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

Credit Acceptance Co. (NASDAQ:CACC) was the recipient of a large growth in short interest during the month of October. As of October 31st, there was short interest totalling 895,200 shares, a growth of 5.5% from the October 15th total of 848,200 shares. Currently, 11.4% of the company’s stock are short sold. Based on an average daily trading volume, of 60,100 shares, the short-interest ratio is currently 14.9 days.

Credit Acceptance Stock Performance

Shares of Credit Acceptance stock traded up $5.09 on Friday, reaching $435.21. 25,690 shares of the stock were exchanged, compared to its average volume of 80,702. The firm has a market capitalization of $5.47 billion, a PE ratio of 17.69 and a beta of 1.38. Credit Acceptance has a 1-year low of $358.00 and a 1-year high of $576.05. The business has a fifty day moving average price of $443.73 and a two-hundred day moving average price of $475.12. The company has a current ratio of 18.50, a quick ratio of 18.50 and a debt-to-equity ratio of 2.84.

Insider Activity at Credit Acceptance

In other news, insider Thomas W. Smith sold 400 shares of Credit Acceptance stock in a transaction dated Wednesday, September 6th. The stock was sold at an average price of $494.71, for a total transaction of $197,884.00. Following the sale, the insider now owns 75,650 shares in the company, valued at $37,424,811.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 4.20% of the company’s stock.

Institutional Investors Weigh In On Credit Acceptance

Institutional investors have recently added to or reduced their stakes in the business. National Bank of Canada FI lifted its holdings in shares of Credit Acceptance by 48.0% in the 2nd quarter. National Bank of Canada FI now owns 74 shares of the credit services provider’s stock valued at $38,000 after buying an additional 24 shares during the period. AdvisorNet Financial Inc acquired a new stake in Credit Acceptance in the third quarter valued at $46,000. NewEdge Advisors LLC lifted its holdings in Credit Acceptance by 289.7% in the first quarter. NewEdge Advisors LLC now owns 113 shares of the credit services provider’s stock valued at $49,000 after acquiring an additional 84 shares during the period. US Bancorp DE boosted its position in shares of Credit Acceptance by 24.1% during the 2nd quarter. US Bancorp DE now owns 165 shares of the credit services provider’s stock worth $84,000 after purchasing an additional 32 shares in the last quarter. Finally, MetLife Investment Management LLC acquired a new position in shares of Credit Acceptance during the 1st quarter worth $101,000. Hedge funds and other institutional investors own 66.15% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on CACC. Stephens reaffirmed an “equal weight” rating and issued a $440.00 target price on shares of Credit Acceptance in a report on Tuesday, October 31st. StockNews.com began coverage on shares of Credit Acceptance in a research note on Thursday, October 5th. They set a “hold” rating for the company. TD Cowen initiated coverage on Credit Acceptance in a research report on Wednesday, November 1st. They issued an “underperform” rating and a $360.00 price target on the stock. TheStreet downgraded Credit Acceptance from a “b-” rating to a “c+” rating in a research note on Thursday, August 10th. Finally, BMO Capital Markets lowered their target price on Credit Acceptance from $354.00 to $347.00 and set a “market perform” rating on the stock in a research note on Tuesday, October 31st. One equities research analyst has rated the stock with a sell rating and three have given a hold rating to the company. Based on data from MarketBeat, Credit Acceptance currently has an average rating of “Hold” and a consensus price target of $381.75.

About Credit Acceptance

Credit Acceptance Corporation engages in the provision of financing programs, and related products and services to independent and franchised automobile dealers 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.