Credit Acceptance (NASDAQ:CACC) Upgraded by BidaskClub to Hold

BidaskClub upgraded shares of Credit Acceptance (NASDAQ:CACC) from a sell rating to a hold rating in a research report report published on Thursday, BidAskClub reports.

Several other analysts have also recently commented on the company. Credit Suisse Group set a $380.00 target price on Credit Acceptance and gave the stock an underperform rating in a research report on Wednesday, July 31st. BMO Capital Markets raised their target price on Credit Acceptance to $484.00 and gave the stock a market perform rating in a research report on Thursday, August 1st. ValuEngine cut Credit Acceptance from a hold rating to a sell rating in a research report on Thursday, September 5th. Finally, BTIG Research reaffirmed a sell rating and issued a $340.00 target price on shares of Credit Acceptance in a research report on Wednesday, July 31st. Three investment analysts have rated the stock with a sell rating and six have given a hold rating to the company. The company has an average rating of Hold and a consensus price target of $441.00.

Shares of Credit Acceptance stock traded up $5.83 during midday trading on Thursday, hitting $481.05. The company’s stock had a trading volume of 68,918 shares, compared to its average volume of 93,826. The firm has a market capitalization of $8.71 billion, a P/E ratio of 16.94, a PEG ratio of 1.34 and a beta of 0.75. The stock has a 50-day simple moving average of $464.06 and a 200-day simple moving average of $468.18. The company has a quick ratio of 28.16, a current ratio of 28.16 and a debt-to-equity ratio of 1.89. Credit Acceptance has a 1-year low of $356.12 and a 1-year high of $509.99.

Credit Acceptance (NASDAQ:CACC) last issued its earnings results on Tuesday, July 30th. The credit services provider reported $8.60 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $8.52 by $0.08. The business had revenue of $370.60 million during the quarter, compared to analysts’ expectations of $363.38 million. Credit Acceptance had a return on equity of 30.02% and a net margin of 45.15%. Credit Acceptance’s revenue was up 17.5% compared to the same quarter last year. During the same quarter last year, the firm posted $6.95 earnings per share. As a group, sell-side analysts predict that Credit Acceptance will post 34.67 earnings per share for the current year.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Natixis acquired a new stake in Credit Acceptance during the second quarter valued at $1,116,000. Barings LLC acquired a new stake in Credit Acceptance during the second quarter valued at $285,000. Voloridge Investment Management LLC boosted its position in Credit Acceptance by 776.2% during the second quarter. Voloridge Investment Management LLC now owns 4,600 shares of the credit services provider’s stock valued at $2,226,000 after purchasing an additional 4,075 shares during the last quarter. Nuveen Asset Management LLC boosted its position in Credit Acceptance by 390.9% during the second quarter. Nuveen Asset Management LLC now owns 163,973 shares of the credit services provider’s stock valued at $79,336,000 after purchasing an additional 130,573 shares during the last quarter. Finally, Victory Capital Management Inc. boosted its position in Credit Acceptance by 339.4% during the second quarter. Victory Capital Management Inc. now owns 30,533 shares of the credit services provider’s stock valued at $14,773,000 after purchasing an additional 23,584 shares during the last quarter. 66.05% of the stock is owned by hedge funds and other institutional investors.

Credit Acceptance Company Profile

Credit Acceptance Corporation provides financing programs, and related products and services to independent and franchised automobile dealers in the United States. The company advances money to dealers in exchange for the right to service the underlying consumer loans; and buys the consumer loans from the dealers and keeps various amounts collected from the consumers.

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Analyst Recommendations for Credit Acceptance (NASDAQ:CACC)

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