Credit Acceptance (NASDAQ:CACC) Lowered to Hold Rating by StockNews.com

Credit Acceptance (NASDAQ:CACC) was downgraded by research analysts at StockNews.com from a “buy” rating to a “hold” rating in a research note issued on Thursday.

Several other brokerages also recently issued reports on CACC. Stephens assumed coverage on shares of Credit Acceptance in a research report on Wednesday, November 13th. They issued an “equal weight” rating and a $452.00 price objective for the company. TD Cowen decreased their price target on shares of Credit Acceptance from $400.00 to $380.00 and set a “sell” rating for the company in a research report on Friday, November 1st.

Credit Acceptance Stock Up 1.8 %

CACC opened at $505.29 on Thursday. The company has a debt-to-equity ratio of 3.79, a quick ratio of 23.63 and a current ratio of 23.63. Credit Acceptance has a 1 year low of $409.22 and a 1 year high of $616.66. The firm has a 50 day moving average price of $473.29 and a 200 day moving average price of $475.55. The company has a market cap of $6.12 billion, a PE ratio of 33.93 and a beta of 1.46.

Credit Acceptance (NASDAQ:CACC) last issued its quarterly earnings data on Wednesday, October 30th. The credit services provider reported $8.79 earnings per share (EPS) for the quarter, beating the consensus estimate of $7.88 by $0.91. Credit Acceptance had a net margin of 9.08% and a return on equity of 29.18%. The company had revenue of $550.30 million during the quarter, compared to the consensus estimate of $548.13 million. During the same quarter last year, the company earned $10.70 earnings per share. Credit Acceptance’s revenue for the quarter was up 15.0% on a year-over-year basis. Sell-side analysts expect that Credit Acceptance will post 36.53 earnings per share for the current year.

Insider Transactions at Credit Acceptance

In related news, COO Jonathan Lum sold 552 shares of the firm’s stock in a transaction on Tuesday, December 17th. The stock was sold at an average price of $489.90, for a total transaction of $270,424.80. Following the transaction, the chief operating officer now directly owns 31,493 shares in the company, valued at $15,428,420.70. This trade represents a 1.72 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Corporate insiders own 5.30% of the company’s stock.

Hedge Funds Weigh In On Credit Acceptance

Large investors have recently added to or reduced their stakes in the company. Eagle Bay Advisors LLC bought a new position in Credit Acceptance during the fourth quarter worth $28,000. Quest Partners LLC lifted its stake in Credit Acceptance by 11,900.0% during the third quarter. Quest Partners LLC now owns 120 shares of the credit services provider’s stock worth $53,000 after purchasing an additional 119 shares during the last quarter. nVerses Capital LLC lifted its stake in Credit Acceptance by 200.0% in the third quarter. nVerses Capital LLC now owns 300 shares of the credit services provider’s stock valued at $133,000 after buying an additional 200 shares during the last quarter. SG Americas Securities LLC bought a new stake in Credit Acceptance in the fourth quarter valued at $142,000. Finally, Point72 Hong Kong Ltd bought a new stake in Credit Acceptance in the third quarter valued at $177,000. 81.71% of the stock is currently 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.