ACV Auctions (NASDAQ:ACVA) Price Target Raised to $24.00

ACV Auctions (NASDAQ:ACVA) had its price objective raised by investment analysts at JMP Securities from $21.00 to $24.00 in a note issued to investors on Tuesday, Benzinga reports. The firm presently has a “market outperform” rating on the stock. JMP Securities’ target price indicates a potential upside of 17.82% from the stock’s current price.

ACVA has been the subject of several other research reports. Needham & Company LLC reaffirmed a “buy” rating and set a $23.00 price target on shares of ACV Auctions in a research note on Monday, June 3rd. Barrington Research restated an “outperform” rating and set a $23.00 target price on shares of ACV Auctions in a research report on Friday, August 16th. Finally, JPMorgan Chase & Co. upgraded shares of ACV Auctions from a “neutral” rating to an “overweight” rating and set a $21.00 price target on the stock in a research report on Monday, June 10th. One equities research analyst has rated the stock with a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $21.50.

ACV Auctions Price Performance

ACV Auctions stock traded up $0.42 during mid-day trading on Tuesday, reaching $20.37. The company had a trading volume of 301,317 shares, compared to its average volume of 1,221,268. The stock’s 50-day simple moving average is $18.07 and its 200-day simple moving average is $18.06. ACV Auctions has a 1 year low of $12.84 and a 1 year high of $20.79. The company has a debt-to-equity ratio of 0.24, a current ratio of 1.49 and a quick ratio of 1.49. The company has a market capitalization of $3.36 billion, a P/E ratio of -42.44 and a beta of 1.55.

ACV Auctions (NASDAQ:ACVA) last released its quarterly earnings data on Wednesday, August 7th. The company reported ($0.07) earnings per share for the quarter, beating the consensus estimate of ($0.09) by $0.02. The firm had revenue of $160.62 million during the quarter, compared to the consensus estimate of $156.33 million. ACV Auctions had a negative return on equity of 13.20% and a negative net margin of 14.53%. On average, equities analysts predict that ACV Auctions will post -0.36 EPS for the current year.

Insider Transactions at ACV Auctions

In other news, CEO George Chamoun sold 131,480 shares of the stock in a transaction dated Thursday, June 20th. The stock was sold at an average price of $17.62, for a total value of $2,316,677.60. Following the completion of the sale, the chief executive officer now owns 961,245 shares in the company, valued at $16,937,136.90. The transaction was disclosed in a legal filing with the SEC, which is available through this link. In related news, CFO William Zerella sold 32,500 shares of the stock in a transaction dated Tuesday, July 9th. The shares were sold at an average price of $17.51, for a total value of $569,075.00. Following the sale, the chief financial officer now owns 503,077 shares of the company’s stock, valued at approximately $8,808,878.27. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CEO George Chamoun sold 131,480 shares of ACV Auctions stock in a transaction that occurred on Thursday, June 20th. The stock was sold at an average price of $17.62, for a total transaction of $2,316,677.60. Following the completion of the transaction, the chief executive officer now directly owns 961,245 shares in the company, valued at approximately $16,937,136.90. The disclosure for this sale can be found here. In the last quarter, insiders sold 608,129 shares of company stock worth $11,126,042. 8.50% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in ACVA. Massachusetts Financial Services Co. MA increased its stake in ACV Auctions by 47.6% in the 2nd quarter. Massachusetts Financial Services Co. MA now owns 7,758,163 shares of the company’s stock valued at $141,586,000 after buying an additional 2,502,064 shares during the period. Bank of New York Mellon Corp lifted its position in ACV Auctions by 217.5% during the 2nd quarter. Bank of New York Mellon Corp now owns 1,391,070 shares of the company’s stock worth $25,387,000 after acquiring an additional 952,929 shares during the last quarter. Swedbank AB acquired a new position in shares of ACV Auctions during the 1st quarter worth about $15,016,000. TimesSquare Capital Management LLC lifted its holdings in shares of ACV Auctions by 45.6% during the first quarter. TimesSquare Capital Management LLC now owns 1,765,822 shares of the company’s stock worth $33,144,000 after buying an additional 552,719 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC bought a new stake in ACV Auctions in the 2nd quarter valued at $8,567,000. 88.55% of the stock is currently owned by institutional investors and hedge funds.

About ACV Auctions

ACV Auctions Inc operates a digital marketplace that connects buyers and sellers for the online auction of wholesale vehicles. The company's marketplace platform includes digital marketplace, which connects buyers and sellers by providing online auction, which facilitates real-time transactions of wholesale vehicles; Run List for pre-filtering and pre-screening of vehicles up to 24 hours prior to an auction taking place; ACV transportation service to enable the buyers to see real-time transportation quotes and status reports of the vehicle; ACV capital, a short-term inventory financing services for buyers to purchase vehicles; and Go Green's seller assurance service for against claims related to defects in the vehicle.