Shares last traded at $242.26 which is marginally over the 50 day moving average of $230.58 and marginally over the 200 day moving average of $210.27. The 50 day moving average moved up $11.68 and the 200 day average went up $31.99 or +15.21%. (NASDAQ:CACC) shares saw light trading volume with 103K shares changing hands by the end of trading on Thursday. Trading volume was down 36.29% under the stocks average daily volume.
Investors are feeling more bearish on shares of Credit Acceptance Corporation of late if you take note of the increase in short interest. The stock recorded a rise in short interest of 4.65% between June 15, 2017 and May 31, 2017. Short shares increased 201,322 over that period. The short-interest ratio decreased to 23.8 and the percentage of shorted shares was 0.23% on May 31.
There has been some selling insider activity on Credit Acceptance Corporation (NASDAQ:CACC) recently. Arthur L. Smith, Chief Analytics Officer sold $344,704 worth of shares at an average price of $215.98 on May 5th. That brings the Chief Analytics Officer’s holdings to $3,435,378 as reported to the SEC. Charles A. Pearce, CLO reported the sale of 4,000 shares of (CACC). The shares were purchased at an average price of $215.77. Pearce now owns $2,329,669 of the stock according to the SEC filing.
Douglas W. Busk, Sr. Vice President & Treasurer sold $1,075,450 worth of shares at an average price of $215.09 on Wed the 3rd. Busk now owns $2,848,007 of stock per an SEC filing yesterday.
Here are some other firms who have updated their holdings. Bank Of Montreal /can/ divested its investment by selling 64 shares a decrease of 66.0% in the quarter. Bank Of Montreal /can/ claims 33 shares worth $8,000. The value of the position overall is down by 57.9%. Proficio Capital Partners LLC added to its position by buying 15 shares an increase of 750.0% as of 03/31/2017. Proficio Capital Partners LLC now controls 17 shares with a value of $4,000. The total value of its holdings increased 0.0%.
Fny Partners Fund Lp cut its holdings by shedding 20 shares a decrease of 80.0% from 12/31/2016 to 03/31/2017. Fny Partners Fund Lp owns 5 shares valued at $0. The total value of its holdings decreased 100.0%. As of the end of the quarter Morgan Stanley had acquired 517 shares growing its position 1,723.3%. The value of the total investment in Credit Acceptance Corporation increased from $7,000 to $109,000 a change of 1,457.1% for the reporting period.
On November 1, 2016 Stephens & Co. began coverage giving it an initial rating of “Underweight”. On September 6 the company was downgraded to “Sell” from “Neutral” in an announcement from Compass Point.
On July 27 the stock rating was downgraded from “” to “Underperform” and a price target of $185.00 was set in a report issued by Credit Suisse. On June 20, 2016 the stock rating was changed to a “Neutral” by Janney Capital a boost from the previous “Sell” rating.
On March 16 the company was rated “Market Underperform” according to a JMP Securities report which is down from the previous “Market Perform” rating. November 10 investment analysts at Compass Point left the price objective at $1.50 and upgraded the company to Neutral from Sell.
The company is trading up since yesterday’s close of $241.99. Credit Acceptance Corporation currently has a P/E ratio of 13.93 and the market cap of the company is 4.78B. In the latest earnings report the EPS was $17.39 and is expected to be $18.74 for the current year with 19,722,000 shares now outstanding. Analysts expect next quarter’s EPS will be $4.63 and the next full year EPS is projected to be $20.14.
Credit Acceptance Corporation, launched on August 23, 1972, offers financing programs that enable automobile dealers to sell vehicles to consumers. The Business’s financing programs are offered through a network of automobile dealers. The Company has two Dealers financing programs: the Portfolio Program and the Purchase Program. Under the Portfolio Program, the Company advances money to dealers (Dealer Loan) in exchange for the right to service the underlying consumer loans. Under the Purchase Program, the Company buys the consumer loans from the dealers (Purchased Loan) and keeps the amounts collected from the consumer. Dealer Loans and Purchased Loans are collectively referred to as Loans. As of December 31, 2016, the Business’s target market included approximately 60,000 independent and franchised automobile dealers in the United States..Advertisement