Credit Acceptance Corp. (CACC) was Downgraded by Macquarie to ” Underperform”. Earlier the firm had a rating of “Neutral ” on the company shares. Macquarie advised their investors in a research report released on May 11, 2016.
Many Wall Street Analysts have commented on Credit Acceptance Corp.. Credit Acceptance Corp. was Downgraded by JMP Securities to ” Mkt Underperform” on Mar 16, 2016. Company shares were Reiterated by Compass Point on Feb 16, 2016 to “Neutral”, Firm has raised the Price Target to $ 160 from a previous price target of $150 .
Credit Acceptance Corp. closed down -0.68 points or -0.37% at $182.9 with 1,18,691 shares getting traded on Tuesday. Post opening the session at $183.3, the shares hit an intraday low of $181.3 and an intraday high of $184.16 and the price fluctuated in this range throughout the day.Shares ended Tuesday session in Red.
In a different news, on Mar 11, 2016, Donald A Foss (Chairman) sold 400 shares at $220.10 per share price. According to the SEC, on Nov 20, 2015, Kenneth Booth (CFO) purchased 5,000 shares at $164.52 per share price. On Sep 15, 2015, Brett A Roberts (Chief Executive Officer) sold 346 shares at $233.50 per share price, according to the Form-4 filing with the securities and exchange commission.
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).