Credit Acceptance Co. (NASDAQ:CACC) Short Interest Update

Credit Acceptance Co. (NASDAQ:CACC) was the recipient of a significant decrease in short interest in October. As of October 15th, there was short interest totalling 516,900 shares, a decrease of 8.7% from the September 30th total of 565,900 shares. Based on an average daily volume of 50,500 shares, the short-interest ratio is presently 10.2 days. Currently, 8.2% of the shares of the stock are sold short.

Analyst Upgrades and Downgrades

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

Credit Acceptance Price Performance

Credit Acceptance stock traded down $36.93 during trading hours on Thursday, hitting $425.00. 161,465 shares of the stock were exchanged, compared to its average volume of 57,095. The company has a debt-to-equity ratio of 3.77, a quick ratio of 19.15 and a current ratio of 19.15. The stock has a market capitalization of $5.15 billion, a P/E ratio of 28.54 and a beta of 1.42. Credit Acceptance has a 12 month low of $379.77 and a 12 month high of $616.66. The business’s 50-day moving average is $455.23 and its two-hundred day moving average is $490.32.

Credit Acceptance (NASDAQ:CACC) last issued its quarterly earnings data on Wednesday, October 30th. The credit services provider reported $8.79 earnings per share for the quarter, topping the consensus estimate of $7.88 by $0.91. The firm had revenue of $550.30 million for the quarter, compared to analysts’ expectations of $548.13 million. Credit Acceptance had a net margin of 9.01% and a return on equity of 30.77%. The company’s quarterly revenue was up 15.0% compared to the same quarter last year. During the same period in the prior year, the firm earned $10.70 earnings per share. Equities research analysts expect that Credit Acceptance will post 38.87 EPS for the current fiscal year.

Insider Buying and Selling

In related news, insider Thomas W. Smith sold 1,200 shares of the stock in a transaction dated Monday, September 9th. The shares were sold at an average price of $451.01, for a total value of $541,212.00. Following the completion of the transaction, the insider now owns 74,450 shares of the company’s stock, valued at $33,577,694.50. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Company insiders own 5.30% of the company’s stock.

Institutional Trading of Credit Acceptance

Several hedge funds have recently modified their holdings of CACC. nVerses Capital LLC bought a new stake in shares of Credit Acceptance during the second quarter valued at approximately $51,000. Healthcare of Ontario Pension Plan Trust Fund bought a new stake in shares of Credit Acceptance during the first quarter valued at approximately $156,000. MQS Management LLC bought a new stake in shares of Credit Acceptance during the first quarter valued at approximately $242,000. Headlands Technologies LLC grew its stake in shares of Credit Acceptance by 24,850.0% during the second quarter. Headlands Technologies LLC now owns 499 shares of the credit services provider’s stock valued at $257,000 after purchasing an additional 497 shares during the last quarter. Finally, FORA Capital LLC bought a new stake in shares of Credit Acceptance during the first quarter valued at approximately $269,000. 81.71% of the stock is owned by institutional investors.

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.