Credit Acceptance (NASDAQ:CACC) Upgraded by StockNews.com to "Buy" Rating

StockNews.com upgraded shares of Credit Acceptance (NASDAQ:CACC - Free Report) from a hold rating to a buy rating in a report issued on Tuesday morning.

Separately, TD Cowen lowered 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 report on Friday, November 1st.

Credit Acceptance Stock Performance

Shares of CACC traded down $8.39 during trading hours on Tuesday, hitting $439.61. The company had a trading volume of 62,466 shares, compared to its average volume of 58,536. The firm has a market cap of $5.32 billion, a price-to-earnings ratio of 30.09 and a beta of 1.42. The business has a fifty day moving average of $449.86 and a 200-day moving average of $484.91. Credit Acceptance has a 12 month low of $406.53 and a 12 month high of $616.66. 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 (NASDAQ:CACC - Get Free Report) last issued 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. 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 for the quarter, compared to analyst estimates of $548.13 million. During the same period in the prior year, the firm earned $10.70 earnings per share. The company's revenue was up 15.0% on a year-over-year basis. Equities analysts anticipate that Credit Acceptance will post 37.14 EPS for the current fiscal year.

Insider Activity

In other news, insider Thomas W. Smith sold 1,200 shares of the firm's stock in a transaction that occurred on Monday, September 9th. The shares were 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 approximately $33,577,694.50. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 5.30% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Credit Acceptance

Several hedge funds have recently added to or reduced their stakes in the business. Diversified Trust Co bought a new position in Credit Acceptance during the 2nd quarter worth approximately $618,000. Jacobs Levy Equity Management Inc. bought a new stake in shares of Credit Acceptance in the 1st quarter valued at $662,000. Russell Investments Group Ltd. increased its stake in shares of Credit Acceptance by 821.9% in the 1st quarter. Russell Investments Group Ltd. now owns 3,282 shares of the credit services provider's stock valued at $1,810,000 after acquiring an additional 2,926 shares in the last quarter. Renaissance Technologies LLC increased its stake in shares of Credit Acceptance by 38.6% in the 2nd quarter. Renaissance Technologies LLC now owns 7,900 shares of the credit services provider's stock valued at $4,066,000 after acquiring an additional 2,200 shares in the last quarter. Finally, Quadrature Capital Ltd bought a new stake in Credit Acceptance during the 1st quarter valued at $6,830,000. 81.71% of the stock is currently owned by institutional investors and hedge funds.

Credit Acceptance Company Profile

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.