Credit Acceptance Co. (NASDAQ:CACC) Short Interest Update

Credit Acceptance Co. (NASDAQ:CACC) was the target of a large increase in short interest in the month of May. As of May 31st, there was short interest totalling 659,800 shares, an increase of 8.0% from the May 15th total of 610,800 shares. Currently, 10.3% of the shares of the company are short sold. Based on an average daily volume of 52,800 shares, the short-interest ratio is currently 12.5 days.

Credit Acceptance Trading Down 0.1 %

CACC stock traded down $0.38 during midday trading on Tuesday, reaching $482.54. The company’s stock had a trading volume of 31,033 shares, compared to its average volume of 59,951. Credit Acceptance has a 1 year low of $379.77 and a 1 year high of $616.66. The firm has a market capitalization of $5.84 billion, a price-to-earnings ratio of 24.78 and a beta of 1.43. The stock has a fifty day simple moving average of $507.39 and a two-hundred day simple moving average of $526.19. The company has a debt-to-equity ratio of 3.29, a quick ratio of 13.79 and a current ratio of 13.79.

Credit Acceptance (NASDAQ:CACC) last posted its quarterly earnings results on Tuesday, April 30th. The credit services provider reported $9.28 EPS for the quarter, topping the consensus estimate of $6.81 by $2.47. The company had revenue of $508.00 million for the quarter, compared to the consensus estimate of $497.71 million. Credit Acceptance had a net margin of 12.83% and a return on equity of 30.70%. The firm’s revenue was up 11.9% compared to the same quarter last year. During the same quarter last year, the firm posted $9.71 EPS. On average, equities research analysts predict that Credit Acceptance will post 42.37 EPS for the current year.

Analyst Upgrades and Downgrades

CACC has been the topic of a number of analyst reports. StockNews.com raised Credit Acceptance from a “hold” rating to a “buy” rating in a research report on Wednesday, February 28th. TD Cowen dropped their price target on shares of Credit Acceptance from $465.00 to $420.00 and set a “sell” rating for the company in a research note on Thursday, May 2nd. One research analyst has rated the stock with a sell rating, two have given a hold rating and one has assigned a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $402.33.

Insiders Place Their Bets

In other Credit Acceptance news, insider Douglas W. Busk sold 2,500 shares of Credit Acceptance stock in a transaction that occurred on Thursday, March 21st. The shares were sold at an average price of $572.58, for a total value of $1,431,450.00. Following the completion of the sale, the insider now owns 3,112 shares of the company’s stock, valued at approximately $1,781,868.96. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. 5.30% of the stock is currently owned by insiders.

Institutional Trading of Credit Acceptance

Institutional investors and hedge funds have recently modified their holdings of the stock. Whittier Trust Co. purchased a new position in Credit Acceptance during the 4th quarter worth $74,000. National Bank of Canada FI increased its stake in shares of Credit Acceptance by 242.3% during the fourth quarter. National Bank of Canada FI now owns 243 shares of the credit services provider’s stock valued at $131,000 after buying an additional 172 shares during the period. Healthcare of Ontario Pension Plan Trust Fund bought a new stake in shares of Credit Acceptance in the first quarter valued at about $156,000. Harbor Capital Advisors Inc. lifted its stake in Credit Acceptance by 15.8% in the fourth quarter. Harbor Capital Advisors Inc. now owns 338 shares of the credit services provider’s stock worth $180,000 after acquiring an additional 46 shares during the period. Finally, Panagora Asset Management Inc. purchased a new stake in Credit Acceptance in the fourth quarter worth about $210,000. Institutional investors own 81.71% of the company’s stock.

Credit Acceptance Company Profile

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.