Personal automobile insurance and associated products providing company Acceptance Insurance (OTCMKTS:FACO) may have been in the news cycle yesterday but it did not lead to any move in the stock. The stock remained in a range despite a major development.
Market Reaction
On Tuesday, FACO stock ended flat at $1.92 with 934 shares, compared to its average volume of 1.4K shares. The stock moved within a range of $1.8000 – 1.9200 after opening trade at $1.80.
Acceptance Insurance named to Forbes 2022 list of America’s Best Employers for Diversity
On Tuesday it emerged that the company had been included in the 2022 list of America’s Best Employers for Diversity by Forbes. It was a significant development for the company and may bring it into focus among investors in the coming days. In this context, it is important to point out that the company employs more than 1300 people as part of its team and is involved in more than 300 neighbourhoods in the United States spread across 13 states.
The survey conducted by Forbes actually had more than 60,000 employees participating. In this regard, it is also necessary to note that the employees who participated in the survey were only from companies which boasted of a minimum staff strength of 1000.
While it is understandable that the stock did not get much activity following this news, it remains a significant achievement for Acceptance Insurance. Diversity is something that may benefit the company in the long run.
Key Quote
“Just two months after being named as one of the nation’s best mid-sized employers, we’re thrilled to receive recognition for our commitment to diversity,” said Larry Willeford, President and CEO of Acceptance Insurance. “At Acceptance, we believe that everyone is someone. The rich diversity of our team drives our company culture and helps us connect with every customer we serve in every community we call home.”
Traders Review
FACO stock is trading below the 20-Day and 50-Day Moving averages of $1.95 and $2.03 respectively. However, the stock is trading above the 200-Day moving average of $1.89.
