CCC Intelligent Solutions Holdings Inc. (CCCS) stock jumped nearly 9% Monday following a report that private equity firm GTCR and activist investor Elliott Investment Management could acquire the company.

GTCR, Elliott Near Acquisition Deal

GTCR and Elliott are in advanced talks to acquire CCC Intelligent Solutions, Bloomberg reported, citing people familiar with the matter.

A deal could be announced as early as this week. However, negotiations remain ongoing, and another bidder could emerge.

The Chicago-based insurance software provider has been exploring strategic options since Elliott built a substantial stake.

Copart Inc. (CPRT) previously held acquisition talks with CCC Intelligent Solutions. Several private equity firms also expressed interest.

CCC Intelligent Solutions had a market capitalization of $4.135 billion as of the previous close.

Technical Analysis

CCCS shares have climbed above key moving averages, signaling improving momentum.

The stock trades 14.3% above its 20-day simple moving average (SMA) of $6.68 and 10.5% above its 50-day SMA of $6.91.

It also trades roughly 25% above its 200-day SMA of $6.11.

However, the relative strength index (RSI) stands at 70.09, indicating overbought conditions. This suggests the recent rally could face near-term selling pressure.

The stock faces resistance near $7.50, while $6.50 remains a key support level.

Earnings And Analyst Outlook

Investors are also awaiting the company's next earnings report, tentatively scheduled for Oct. 29.

Analysts expect earnings of 11 cents per share, up from 9 cents a year earlier. Revenue is projected to rise to $290.61 million from $267.12 million.

The stock carries a consensus Buy rating and an average analyst price forecast of $9.83.

Citigroup maintained a Neutral rating and raised its price forecast to $6.50 on Aug. 3. Stifel maintained its Buy rating with a $9 forecast on July 2, while Barrington Research maintained its Outperform rating with a $14 forecast on April 24.

CCC Stock Price Action

CCC Intelligent Solutions shares rose 8.90% to $7.64 during Monday's trading session, according to market data.