Brokerages Set ACV Auctions Inc. (NASDAQ:ACVA) Price Target at $11.85

Shares of ACV Auctions Inc. (NASDAQ:ACVA) have been given an average rating of “Hold” by the eleven analysts that are currently covering the stock, Marketbeat.com reports. One analyst has rated the stock with a sell recommendation, four have issued a hold recommendation and six have given a buy recommendation to the company. The average 1-year price objective among brokerages that have updated their coverage on the stock in the last year is $11.85.

A number of research firms recently weighed in on ACVA. JPMorgan Chase & Co. dropped their price target on ACV Auctions from $18.00 to $11.00 and set an “overweight” rating for the company in a report on Thursday, November 6th. Barrington Research cut ACV Auctions from an “outperform” rating to a “market perform” rating in a report on Thursday, November 6th. Citigroup decreased their price objective on shares of ACV Auctions from $17.00 to $13.00 and set a “buy” rating on the stock in a report on Friday, November 21st. Barclays upped their target price on shares of ACV Auctions to $8.00 and gave the stock an “equal weight” rating in a research report on Wednesday, January 21st. Finally, Jefferies Financial Group lowered shares of ACV Auctions from a “buy” rating to a “hold” rating and set a $9.00 price target for the company. in a report on Thursday, December 11th.

Insider Activity

In other news, Director Brian Hirsch purchased 80,571 shares of the business’s stock in a transaction dated Friday, November 14th. The shares were acquired at an average price of $6.21 per share, with a total value of $500,345.91. Following the completion of the purchase, the director directly owned 99,678 shares of the company’s stock, valued at $619,000.38. The trade was a 421.68% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Robert P. Goodman acquired 912,408 shares of the stock in a transaction that occurred on Monday, November 10th. The stock was purchased at an average price of $5.61 per share, with a total value of $5,118,608.88. Following the completion of the transaction, the director owned 912,408 shares of the company’s stock, valued at approximately $5,118,608.88. This trade represents a ∞ increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Insiders have bought 1,038,437 shares of company stock valued at $5,993,255 over the last 90 days. 2.90% of the stock is owned by company insiders.

Hedge Funds Weigh In On ACV Auctions

A number of hedge funds and other institutional investors have recently bought and sold shares of ACVA. Fifth Third Bancorp raised its position in shares of ACV Auctions by 72.4% during the 4th quarter. Fifth Third Bancorp now owns 3,383 shares of the company’s stock valued at $27,000 after acquiring an additional 1,421 shares during the last quarter. Aster Capital Management DIFC Ltd boosted its position in shares of ACV Auctions by 298.4% in the 3rd quarter. Aster Capital Management DIFC Ltd now owns 3,323 shares of the company’s stock worth $33,000 after purchasing an additional 2,489 shares during the last quarter. Farther Finance Advisors LLC grew its stake in shares of ACV Auctions by 12,979.5% during the fourth quarter. Farther Finance Advisors LLC now owns 5,755 shares of the company’s stock worth $46,000 after purchasing an additional 5,711 shares during the period. Covestor Ltd increased its holdings in ACV Auctions by 39.9% in the third quarter. Covestor Ltd now owns 5,785 shares of the company’s stock valued at $57,000 after purchasing an additional 1,649 shares during the last quarter. Finally, CWM LLC increased its holdings in ACV Auctions by 77.4% in the second quarter. CWM LLC now owns 4,642 shares of the company’s stock valued at $75,000 after purchasing an additional 2,026 shares during the last quarter. 88.55% of the stock is owned by institutional investors.

ACV Auctions Trading Up 0.9%

Shares of ACVA stock opened at $7.54 on Monday. The company has a market capitalization of $1.30 billion, a P/E ratio of -15.39 and a beta of 1.63. ACV Auctions has a 12-month low of $4.95 and a 12-month high of $22.09. The company has a quick ratio of 1.56, a current ratio of 1.56 and a debt-to-equity ratio of 0.28. The firm has a 50-day moving average price of $8.19 and a 200 day moving average price of $9.54.

ACV Auctions (NASDAQ:ACVA) last posted its quarterly earnings data on Wednesday, November 5th. The company reported $0.07 earnings per share for the quarter, hitting the consensus estimate of $0.07. The company had revenue of $199.56 million during the quarter, compared to analyst estimates of $200.26 million. ACV Auctions had a negative net margin of 12.51% and a negative return on equity of 12.94%. The company’s revenue was up 16.5% on a year-over-year basis. During the same quarter last year, the business posted $0.04 earnings per share. Research analysts forecast that ACV Auctions will post -0.07 earnings per share for the current fiscal year.

ACV Auctions Company Profile

ACV Auctions operates a digital marketplace that connects automotive dealers through a mobile-first platform for wholesale vehicle auctions. The company’s software enables dealers to list, inspect and bid on used vehicles in real time, leveraging smartphone-based condition reporting, high-resolution imagery and data analytics to streamline the buying and selling process. ACV Auctions also offers subscription-based access to its auction platform, supplemental reconditioning services and financing tools designed to help dealers optimize inventory turn and reduce risk.

Since its founding in 2014, ACV Auctions has expanded its technology offerings beyond core auction services to include dealer management integrations, transportation logistics coordination and title management solutions.