Credit Acceptance (NASDAQ:CACC) Now Covered by Stephens

Stephens assumed coverage on shares of Credit Acceptance (NASDAQ:CACC) in a research note issued to investors on Wednesday morning, MarketBeat.com reports. The firm issued an equal weight rating and a $452.00 price objective on the credit services provider’s stock.

Other research analysts have also issued research reports about the stock. TD Cowen dropped their price target on shares of Credit Acceptance from $400.00 to $380.00 and set a “sell” rating on the stock in a research note on Friday, November 1st. StockNews.com raised Credit Acceptance from a “hold” rating to a “buy” rating in a report on Tuesday.

Credit Acceptance Stock Performance

Shares of CACC opened at $442.00 on Wednesday. The firm has a market cap of $5.35 billion, a price-to-earnings ratio of 29.68 and a beta of 1.42. The business’s 50 day moving average is $449.28 and its two-hundred day moving average is $484.00. The company has a quick ratio of 23.63, a current ratio of 23.63 and a debt-to-equity ratio of 3.79. Credit Acceptance has a 52-week low of $409.22 and a 52-week high of $616.66.

Credit Acceptance (NASDAQ:CACC) last announced its quarterly earnings data on Wednesday, October 30th. The credit services provider reported $8.79 earnings per share for the quarter, beating the consensus estimate of $7.88 by $0.91. The business had revenue of $550.30 million during the quarter, compared to analyst estimates of $548.13 million. Credit Acceptance had a return on equity of 29.18% and a net margin of 9.08%. The company’s revenue was up 15.0% on a year-over-year basis. During the same quarter in the prior year, the firm posted $10.70 earnings per share. Analysts forecast that Credit Acceptance will post 37.14 EPS for the current fiscal year.

Insider Buying and Selling

In other news, insider Thomas W. Smith sold 1,200 shares of the business’s stock in a transaction dated Monday, September 9th. The stock was sold at an average price of $451.01, for a total value of $541,212.00. Following the sale, the insider now directly owns 74,450 shares in the company, valued at $33,577,694.50. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. 5.30% of the stock is owned by insiders.

Hedge Funds Weigh In On Credit Acceptance

Several institutional investors and hedge funds have recently made changes to their positions in the company. nVerses Capital LLC acquired a new stake in shares of Credit Acceptance in the 2nd quarter valued at $51,000. Quest Partners LLC grew its stake in shares of Credit Acceptance by 11,900.0% in the 3rd quarter. Quest Partners LLC now owns 120 shares of the credit services provider’s stock valued at $53,000 after buying an additional 119 shares during the period. Healthcare of Ontario Pension Plan Trust Fund acquired a new stake in shares of Credit Acceptance in the 1st quarter valued at about $156,000. MQS Management LLC acquired a new stake in shares of Credit Acceptance in the 1st quarter valued at about $242,000. Finally, Headlands Technologies LLC grew its stake in shares of Credit Acceptance by 24,850.0% in the 2nd quarter. Headlands Technologies LLC now owns 499 shares of the credit services provider’s stock valued at $257,000 after buying an additional 497 shares during the period. 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.