Credit Acceptance (NASDAQ:CACC) Stock Passes Above 200-Day Moving Average – What’s Next?

Credit Acceptance Co. (NASDAQ:CACC) crossed above its two hundred day moving average during trading on Monday . The stock has a two hundred day moving average of $470.32 and traded as high as $511.86. Credit Acceptance shares last traded at $503.37, with a volume of 62,375 shares traded.

Wall Street Analyst Weigh In

CACC has been the subject of a number of recent research reports. StockNews.com upgraded Credit Acceptance from a “hold” rating to a “buy” rating in a research report on Friday, January 31st. Stephens boosted their target price on Credit Acceptance from $452.00 to $500.00 and gave the stock an “equal weight” rating in a research report on Friday, January 31st. Finally, TD Cowen lowered their price objective on Credit Acceptance from $400.00 to $380.00 and set a “sell” rating for the company in a research report on Friday, November 1st.

Credit Acceptance Price Performance

The firm has a market capitalization of $6.10 billion, a PE ratio of 25.35 and a beta of 1.47. The company has a debt-to-equity ratio of 3.79, a current ratio of 23.63 and a quick ratio of 23.63. The firm has a 50-day simple moving average of $485.84 and a 200-day simple moving average of $470.32.

Credit Acceptance (NASDAQ:CACC) last posted its quarterly earnings data 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 29.60% and a net margin of 11.46%. As a group, equities analysts forecast that Credit Acceptance Co. will post 53.24 earnings per share for the current year.

Insider Activity at Credit Acceptance

In other news, COO Jonathan Lum sold 552 shares of the business’s stock in a transaction on 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 transaction, the chief operating officer now directly 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 company insiders.

Institutional Trading of Credit Acceptance

A number of hedge funds have recently modified their holdings of CACC. Abrams Bison Investments LLC lifted its position in Credit Acceptance by 30.5% in the third quarter. Abrams Bison Investments LLC now owns 228,306 shares of the credit services provider’s stock valued at $101,235,000 after buying an additional 53,306 shares during the last quarter. Wealthfront Advisers LLC acquired a new position in shares of Credit Acceptance in the 4th quarter worth approximately $18,146,000. Charles Schwab Investment Management Inc. boosted its position in shares of Credit Acceptance by 24.5% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 94,051 shares of the credit services provider’s stock worth $41,704,000 after purchasing an additional 18,530 shares during the period. MIG Capital LLC increased its holdings in Credit Acceptance by 18.7% in the 3rd quarter. MIG Capital LLC now owns 116,491 shares of the credit services provider’s stock valued at $51,654,000 after purchasing an additional 18,351 shares during the last quarter. Finally, Smead Capital Management Inc. lifted its stake in Credit Acceptance by 3.5% during the third quarter. Smead Capital Management Inc. now owns 207,828 shares of the credit services provider’s stock worth $92,155,000 after purchasing an additional 7,012 shares in the last quarter. Hedge funds and other institutional investors own 81.71% of the company’s stock.

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.