceptance had a return on equity of 30.77% and a net margin of 9.01%. The firm had revenue of $550.30 million during the quarter, compared to analyst estimates of $548.13 million. During the same quarter in the prior year, the company posted $10.70 earnings per share. The business’s quarterly revenue was up 15.0% compared to the same quarter last year.

Credit Acceptance Trading Down 5.1 %

CACC traded down $23.78 on Thursday, hitting $438.15. The company had a trading volume of 48,950 shares, compared to its average volume of 56,547. Credit Acceptance has a 12-month low of $379.77 and a 12-month high of $616.66. The company has a quick ratio of 19.15, a current ratio of 19.15 and a debt-to-equity ratio of 3.77. The business’s fifty day simple moving average is $455.23 and its 200 day simple moving average is $490.32. The company has a market cap of $5.31 billion, a PE ratio of 29.57 and a beta of 1.42.

Insider Activity

In related news, insider Thomas W. Smith sold 1,200 shares of the firm’s stock in a transaction on Monday, September 9th. The stock was sold at an average price of $451.01, for a total value of $541,212.00. Following the completion of the sale, the insider now directly owns 74,450 shares in the company, valued at $33,577,694.50. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 5.30% of the company’s stock.

Analysts Set New Price Targets

Separately, TD Cowen dropped their target price on shares of Credit Acceptance from $440.00 to $400.00 and set a “sell” rating for the company in a research report on Thursday, August 1st. One analyst has rated the stock with a sell rating, two have issued a hold rating and one has issued a buy rating to the stock. According to data from MarketBeat, Credit Acceptance currently has an average rating of “Hold” and a consensus target price of $395.67.

Credit Acceptance Company Profile

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.