Credit Acceptance Corp. (NASDAQ:CACC) saw a large decline in short interest during the month of July. As of July 31st, there was short interest totalling 621,600 shares, a decline of 10.2% from the June 30th total of 692,400 shares. Currently, 5.0% of the shares of the stock are short sold. Based on an average daily trading volume, of 95,700 shares, the days-to-cover ratio is presently 6.5 days.
A number of analysts recently weighed in on CACC shares. BidaskClub downgraded Credit Acceptance from a “hold” rating to a “sell” rating in a research report on Wednesday, August 7th. BMO Capital Markets boosted their price objective on Credit Acceptance to $484.00 and gave the company a “market perform” rating in a research report on Thursday, August 1st. Zacks Investment Research downgraded Credit Acceptance from a “buy” rating to a “hold” rating in a research report on Thursday, May 2nd. BTIG Research reiterated a “sell” rating and issued a $340.00 price objective on shares of Credit Acceptance in a research report on Wednesday, July 31st. Finally, Stephens boosted their price objective on Credit Acceptance from $381.00 to $495.00 and gave the company an “equal weight” rating in a research report on Tuesday, April 30th. Three analysts have rated the stock with a sell rating and five have issued a hold rating to the company’s stock. Credit Acceptance has an average rating of “Hold” and a consensus price target of $441.00.
A number of hedge funds have recently made changes to their positions in CACC. Legal & General Group Plc lifted its position in Credit Acceptance by 14.5% in the 4th quarter. Legal & General Group Plc now owns 6,070 shares of the credit services provider’s stock worth $2,318,000 after buying an additional 769 shares in the last quarter. Geode Capital Management LLC lifted its position in Credit Acceptance by 7.3% in the 4th quarter. Geode Capital Management LLC now owns 138,652 shares of the credit services provider’s stock worth $52,931,000 after buying an additional 9,406 shares in the last quarter. Deutsche Bank AG lifted its position in Credit Acceptance by 684.6% in the 4th quarter. Deutsche Bank AG now owns 29,038 shares of the credit services provider’s stock worth $11,084,000 after buying an additional 25,337 shares in the last quarter. Meeder Asset Management Inc. lifted its position in Credit Acceptance by 128.9% in the 1st quarter. Meeder Asset Management Inc. now owns 483 shares of the credit services provider’s stock worth $219,000 after buying an additional 272 shares in the last quarter. Finally, Oppenheimer Asset Management Inc. increased its stake in shares of Credit Acceptance by 10.7% during the 1st quarter. Oppenheimer Asset Management Inc. now owns 1,474 shares of the credit services provider’s stock worth $666,000 after purchasing an additional 142 shares during the last quarter. Hedge funds and other institutional investors own 61.59% of the company’s stock.
Credit Acceptance (NASDAQ:CACC) last announced its quarterly earnings data on Tuesday, July 30th. The credit services provider reported $8.60 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $8.52 by $0.08. Credit Acceptance had a return on equity of 30.02% and a net margin of 45.15%. The firm had revenue of $370.60 million during the quarter, compared to the consensus estimate of $363.38 million. During the same quarter in the previous year, the company posted $6.95 earnings per share. The business’s revenue was up 17.5% on a year-over-year basis. Equities research analysts predict that Credit Acceptance will post 34.62 EPS for the current year.
About Credit Acceptance
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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