Simplex Trading buys $790,569 stake in Credit Acceptance Corp. (CACC)

Credit Acceptance Corp. (CACC) : Simplex Trading scooped up 3,780 additional shares in Credit Acceptance Corp. during the most recent quarter end , the firm said in a disclosure report filed with the SEC on Oct 7, 2016. The investment management firm now holds a total of 4,249 shares of Credit Acceptance Corp. which is valued at $790,569.Credit Acceptance Corp. makes up approximately 0.10% of Simplex Trading’s portfolio.

Other Hedge Funds, Including , Bnp Paribas Arbitrage Sa boosted its stake in CACC in the latest quarter, The investment management firm added 190 additional shares and now holds a total of 1,227 shares of Credit Acceptance Corp. which is valued at $236,394.

Credit Acceptance Corp. closed down -5.32 points or -2.78% at $186.06 with 4,32,102 shares getting traded on Friday. Post opening the session at $191.83, the shares hit an intraday low of $183 and an intraday high of $193.81 and the price fluctuated in this range throughout the day.Shares ended Friday session in Red.

On the company’s financial health, Credit Acceptance Corp. reported $4.38 EPS for the quarter, beating the analyst consensus estimate by $ 0.58 according to the earnings call on Jul 29, 2016. Analyst had a consensus of $3.80. The company had revenue of $238.50 million for the quarter, compared to analysts expectations of $232.37 million. The company’s revenue was up 17.4% compared to the same quarter last year. During the same quarter in the previous year, the company posted $3.60 EPS.

Many Wall Street Analysts have commented on Credit Acceptance Corp.. Company shares were Reiterated by Compass Point on Aug 1, 2016 to “Neutral”, Firm has raised the Price Target to $ 170 from a previous price target of $160 .Credit Acceptance Corp. was Downgraded by Credit Suisse to ” Underperform” on Jul 27, 2016.

Credit Acceptance Corporation (Credit Acceptance) is a provider of financing programs to automobile dealers that enable them to sell vehicles to consumers. The Company’s financing programs are offered through a nationwide network of automobile dealers; from repeat and referral sales generated by customers and from sales to customers responding to advertisements for it products. The Company has two programs: the Portfolio Program and the Purchase Program. Under the Portfolio Program it advances money to dealer (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 dealer (Purchased Loan) and keeps all amounts collected from the consumer. Its target market is independent and franchised automobile dealers in the United States. It provides dealers the ability to offer vehicle service contracts to consumers through its relationships with third-party providers (TPPs).

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