ACV Auctions (NASDAQ:ACVA) Sets New 12-Month High Following Analyst Upgrade

ACV Auctions Inc. (NASDAQ:ACVA)’s share price reached a new 52-week high during trading on Wednesday after JMP Securities raised their price target on the stock from $21.00 to $24.00. JMP Securities currently has a market outperform rating on the stock. ACV Auctions traded as high as $20.82 and last traded at $20.24, with a volume of 879418 shares changing hands. The stock had previously closed at $20.35.

Several other equities research analysts have also commented on the stock. JPMorgan Chase & Co. raised shares of ACV Auctions from a “neutral” rating to an “overweight” rating and set a $21.00 price target for the company in a research report on Monday, June 10th. Needham & Company LLC reaffirmed a “buy” rating and set a $23.00 target price on shares of ACV Auctions in a report on Monday, June 3rd. Finally, Barrington Research reiterated an “outperform” rating and issued a $23.00 price target on shares of ACV Auctions in a research report on Friday, August 16th. One analyst has rated the stock with a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $21.50.

Insiders Place Their Bets

In other ACV Auctions news, insider Craig Eric Anderson sold 7,500 shares of the stock in a transaction on Thursday, September 12th. The stock was sold at an average price of $20.00, for a total value of $150,000.00. Following the completion of the sale, the insider now owns 328,167 shares in the company, valued at approximately $6,563,340. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In related news, COO Vikas Mehta sold 154,324 shares of the company’s stock in a transaction on Tuesday, September 10th. The shares were sold at an average price of $19.19, for a total transaction of $2,961,477.56. Following the completion of the transaction, the chief operating officer now owns 432,457 shares in the company, valued at $8,298,849.83. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Craig Eric Anderson sold 7,500 shares of ACV Auctions stock in a transaction on Thursday, September 12th. The shares were sold at an average price of $20.00, for a total transaction of $150,000.00. Following the completion of the sale, the insider now owns 328,167 shares in the company, valued at $6,563,340. The disclosure for this sale can be found here. Insiders sold a total of 608,129 shares of company stock worth $11,126,042 over the last three months. 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 the stock. Algert Global LLC bought a new stake in shares of ACV Auctions in the second quarter worth about $271,000. Driehaus Capital Management LLC increased its stake in ACV Auctions by 48.0% in the 2nd quarter. Driehaus Capital Management LLC now owns 1,232,238 shares of the company’s stock worth $22,488,000 after acquiring an additional 399,402 shares during the last quarter. The Manufacturers Life Insurance Company raised its holdings in shares of ACV Auctions by 16.0% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 82,542 shares of the company’s stock worth $1,506,000 after acquiring an additional 11,380 shares in the last quarter. Engle Capital Management L.P. boosted its position in shares of ACV Auctions by 11.6% during the 2nd quarter. Engle Capital Management L.P. now owns 1,563,000 shares of the company’s stock valued at $28,525,000 after acquiring an additional 163,000 shares during the last quarter. Finally, Sei Investments Co. grew its holdings in shares of ACV Auctions by 13.0% in the second quarter. Sei Investments Co. now owns 357,437 shares of the company’s stock valued at $6,523,000 after purchasing an additional 41,090 shares in the last quarter. Institutional investors own 88.55% of the company’s stock.

ACV Auctions Price Performance

The company has a market cap of $3.38 billion, a P/E ratio of -42.27 and a beta of 1.55. The firm’s 50-day moving average is $18.13 and its two-hundred day moving average is $18.08. The company has a debt-to-equity ratio of 0.24, a current ratio of 1.49 and a quick ratio of 1.49.

ACV Auctions (NASDAQ:ACVA) last posted its earnings results on Wednesday, August 7th. The company reported ($0.07) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.09) by $0.02. ACV Auctions had a negative net margin of 14.53% and a negative return on equity of 13.20%. The firm had revenue of $160.62 million for the quarter, compared to the consensus estimate of $156.33 million. Analysts anticipate that ACV Auctions Inc. will post -0.36 earnings per share for the current year.

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.