Credit Acceptance (NASDAQ:CACC) Upgraded at StockNews.com

Credit Acceptance (NASDAQ:CACC) was upgraded by StockNews.com from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Friday.

Several other research analysts have also recently issued reports on CACC. Stephens raised their target price on shares of Credit Acceptance from $452.00 to $500.00 and gave the stock an “equal weight” rating in a report on Friday. TD Cowen decreased their price objective 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

Credit Acceptance stock opened at $507.77 on Friday. The firm has a fifty day simple moving average of $483.00 and a two-hundred day simple moving average of $473.67. Credit Acceptance has a twelve month low of $409.22 and a twelve month high of $616.66. The company has a market capitalization of $6.15 billion, a PE ratio of 34.10 and a beta of 1.46. 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) last released its earnings results on Thursday, January 30th. The credit services provider reported $10.17 earnings per share for the quarter, beating analysts’ consensus estimates of $7.70 by $2.47. Credit Acceptance had a return on equity of 29.18% and a net margin of 9.08%. Research analysts expect that Credit Acceptance will post 36.53 EPS for the current year.

Insider Transactions at Credit Acceptance

In other news, COO Jonathan Lum sold 552 shares of the firm’s stock in a transaction dated 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 sale, the chief operating officer now directly owns 31,493 shares of the company’s stock, valued at approximately $15,428,420.70. This trade represents a 1.72 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Corporate insiders own 5.30% of the company’s stock.

Hedge Funds Weigh In On Credit Acceptance

A number of institutional investors have recently bought and sold shares of CACC. Eagle Bay Advisors LLC purchased a new position in shares of Credit Acceptance during the 4th quarter worth approximately $28,000. Quest Partners LLC boosted its position in shares of 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 purchasing an additional 119 shares in the last quarter. nVerses Capital LLC grew its stake in Credit Acceptance by 200.0% in the third quarter. nVerses Capital LLC now owns 300 shares of the credit services provider’s stock worth $133,000 after purchasing an additional 200 shares during the period. SG Americas Securities LLC bought a new position in Credit Acceptance in the fourth quarter worth $142,000. Finally, Point72 Hong Kong Ltd purchased a new position in Credit Acceptance during the third quarter valued at $177,000. 81.71% of the stock is owned by 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.