Needham & Company LLC Has Lowered Expectations for ACV Auctions (NASDAQ:ACVA) Stock Price

ACV Auctions (NASDAQ:ACVA) had its price target dropped by investment analysts at Needham & Company LLC from $28.00 to $25.00 in a research report issued on Thursday,Benzinga reports. The firm currently has a “buy” rating on the stock. Needham & Company LLC’s price target suggests a potential upside of 21.07% from the company’s previous close.

A number of other research analysts also recently commented on ACVA. B. Riley lifted their price objective on shares of ACV Auctions from $24.00 to $27.00 and gave the company a “buy” rating in a research report on Tuesday, November 26th. Barrington Research reissued an “outperform” rating and set a $23.00 price target on shares of ACV Auctions in a research report on Monday, November 4th. Piper Sandler raised their price objective on ACV Auctions from $16.00 to $18.00 and gave the company a “neutral” rating in a research report on Friday, November 8th. Citigroup boosted their target price on ACV Auctions from $22.00 to $27.00 and gave the stock a “buy” rating in a report on Wednesday, November 27th. Finally, Stephens raised ACV Auctions to a “hold” rating in a report on Saturday, February 1st. Three research analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $23.35.

ACV Auctions Price Performance

NASDAQ:ACVA opened at $20.65 on Thursday. ACV Auctions has a 52-week low of $13.66 and a 52-week high of $23.46. The company has a market cap of $3.46 billion, a P/E ratio of -43.94 and a beta of 1.69. The company has a debt-to-equity ratio of 0.25, a quick ratio of 1.51 and a current ratio of 1.51. The stock’s 50-day simple moving average is $21.27 and its 200 day simple moving average is $20.13.

ACV Auctions (NASDAQ:ACVA) last posted its quarterly earnings results on Wednesday, February 19th. The company reported ($0.14) earnings per share for the quarter, topping the consensus estimate of ($0.15) by $0.01. ACV Auctions had a negative return on equity of 12.11% and a negative net margin of 12.89%. As a group, sell-side analysts forecast that ACV Auctions will post -0.33 EPS for the current fiscal year.

Insider Transactions at ACV Auctions

In other news, CFO William Zerella sold 32,500 shares of the firm’s stock in a transaction that occurred on Monday, December 30th. The shares were sold at an average price of $21.65, for a total transaction of $703,625.00. Following the transaction, the chief financial officer now directly owns 490,482 shares of the company’s stock, valued at approximately $10,618,935.30. This trade represents a 6.21 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Michael Waterman sold 15,000 shares of the business’s stock in a transaction that occurred on Tuesday, February 4th. The shares were sold at an average price of $20.27, for a total value of $304,050.00. Following the completion of the sale, the insider now owns 311,354 shares of the company’s stock, valued at approximately $6,311,145.58. This trade represents a 4.60 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 125,162 shares of company stock valued at $2,663,776. 8.50% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On ACV Auctions

Several hedge funds and other institutional investors have recently added to or reduced their stakes in ACVA. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its position in shares of ACV Auctions by 27.5% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 269,394 shares of the company’s stock worth $5,819,000 after purchasing an additional 58,138 shares during the period. Spyglass Capital Management LLC grew its stake in ACV Auctions by 11.6% during the fourth quarter. Spyglass Capital Management LLC now owns 2,916,586 shares of the company’s stock worth $62,998,000 after buying an additional 302,341 shares in the last quarter. ThornTree Capital Partners LP increased its holdings in ACV Auctions by 27.2% in the 4th quarter. ThornTree Capital Partners LP now owns 1,040,719 shares of the company’s stock valued at $22,480,000 after buying an additional 222,854 shares during the period. Two Star Manager LLC raised its position in shares of ACV Auctions by 42.2% in the 4th quarter. Two Star Manager LLC now owns 476,041 shares of the company’s stock valued at $10,282,000 after buying an additional 141,347 shares in the last quarter. Finally, Summit Partners Public Asset Management LLC lifted its holdings in shares of ACV Auctions by 32.2% during the 4th quarter. Summit Partners Public Asset Management LLC now owns 2,052,026 shares of the company’s stock worth $44,324,000 after acquiring an additional 500,000 shares during the period. 88.55% of the stock is 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.