Accel Entertainment, a notable player in the gaming sector, has experienced a shift in its stock rating from a “strong-buy” to a “buy” according to a recent note from research firm Wall Street Zen. This change was communicated to investors on September 15, 2023 and reflects a growing consensus among analysts regarding the company’s market performance.
The downgrading follows similar actions from other research organizations. On the same day, Zacks Research lowered its rating from “strong-buy” to “hold,” indicating a more cautious approach toward the company’s shares. In a subsequent report on October 8, 2023, Weiss Ratings maintained a “hold (c)” rating for Accel Entertainment.
Currently, the stock has garnered interest from analysts, with two rating it as a Buy and another two offering Hold assessments. According to data from MarketBeat, Accel Entertainment holds a consensus rating of “Moderate Buy,” with an average target price set at $15.50.
Insider Trading Activity
In related developments, Director David W. Ruttenberg recently sold 25,000 shares of the company’s stock on September 15, 2023, at an average price of $11.11. This transaction amounted to approximately $277,750 and resulted in a 9.15% decrease in Ruttenberg’s ownership, leaving him with 248,135 shares valued at about $2.76 million. The sale was documented in a filing with the Securities and Exchange Commission.
Insider ownership remains significant, with company officials holding 18.33% of Accel Entertainment’s stock.
Institutional Investor Activity
Recent trading dynamics have also seen considerable activity from institutional investors and hedge funds. Engineers Gate Manager LP increased its stake in Accel Entertainment by 8.7% during the second quarter, acquiring an additional 956 shares for a total of 11,960 shares valued at approximately $141,000.
Similarly, Hohimer Wealth Management LLC raised its holdings by 5.4% in the first quarter, now owning 18,699 shares valued at $185,000. Other notable increases include AdvisorShares Investments LLC and Cerity Partners LLC, which raised their stakes by 3.3% and 3.9% respectively.
Overall, institutional investors control approximately 55.39% of Accel Entertainment’s stock, indicating robust support from larger financial entities.
Company Overview
Accel Entertainment, Inc. operates as a distributed gaming operator in the United States. The company is engaged in the installation, maintenance, and operation of gaming terminals, as well as other amusement devices situated in authorized non-casino venues such as restaurants, bars, and convenience stores.
As the market continues to fluctuate, analysts and investors will be closely monitoring Accel Entertainment’s performance and strategic adjustments in response to these rating changes.
