Accel Entertainment has faced a shift in investor sentiment as Wall Street Zen has downgraded its stock rating from “strong-buy” to “buy.” The change was announced in a research note issued on Saturday, indicating a more cautious outlook for the gaming operator.
Other financial analysts have echoed this sentiment. On September 15, 2023, Zacks Research also lowered its rating on Accel Entertainment from “strong-buy” to “hold.” Additionally, Weiss Ratings reaffirmed a “hold (c)” rating on October 8, 2023. Currently, the stock has received ratings from two analysts as a Buy and two as a Hold, leading to a consensus rating of “Moderate Buy” with a target price of $15.50, according to MarketBeat.
Trading Activity and Insider Transactions
In trading activity, shares of Accel Entertainment saw an increase of 2.2%. On the insider trading front, Director David W. Ruttenberg sold 25,000 shares on September 15, 2023, at an average price of $11.11, totaling $277,750. Following this transaction, Ruttenberg holds 248,135 shares, valued at approximately $2,756,779.85. This sale represents a 9.15% decrease in his holdings, a detail disclosed in a filing with the Securities and Exchange Commission.
Insider ownership accounts for 18.33% of the company’s stock, a significant factor for investors monitoring the firm’s governance.
Institutional Investment Trends
Recent activity from institutional investors has also influenced Accel Entertainment’s stock dynamics. Several hedge funds have increased their stakes in the company. For instance, Engineers Gate Manager LP boosted its holdings by 8.7% during the second quarter, acquiring an additional 956 shares, bringing its total to 11,960 shares valued at $141,000.
Hohimer Wealth Management LLC and AdvisorShares Investments LLC also expanded their positions in Accel Entertainment by 5.4% and 3.3%, respectively. Hohimer now holds 18,699 shares valued at $185,000, while AdvisorShares owns 30,942 shares worth $364,000. In total, institutional investors own 55.39% of Accel Entertainment’s stock, underscoring the interest from larger financial entities.
Accel Entertainment operates as a distributed gaming operator in the United States. The firm specializes in the installation and maintenance of gaming terminals and other amusement devices in non-casino locations, including restaurants, bars, and convenience stores.
Investors continue to watch Accel Entertainment closely, as the company’s stock movements and analyst ratings may signal broader trends in the gaming industry.
