Accel Entertainment (NYSE: ACEL) has received a downgrade from equities researchers at Wall Street Zen, who have shifted their rating from “strong-buy” to “buy.” This change was communicated to investors in a research note published on Saturday. The adjustment reflects a broader reassessment of the stock’s potential in light of recent market conditions.
Other analysts have also revised their outlooks on Accel Entertainment. On September 15, 2023, Zacks Research lowered their recommendation from “strong-buy” to “hold.” Additionally, Weiss Ratings reaffirmed a “hold (c)” rating on the stock in a report dated October 8, 2023. Currently, two analysts rate the stock as a Buy, while another two have assigned it a Hold rating. According to MarketBeat, the consensus rating for Accel Entertainment stands at “Moderate Buy,” with a target price of $15.50.
Recent Stock Activity and Insider Transactions
Following the downgrade, Accel Entertainment’s stock experienced a modest increase, rising by 2.2%. In related news, Director David W. Ruttenberg sold 25,000 shares on September 15, 2023, at an average price of $11.11, resulting in a total transaction value of $277,750. After this sale, Ruttenberg retains 248,135 shares of the company, valued at approximately $2,756,779.85. This transaction indicates a 9.15% reduction in his ownership stake. The details of this trade were disclosed in a filing with the Securities and Exchange Commission.
Insider ownership remains significant, with company insiders holding 18.33% of the stock. This level of insider ownership often indicates confidence in the company’s future among its leadership.
Institutional Activity and Market Position
Institutional investors have shown a keen interest in Accel Entertainment, with several firms adjusting their holdings recently. For instance, Engineers Gate Manager LP increased its stake by 8.7% during the second quarter, acquiring an additional 956 shares and bringing its total to 11,960 shares, valued at $141,000. Similarly, Hohimer Wealth Management LLC raised its holdings by 5.4% during the first quarter, now owning 18,699 shares worth $185,000.
AdvisorShares Investments LLC also boosted its holdings by 3.3%, totaling 30,942 shares valued at $364,000 after acquiring an additional 1,000 shares. Cerity Partners LLC increased its position by 3.9%, while MetLife Investment Management LLC raised its stake by 4.7%. Collectively, institutional investors own approximately 55.39% of Accel Entertainment’s stock, illustrating a strong belief in the company’s long-term prospects.
Accel Entertainment operates as a distributed gaming operator in the United States, focusing on the installation and maintenance of gaming terminals and related devices in non-casino venues such as restaurants and convenience stores. As the market evolves, analysts will continue to monitor these developments closely to assess the company’s trajectory and investment potential.
