Macquarie Raises Price Target for Accel Entertainment Shares

On Friday, Macquarie analysts announced an increase in their target price for Accel Entertainment (NYSE:ACEL) shares, moving it from $15.00 to $16.00. This revision comes along with an "outperform" rating for the company, suggesting that analysts are optimistic about the stock's potential. The new price target signifies an estimated upside of 55.95% compared to the company's last closing price.

Recent Trading Activity

During mid-day trading on Friday, Accel Entertainment's stock saw a decline of 12.4%, falling by $1.45 to reach $10.26. The trading volume for the day was 133,029 shares, which is lower than the average volume of 281,279. The company currently has a market capitalization of $844.81 million, with a price-to-earnings (PE) ratio of 20.23. In terms of financial ratios, Accel has a current ratio of 2.71, a quick ratio of 2.63, and a debt-to-equity ratio of 2.54. Over the last year, the stock has fluctuated between a low of $9.37 and a high of $12.96, with its 50-day moving average at $11.20 and a 200-day moving average at $11.39.

Insider Transactions

In other developments, insider trading has also been noted. Derek Harmer, an insider, sold 10,000 shares on Monday, December 16th for an average price of $11.70, totaling around $117,000. After this transaction, Harmer retains ownership of 199,413 shares valued at approximately $2.33 million. This sale signifies a 4.78% decrease in his holdings. Additionally, Director David W. Ruttenberg sold 25,000 shares on the same day, averaging $11.50 per share, amounting to $287,500. Ruttenberg's remaining shares total 360,635, valued at around $4.15 million, representing a 6.48% decline in ownership. In the previous quarter, company insiders sold a total of 94,577 shares valued at over $1 million. Currently, insiders hold about 17.90% of the company's stock.

Institutional Investments

Several institutional investors have recently changed their positions in Accel Entertainment. Covestor Ltd increased its stake by 32.4% during the fourth quarter, now owning 4,294 shares valued at approximately $46,000. The New York State Teachers Retirement System acquired new shares worth about $51,000 during the same quarter. Russell Investments Group Ltd. significantly increased its position in Accel by over 11,000%, now holding 5,246 shares worth $56,000 after purchasing an additional 5,200 shares. Other firms, including Point72 Asset Management L.P. and Quantbot Technologies LP, have also purchased new stakes during the third quarter, indicating a growing interest in Accel Entertainment. Currently, institutional investors and hedge funds make up 55.39% of Accel's total shares.

About Accel Entertainment

Accel Entertainment, Inc. operates as a distributed gaming operator within the United States. The company is primarily engaged in the installation, maintenance, and operation of gaming terminals, ATM functionalities, and other amusement devices, located in various non-casino venues such as bars, restaurants, convenience stores, and more.

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