Credit Acceptance Co. (NASDAQ:CACC) Short Interest Update

Credit Acceptance Co. (NASDAQ:CACC - Get Free Report) saw a large drop in short interest in the month of October. As of October 15th, there was short interest totalling 516,900 shares, a drop of 8.7% from the September 30th total of 565,900 shares. Currently, 8.2% of the shares of the stock are short sold. Based on an average daily volume of 50,500 shares, the days-to-cover ratio is currently 10.2 days.

Credit Acceptance Trading Up 2.1 %

Shares of CACC stock traded up $9.49 during trading on Wednesday, hitting $461.93. 68,146 shares of the stock traded hands, compared to its average volume of 56,598. The firm has a market capitalization of $5.59 billion, a P/E ratio of 23.70 and a beta of 1.42. Credit Acceptance has a 52-week low of $379.77 and a 52-week high of $616.66. The company has a debt-to-equity ratio of 3.77, a current ratio of 19.15 and a quick ratio of 19.15. The firm's fifty day moving average price is $455.38 and its 200-day moving average price is $490.52.

Credit Acceptance (NASDAQ:CACC - Get Free Report) last issued its quarterly earnings results on Wednesday, July 31st. The credit services provider reported $10.29 EPS for the quarter, beating the consensus estimate of $7.20 by $3.09. The company had revenue of $538.20 million during the quarter, compared to analysts' expectations of $525.03 million. Credit Acceptance had a net margin of 9.01% and a return on equity of 30.77%. The firm's revenue was up 12.6% compared to the same quarter last year. During the same quarter last year, the company posted $10.69 EPS. As a group, research analysts forecast that Credit Acceptance will post 38.87 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Separately, TD Cowen lowered their target price on Credit Acceptance from $440.00 to $400.00 and set a "sell" rating for the company in a report on Thursday, August 1st. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and one has given a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of "Hold" and an average price target of $395.67.

Insider Activity at Credit Acceptance

In other news, insider Thomas W. Smith sold 1,200 shares of the company's stock in a transaction that occurred on Monday, September 9th. The stock was sold at an average price of $451.01, for a total transaction of $541,212.00. Following the sale, the insider now directly owns 74,450 shares of the company's stock, valued at $33,577,694.50. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 5.30% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Credit Acceptance

Several hedge funds and other institutional investors have recently bought and sold shares of CACC. Dimensional Fund Advisors LP increased its holdings in shares of Credit Acceptance by 4.1% in the 2nd quarter. Dimensional Fund Advisors LP now owns 179,655 shares of the credit services provider's stock valued at $92,455,000 after purchasing an additional 7,064 shares in the last quarter. Alfreton Capital LLP increased its position in Credit Acceptance by 22.7% during the second quarter. Alfreton Capital LLP now owns 98,128 shares of the credit services provider's stock worth $50,505,000 after purchasing an additional 18,128 shares during the last quarter. Quantum Capital Management LLC NJ raised its holdings in shares of Credit Acceptance by 20.8% in the 1st quarter. Quantum Capital Management LLC NJ now owns 63,920 shares of the credit services provider's stock worth $35,255,000 after purchasing an additional 11,024 shares during the period. Bank of New York Mellon Corp grew its stake in Credit Acceptance by 4.2% during the second quarter. Bank of New York Mellon Corp now owns 23,732 shares of the credit services provider's stock worth $12,214,000 after buying an additional 951 shares during the period. Finally, Mraz Amerine & Associates Inc. lifted its holdings in shares of Credit Acceptance by 1.1% during the 3rd quarter. Mraz Amerine & Associates Inc. now owns 13,411 shares of the credit services provider's stock valued at $5,947,000 after acquiring an additional 141 shares in the last quarter. 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.