Credit Acceptance (NASDAQ:CACC) Raised to Buy at StockNews.com

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

Other equities analysts have also recently issued research reports about the stock. TD Cowen cut 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 note on Friday, November 1st. Stephens upped their target price on shares of Credit Acceptance from $452.00 to $500.00 and gave the stock an "equal weight" rating in a research report on Friday.

Credit Acceptance Price Performance

NASDAQ:CACC traded up $8.12 during trading hours on Friday, hitting $518.72. 91,228 shares of the company's stock traded hands, compared to its average volume of 64,374. Credit Acceptance has a 52 week low of $409.22 and a 52 week high of $614.96. The business's fifty day simple moving average is $483.51 and its two-hundred day simple moving average is $472.18. The company has a quick ratio of 23.63, a current ratio of 23.63 and a debt-to-equity ratio of 3.79. The firm has a market cap of $6.28 billion, a P/E ratio of 26.12 and a beta of 1.47.

Credit Acceptance (NASDAQ:CACC - Get Free Report) last issued its quarterly earnings results on Thursday, January 30th. The credit services provider reported $10.17 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $7.70 by $2.47. Credit Acceptance had a return on equity of 29.60% and a net margin of 11.46%. On average, research analysts anticipate that Credit Acceptance will post 55.38 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, COO Jonathan Lum sold 552 shares of the business's stock in a transaction dated Tuesday, December 17th. The stock was sold at an average price of $489.90, for a total value of $270,424.80. Following the completion of the sale, the chief operating officer now owns 31,493 shares of the company's stock, valued at approximately $15,428,420.70. The trade was a 1.72 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 5.30% of the stock is owned by insiders.

Hedge Funds Weigh In On Credit Acceptance

Large investors have recently bought and sold shares of the stock. HighTower Advisors LLC grew its stake in shares of Credit Acceptance by 5.7% in the third quarter. HighTower Advisors LLC now owns 595 shares of the credit services provider's stock worth $263,000 after purchasing an additional 32 shares during the last quarter. Eagle Bay Advisors LLC bought a new position in shares of Credit Acceptance during the fourth quarter valued at approximately $28,000. Wedge Capital Management L L P NC lifted its stake in Credit Acceptance by 2.7% in the fourth quarter. Wedge Capital Management L L P NC now owns 2,687 shares of the credit services provider's stock worth $1,261,000 after acquiring an additional 70 shares during the period. UMB Bank n.a. boosted its stake in shares of Credit Acceptance by 10.7% during the 4th quarter. UMB Bank n.a. now owns 743 shares of the credit services provider's stock valued at $349,000 after purchasing an additional 72 shares in the last quarter. Finally, First Horizon Advisors Inc. bought a new stake in Credit Acceptance during the 4th quarter valued at approximately $34,000. 81.71% of the stock is owned by hedge funds and other 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.