Credit Acceptance Co. (NASDAQ:CACC) Short Interest Up 5.5% in October

Credit Acceptance Co. (NASDAQ:CACC) was the target of a large growth in short interest in the month of October. As of October 31st, there was short interest totalling 895,200 shares, a growth of 5.5% from the October 15th total of 848,200 shares. Based on an average daily volume of 60,100 shares, the short-interest ratio is currently 14.9 days. Approximately 11.4% of the company’s shares are short sold.

Analyst Ratings Changes

A number of brokerages have commented on CACC. BMO Capital Markets decreased their price target on Credit Acceptance from $354.00 to $347.00 and set a “market perform” rating on the stock in a research note on Tuesday, October 31st. Stephens reissued an “equal weight” rating and set a $440.00 target price on shares of Credit Acceptance in a research note on Tuesday, October 31st. StockNews.com assumed coverage on Credit Acceptance in a research note on Thursday, October 5th. They set a “hold” rating on the stock. TD Cowen assumed coverage on Credit Acceptance in a research note on Wednesday, November 1st. They set an “underperform” rating and a $360.00 target price on the stock. Finally, TheStreet cut Credit Acceptance from a “b-” rating to a “c+” rating in a research note on Thursday, August 10th. One research analyst has rated the stock with a sell rating and three have given a hold rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $381.75.

Credit Acceptance Stock Up 1.2 %

CACC stock traded up $5.09 during midday trading on Friday, hitting $435.21. The stock had a trading volume of 25,690 shares, compared to its average volume of 80,702. The firm has a market cap of $5.47 billion, a price-to-earnings ratio of 17.90 and a beta of 1.38. The business has a 50-day moving average of $442.73 and a two-hundred day moving average of $474.68. Credit Acceptance has a 52-week low of $358.00 and a 52-week high of $576.05. The company has a debt-to-equity ratio of 2.84, a current ratio of 18.50 and a quick ratio of 18.50.

Insiders Place Their Bets

In other Credit Acceptance news, insider Thomas W. Smith sold 400 shares of Credit Acceptance stock in a transaction that occurred on Wednesday, September 6th. The stock was sold at an average price of $494.71, for a total value of $197,884.00. Following the transaction, the insider now directly owns 75,650 shares of the company’s stock, valued at approximately $37,424,811.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 4.20% of the company’s stock.

Institutional Investors Weigh In On Credit Acceptance

Hedge funds have recently added to or reduced their stakes in the stock. National Bank of Canada FI lifted its holdings in shares of Credit Acceptance by 48.0% during the second quarter. National Bank of Canada FI now owns 74 shares of the credit services provider’s stock valued at $38,000 after purchasing an additional 24 shares in the last quarter. AdvisorNet Financial Inc bought a new position in shares of Credit Acceptance during the third quarter valued at $46,000. NewEdge Advisors LLC lifted its holdings in shares of Credit Acceptance by 289.7% during the first quarter. NewEdge Advisors LLC now owns 113 shares of the credit services provider’s stock valued at $49,000 after purchasing an additional 84 shares in the last quarter. US Bancorp DE lifted its holdings in shares of Credit Acceptance by 24.1% during the second quarter. US Bancorp DE now owns 165 shares of the credit services provider’s stock valued at $84,000 after purchasing an additional 32 shares in the last quarter. Finally, MetLife Investment Management LLC bought a new position in Credit Acceptance in the first quarter valued at about $101,000. 66.15% of the stock is owned by institutional investors.

Credit Acceptance Company Profile

Credit Acceptance Corporation engages in the provision of financing programs, and related products and services to independent and franchised automobile dealers 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.