ACV Auctions Inc. (NASDAQ:ACVA) Receives $23.05 Average PT from Analysts

ACV Auctions Inc. (NASDAQ:ACVA) has received an average rating of “Moderate Buy” from the eleven analysts that are covering the firm, MarketBeat Ratings reports. Two equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the company. The average twelve-month price objective among brokerages that have issued a report on the stock in the last year is $23.23.

ACVA has been the subject of several recent research reports. JMP Securities reissued a “market outperform” rating and issued a $25.00 price target on shares of ACV Auctions in a research report on Monday, December 16th. Piper Sandler raised shares of ACV Auctions from a “neutral” rating to an “overweight” rating and lifted their price objective for the stock from $18.00 to $20.00 in a research report on Thursday. Needham & Company LLC reaffirmed a “buy” rating and set a $25.00 price objective on shares of ACV Auctions in a research report on Wednesday, March 12th. B. Riley lifted their price objective on shares of ACV Auctions from $24.00 to $27.00 and gave the stock a “buy” rating in a research report on Tuesday, November 26th. Finally, Bank of America raised shares of ACV Auctions from a “neutral” rating to a “buy” rating and decreased their price objective for the stock from $22.00 to $20.00 in a research report on Wednesday, March 12th.

ACV Auctions Stock Up 7.4 %

ACV Auctions stock opened at $15.69 on Friday. ACV Auctions has a fifty-two week low of $12.77 and a fifty-two week high of $23.46. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.56 and a current ratio of 1.56. The firm has a 50 day moving average price of $18.76 and a 200 day moving average price of $19.72. The company has a market capitalization of $2.65 billion, a PE ratio of -32.02 and a beta of 1.73.

ACV Auctions (NASDAQ:ACVA) last issued its quarterly earnings results on Wednesday, February 19th. The company reported ($0.14) EPS for the quarter, beating the consensus estimate of ($0.15) by $0.01. ACV Auctions had a negative net margin of 12.51% and a negative return on equity of 12.94%. The company had revenue of $159.51 million during the quarter, compared to analysts’ expectations of $156.77 million. Research analysts expect that ACV Auctions will post -0.07 earnings per share for the current year.

Insider Activity at ACV Auctions

In other ACV Auctions news, insider Michael Waterman sold 30,162 shares of ACV Auctions stock in a transaction on Tuesday, January 7th. The shares were sold at an average price of $20.53, for a total value of $619,225.86. Following the transaction, the insider now directly owns 314,738 shares in the company, valued at approximately $6,461,571.14. The trade was a 8.75 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO William Zerella sold 15,000 shares of ACV Auctions stock in a transaction on Tuesday, January 7th. The shares were sold at an average price of $20.57, for a total transaction of $308,550.00. Following the completion of the transaction, the chief financial officer now owns 462,452 shares in the company, valued at approximately $9,512,637.64. This represents a 3.14 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 107,662 shares of company stock valued at $2,138,401 over the last ninety days. Insiders own 8.50% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in the company. Moody National Bank Trust Division increased its holdings in ACV Auctions by 64.6% in the fourth quarter. Moody National Bank Trust Division now owns 79,199 shares of the company’s stock valued at $1,711,000 after buying an additional 31,094 shares in the last quarter. Quadrature Capital Ltd purchased a new position in ACV Auctions in the third quarter valued at about $566,000. TimesSquare Capital Management LLC increased its holdings in ACV Auctions by 6.7% in the fourth quarter. TimesSquare Capital Management LLC now owns 1,891,627 shares of the company’s stock valued at $40,859,000 after buying an additional 118,421 shares in the last quarter. JPMorgan Chase & Co. grew its position in shares of ACV Auctions by 10.9% in the third quarter. JPMorgan Chase & Co. now owns 3,167,615 shares of the company’s stock valued at $64,398,000 after purchasing an additional 311,465 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. grew its position in shares of ACV Auctions by 3.9% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,289,362 shares of the company’s stock valued at $27,850,000 after purchasing an additional 48,021 shares during the last quarter. 88.55% of the stock is owned by hedge funds and other institutional investors.

ACV Auctions Company Profile

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.