ACV Auctions (NASDAQ:ACVA) Earns “Outperform” Rating from Barrington Research

Barrington Research reiterated their outperform rating on shares of ACV Auctions (NASDAQ:ACVA) in a report issued on Monday, Benzinga reports. They currently have a $23.00 target price on the stock.

ACVA has been the topic of a number of other reports. Piper Sandler raised their target price on shares of ACV Auctions from $15.00 to $16.00 and gave the stock a neutral rating in a research report on Thursday, May 9th. JPMorgan Chase & Co. raised shares of ACV Auctions from a neutral rating to an overweight rating and set a $21.00 price objective on the stock in a research report on Monday, June 10th. Needham & Company LLC reaffirmed a buy rating and issued a $23.00 target price on shares of ACV Auctions in a report on Monday, June 3rd. Finally, JMP Securities reissued a market outperform rating and set a $21.00 price target on shares of ACV Auctions in a report on Wednesday, July 10th. One analyst has rated the stock with a hold rating and six have issued a buy rating to the stock. According to MarketBeat, the company has an average rating of Moderate Buy and an average target price of $21.00.

ACV Auctions Stock Up 21.7 %

ACVA opened at $18.05 on Monday. ACV Auctions has a one year low of $12.84 and a one year high of $19.63. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.62 and a current ratio of 1.62. The stock has a market capitalization of $2.98 billion, a P/E ratio of -37.60 and a beta of 1.54. The business’s 50-day simple moving average is $17.63 and its 200-day simple moving average is $17.23.

ACV Auctions (NASDAQ:ACVA) last released its quarterly earnings results on Wednesday, May 8th. The company reported ($0.09) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.08) by ($0.01). ACV Auctions had a negative return on equity of 13.50% and a negative net margin of 15.28%. The firm had revenue of $145.69 million for the quarter, compared to analysts’ expectations of $144.14 million. Analysts anticipate that ACV Auctions will post -0.37 EPS for the current year.

Insider Transactions at ACV Auctions

In related news, insider Michael Waterman sold 46,126 shares of the firm’s stock in a transaction dated Wednesday, May 29th. The shares were sold at an average price of $18.00, for a total value of $830,268.00. Following the completion of the sale, the insider now owns 335,672 shares in the company, valued at $6,042,096. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. In other news, CFO William Zerella sold 276,900 shares of the company’s stock in a transaction on Tuesday, June 11th. The shares were sold at an average price of $18.13, for a total transaction of $5,020,197.00. Following the transaction, the chief financial officer now directly owns 515,671 shares of the company’s stock, valued at approximately $9,349,115.23. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Michael Waterman sold 46,126 shares of the firm’s stock in a transaction dated Wednesday, May 29th. The shares were sold at an average price of $18.00, for a total transaction of $830,268.00. Following the completion of the sale, the insider now owns 335,672 shares of the company’s stock, valued at approximately $6,042,096. The disclosure for this sale can be found here. Insiders have sold a total of 711,869 shares of company stock worth $12,671,967 over the last ninety days. 8.50% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in ACVA. Oppenheimer Asset Management Inc. boosted its stake in shares of ACV Auctions by 24.2% during the 2nd quarter. Oppenheimer Asset Management Inc. now owns 138,981 shares of the company’s stock worth $2,536,000 after acquiring an additional 27,091 shares in the last quarter. William Blair Investment Management LLC raised its holdings in ACV Auctions by 4.1% during the second quarter. William Blair Investment Management LLC now owns 5,013,642 shares of the company’s stock worth $91,499,000 after purchasing an additional 198,228 shares during the last quarter. Arizona State Retirement System raised its holdings in ACV Auctions by 10.4% during the second quarter. Arizona State Retirement System now owns 41,303 shares of the company’s stock worth $754,000 after purchasing an additional 3,881 shares during the last quarter. Rhumbline Advisers boosted its position in ACV Auctions by 17.0% during the second quarter. Rhumbline Advisers now owns 209,976 shares of the company’s stock worth $3,832,000 after purchasing an additional 30,450 shares in the last quarter. Finally, Principal Financial Group Inc. grew its holdings in ACV Auctions by 33.1% in the second quarter. Principal Financial Group Inc. now owns 61,903 shares of the company’s stock valued at $1,130,000 after purchasing an additional 15,390 shares during the last quarter. 88.55% of the stock is currently owned by institutional investors and hedge funds.

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.