CCC Intelligent Solutions (NYSE:CCCS) Reaches New 52-Week Low – Here’s Why

CCC Intelligent Solutions Holdings Inc. (NYSE:CCCS) shares hit a new 52-week low during trading on Monday . The company traded as low as $8.68 and last traded at $8.93, with a volume of 1664994 shares. The stock had previously closed at $8.92.

Wall Street Analyst Weigh In

A number of research firms have weighed in on CCCS. Piper Sandler reaffirmed a “neutral” rating and set a $11.00 price objective (down from $13.00) on shares of CCC Intelligent Solutions in a report on Wednesday, February 26th. Barrington Research reiterated an “outperform” rating and issued a $14.00 price target on shares of CCC Intelligent Solutions in a research report on Monday, February 24th. Finally, JPMorgan Chase & Co. cut CCC Intelligent Solutions from an “overweight” rating to a “neutral” rating and cut their price objective for the company from $14.00 to $11.00 in a report on Wednesday, February 26th. Three analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $13.14.

CCC Intelligent Solutions Stock Performance

The stock has a 50-day moving average of $10.15 and a 200 day moving average of $11.01. The firm has a market capitalization of $5.96 billion, a P/E ratio of 453.23 and a beta of 0.73. The company has a debt-to-equity ratio of 0.39, a quick ratio of 3.19 and a current ratio of 3.19.

CCC Intelligent Solutions announced that its Board of Directors has approved a stock repurchase program on Friday, December 20th that allows the company to buyback $300.00 million in outstanding shares. This buyback authorization allows the company to buy up to 4% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s board believes its shares are undervalued.

Insider Activity

In other CCC Intelligent Solutions news, Director Eric Wei sold 42,000,000 shares of the stock in a transaction on Monday, March 3rd. The stock was sold at an average price of $10.32, for a total value of $433,440,000.00. Following the transaction, the director now directly owns 2,258,343 shares in the company, valued at approximately $23,306,099.76. This trade represents a 94.90 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CAO Rodney Christo sold 20,077 shares of the business’s stock in a transaction on Monday, March 3rd. The stock was sold at an average price of $10.20, for a total value of $204,785.40. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 42,059,978 shares of company stock worth $434,004,090. 6.67% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On CCC Intelligent Solutions

Several hedge funds have recently added to or reduced their stakes in CCCS. Eagle Bay Advisors LLC bought a new stake in CCC Intelligent Solutions during the 4th quarter worth about $25,000. UMB Bank n.a. acquired a new stake in shares of CCC Intelligent Solutions during the 4th quarter worth approximately $28,000. TD Private Client Wealth LLC bought a new stake in shares of CCC Intelligent Solutions during the fourth quarter worth approximately $31,000. Quarry LP acquired a new position in CCC Intelligent Solutions in the fourth quarter valued at approximately $36,000. Finally, GAMMA Investing LLC boosted its stake in CCC Intelligent Solutions by 286.9% in the fourth quarter. GAMMA Investing LLC now owns 3,343 shares of the company’s stock valued at $39,000 after acquiring an additional 2,479 shares during the last quarter. Institutional investors own 95.79% of the company’s stock.

About CCC Intelligent Solutions

CCC Intelligent Solutions Holdings Inc, operates as a software as a service company for the property and casualty insurance economy in the United States and China. The company's cloud-based software as a service platform connects trading partners, facilitates commerce, and supports mission-critical, artificial intelligence enabled digital workflow across the insurance economy, including insurers, repairers, automakers, parts suppliers, lenders and more.