Verition Fund Management LLC purchased a new stake in Credit Acceptance Co. (NASDAQ:CACC – Get Rating) in the 1st quarter, according to its most recent Form 13F filing with the SEC. The firm purchased 3,139 shares of the credit services provider’s stock, valued at approximately $1,728,000.
Other hedge funds have also modified their holdings of the company. Steward Partners Investment Advisory LLC lifted its holdings in shares of Credit Acceptance by 920.0% in the 1st quarter. Steward Partners Investment Advisory LLC now owns 51 shares of the credit services provider’s stock valued at $28,000 after buying an additional 46 shares during the period. Harbor Investment Advisory LLC lifted its holdings in shares of Credit Acceptance by 195.0% in the 1st quarter. Harbor Investment Advisory LLC now owns 59 shares of the credit services provider’s stock valued at $32,000 after buying an additional 39 shares during the period. Knuff & Co LLC acquired a new stake in shares of Credit Acceptance in the 1st quarter valued at approximately $54,000. MetLife Investment Management LLC acquired a new stake in shares of Credit Acceptance in the 1st quarter valued at approximately $101,000. Finally, Covestor Ltd lifted its holdings in shares of Credit Acceptance by 57.6% in the 1st quarter. Covestor Ltd now owns 227 shares of the credit services provider’s stock valued at $125,000 after buying an additional 83 shares during the period. 63.11% of the stock is owned by institutional investors and hedge funds.
Credit Acceptance Stock Performance
Shares of CACC stock opened at $493.87 on Tuesday. The stock has a fifty day moving average price of $542.52 and a 200 day moving average price of $540.70. The stock has a market cap of $6.38 billion, a PE ratio of 9.27 and a beta of 1.36. Credit Acceptance Co. has a 1 year low of $452.48 and a 1 year high of $703.27. The company has a debt-to-equity ratio of 3.01, a quick ratio of 15.39 and a current ratio of 15.39.
Analysts Set New Price Targets
Separately, Credit Suisse Group reduced their price target on Credit Acceptance from $460.00 to $440.00 and set an “underperform” rating for the company in a report on Tuesday, August 2nd. Two analysts have rated the stock with a sell rating and three have assigned a hold rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $435.50.
Credit Acceptance Profile
Credit Acceptance Corporation provides financing programs, and related products and services to independent and franchised automobile dealers in the United States. The company advances money to dealers in exchange for the right to service the underlying consumer loans; and buys the consumer loans from the dealers and keeps various amounts collected from the consumers.
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