Credit Acceptance (NASDAQ:CACC) Price Target Lowered to $440.00 at Credit Suisse Group

Credit Acceptance (NASDAQ:CACCGet Rating) had its price objective decreased by Credit Suisse Group from $460.00 to $440.00 in a research note released on Tuesday morning, The Fly reports. Credit Suisse Group currently has an underperform rating on the credit services provider’s stock.

Separately, StockNews.com downgraded Credit Acceptance from a buy rating to a hold rating in a research note on Thursday, May 12th. Two equities research analysts have rated the stock with a sell rating and three have given a hold rating to the company. Based on data from MarketBeat, the company presently has an average rating of Hold and an average target price of $435.50.

Credit Acceptance Stock Down 9.1 %

Shares of Credit Acceptance stock opened at $528.89 on Tuesday. The business’s fifty day moving average price is $527.92 and its two-hundred day moving average price is $540.03. The company has a debt-to-equity ratio of 2.85, a current ratio of 21.07 and a quick ratio of 21.07. The company has a market capitalization of $6.95 billion, a P/E ratio of 8.46 and a beta of 1.34. Credit Acceptance has a 1-year low of $452.48 and a 1-year high of $703.27.

Credit Acceptance (NASDAQ:CACCGet Rating) last announced its earnings results on Monday, August 1st. The credit services provider reported $7.94 earnings per share for the quarter, missing the consensus estimate of $12.14 by ($4.20). The business had revenue of $457.40 million for the quarter, compared to the consensus estimate of $454.77 million. Credit Acceptance had a net margin of 52.16% and a return on equity of 44.07%. The firm’s revenue was down 3.0% on a year-over-year basis. During the same period in the previous year, the firm earned $13.71 EPS. As a group, research analysts forecast that Credit Acceptance will post 49.51 EPS for the current year.

Insider Transactions at Credit Acceptance

In related news, insider Prescott General Partners Llc sold 28,897 shares of Credit Acceptance stock in a transaction on Thursday, May 5th. The stock was sold at an average price of $608.37, for a total value of $17,580,067.89. Following the transaction, the insider now directly owns 1,090,732 shares in the company, valued at approximately $663,568,626.84. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 3.10% of the company’s stock.

Hedge Funds Weigh In On Credit Acceptance

A number of hedge funds have recently modified their holdings of the stock. Hanseatic Management Services Inc. purchased a new position in shares of Credit Acceptance during the fourth quarter valued at $27,000. Steward Partners Investment Advisory LLC boosted its position in Credit Acceptance by 920.0% during the first quarter. Steward Partners Investment Advisory LLC now owns 51 shares of the credit services provider’s stock valued at $28,000 after purchasing an additional 46 shares during the last quarter. Harbor Investment Advisory LLC boosted its position in Credit Acceptance by 195.0% during the first quarter. Harbor Investment Advisory LLC now owns 59 shares of the credit services provider’s stock valued at $32,000 after purchasing an additional 39 shares during the last quarter. Elmwood Wealth Management Inc. acquired a new stake in Credit Acceptance during the fourth quarter valued at $53,000. Finally, Knuff & Co LLC acquired a new stake in Credit Acceptance during the first quarter valued at $54,000. 65.05% of the stock is currently owned by institutional investors and hedge funds.

About Credit Acceptance

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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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