Credit Acceptance (NASDAQ:CACC) Upgraded 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 research note released on Wednesday.

CACC has been the topic of several other research reports. Stephens initiated coverage on shares of Credit Acceptance in a report on Wednesday, November 13th. They issued an "equal weight" rating and a $452.00 price target on the stock. TD Cowen decreased their target price on Credit Acceptance from $400.00 to $380.00 and set a "sell" rating on the stock in a research note on Friday, November 1st.

Credit Acceptance Price Performance

NASDAQ CACC traded up $13.71 during trading hours on Wednesday, hitting $475.69. The company had a trading volume of 38,883 shares, compared to its average volume of 50,654. The firm has a 50 day simple moving average of $468.55 and a 200 day simple moving average of $476.57. Credit Acceptance has a 52 week low of $409.22 and a 52 week high of $616.66. The firm has a market capitalization of $5.76 billion, a price-to-earnings ratio of 31.95 and a beta of 1.46. 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 (NASDAQ:CACC - Get Free Report) last released its quarterly earnings data on Wednesday, October 30th. The credit services provider reported $8.79 EPS for the quarter, beating analysts' consensus estimates of $7.88 by $0.91. The company had revenue of $550.30 million during the quarter, compared to analyst estimates of $548.13 million. Credit Acceptance had a net margin of 9.08% and a return on equity of 29.18%. Credit Acceptance's revenue was up 15.0% compared to the same quarter last year. During the same period last year, the business earned $10.70 earnings per share. Equities research analysts expect that Credit Acceptance will post 36.54 earnings per share for the current year.

Insider Transactions at Credit Acceptance

In related news, COO Jonathan Lum sold 552 shares of the company's stock in a transaction on Tuesday, December 17th. The shares were sold at an average price of $489.90, for a total value of $270,424.80. Following the completion of the transaction, the chief operating officer now directly owns 31,493 shares in the company, valued at approximately $15,428,420.70. The trade was a 1.72 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 5.30% of the company's stock.

Institutional Investors Weigh In On Credit Acceptance

Several hedge funds have recently added to or reduced their stakes in the company. Eagle Bay Advisors LLC purchased a new position in shares of Credit Acceptance during the 4th quarter valued at about $28,000. Quest Partners LLC grew its position 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 valued at $53,000 after acquiring an additional 119 shares during the last quarter. nVerses Capital LLC raised its stake in shares of Credit Acceptance by 200.0% during the third quarter. nVerses Capital LLC now owns 300 shares of the credit services provider's stock worth $133,000 after acquiring an additional 200 shares in the last quarter. Point72 Hong Kong Ltd bought a new stake in shares of Credit Acceptance in the 3rd quarter worth approximately $177,000. Finally, Creative Planning purchased a new stake in shares of Credit Acceptance in the 2nd quarter valued at $282,000. Institutional investors own 81.71% of the company's stock.

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.