Fintel reports that on November 1, 2023, TD Cowen initiated coverage of Credit Acceptance (NASDAQ:CACC) with a Underperform recommendation.
Analyst Price Forecast Suggests 4.78% Upside
As of November 1, 2023, the average one-year price target for Credit Acceptance is 434.52. The forecasts range from a low of 350.47 to a high of $542.85. The average price target represents an increase of 4.78% from its latest reported closing price of 414.69.
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The projected annual revenue for Credit Acceptance is 1,890MM, an increase of 103.36%. The projected annual non-GAAP EPS is 36.41.
What is the Fund Sentiment?
There are 447 funds or institutions reporting positions in Credit Acceptance. This is a decrease of 39 owner(s) or 8.02% in the last quarter. Average portfolio weight of all funds dedicated to CACC is 0.66%, an increase of 4.30%. Total shares owned by institutions decreased in the last three months by 6.06% to 9,430K shares. 
The put/call ratio of CACC is 2.32, indicating a bearish outlook.
What are Other Shareholders Doing?
Prescott General Partners holds 1,560K shares representing 12.41% ownership of the company. No change in the last quarter.
Cerity Partners holds 887K shares representing 7.06% ownership of the company. In it's prior filing, the firm reported owning 887K shares, representing an increase of 0.03%. The firm increased its portfolio allocation in CACC by 92.42% over the last quarter.
Ruane, Cunniff & Goldfarb holds 788K shares representing 6.27% ownership of the company. In it's prior filing, the firm reported owning 781K shares, representing an increase of 0.88%. The firm increased its portfolio allocation in CACC by 13.46% over the last quarter.
Wellington Management Group Llp holds 600K shares representing 4.78% ownership of the company. In it's prior filing, the firm reported owning 617K shares, representing a decrease of 2.86%. The firm increased its portfolio allocation in CACC by 8.07% over the last quarter.
Gobi Capital holds 475K shares representing 3.78% ownership of the company. In it's prior filing, the firm reported owning 535K shares, representing a decrease of 12.67%. The firm decreased its portfolio allocation in CACC by 6.40% over the last quarter.
Credit Acceptance Background Information
(This description is provided by the company.)
Since 1972, Credit Acceptance has offered financing programs that enable automobile dealers to sell vehicles to consumers, regardless of their credit history. Its financing programs are offered through a nationwide network of automobile dealers who benefit from sales of vehicles to consumers who otherwise could not obtain financing; from repeat and referral sales generated by these same customers; and from sales to customers responding to advertisements for its financing programs, but who actually end up qualifying for traditional financing.
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