ACV Auctions Inc. (NASDAQ:ACVA) Given Consensus Rating of “Moderate Buy” by Brokerages

Shares of ACV Auctions Inc. (NASDAQ:ACVA) have received a consensus rating of “Moderate Buy” from the six ratings firms that are presently covering the firm, Marketbeat Ratings reports. One equities research analyst has rated the stock with a hold recommendation and five have given a buy recommendation to the company. The average 1-year target price among analysts that have updated their coverage on the stock in the last year is $21.50.

A number of research analysts have weighed in on ACVA shares. Barrington Research reaffirmed an “outperform” rating and issued a $23.00 price objective on shares of ACV Auctions in a report on Friday, August 16th. Needham & Company LLC reaffirmed a “buy” rating and issued a $23.00 price target on shares of ACV Auctions in a report on Monday, June 3rd. JPMorgan Chase & Co. raised ACV Auctions from a “neutral” rating to an “overweight” rating and set a $21.00 price objective on the stock in a report on Monday, June 10th. Finally, JMP Securities upped their target price on ACV Auctions from $21.00 to $24.00 and gave the stock a “market outperform” rating in a research note on Tuesday.

Insider Activity

In other news, CEO George Chamoun sold 111,363 shares of the company’s stock in a transaction on Tuesday, September 17th. The shares were sold at an average price of $20.27, for a total transaction of $2,257,328.01. Following the completion of the sale, the chief executive officer now owns 928,166 shares of the company’s stock, valued at $18,813,924.82. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In other ACV Auctions news, CEO George Chamoun sold 111,363 shares of the firm’s stock in a transaction that occurred on Tuesday, September 17th. The shares were sold at an average price of $20.27, for a total value of $2,257,328.01. Following the transaction, the chief executive officer now directly owns 928,166 shares of the company’s stock, valued at approximately $18,813,924.82. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Craig Eric Anderson sold 7,500 shares of the company’s stock in a transaction that occurred on Tuesday, July 2nd. The shares were sold at an average price of $17.81, for a total value of $133,575.00. Following the completion of the sale, the insider now owns 328,167 shares of the company’s stock, valued at $5,844,654.27. The disclosure for this sale can be found here. Insiders have sold a total of 739,868 shares of company stock worth $14,141,795 over the last quarter. 8.50% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On ACV Auctions

A number of hedge funds have recently modified their holdings of the company. Dimensional Fund Advisors LP raised its stake in ACV Auctions by 21.7% during the fourth quarter. Dimensional Fund Advisors LP now owns 1,846,726 shares of the company’s stock worth $27,979,000 after purchasing an additional 329,854 shares during the period. Comerica Bank lifted its holdings in ACV Auctions by 5,045.7% in the first quarter. Comerica Bank now owns 63,550 shares of the company’s stock valued at $1,193,000 after acquiring an additional 62,315 shares during the last quarter. Jennison Associates LLC grew its position in ACV Auctions by 11.0% in the first quarter. Jennison Associates LLC now owns 3,954,432 shares of the company’s stock worth $74,225,000 after acquiring an additional 393,423 shares during the period. Congress Asset Management Co. MA increased its stake in ACV Auctions by 21.8% during the first quarter. Congress Asset Management Co. MA now owns 482,881 shares of the company’s stock worth $9,064,000 after acquiring an additional 86,525 shares during the last quarter. Finally, William Blair Investment Management LLC increased its stake 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 acquiring an additional 198,228 shares during the last quarter. Hedge funds and other institutional investors own 88.55% of the company’s stock.

ACV Auctions Trading Up 2.1 %

Shares of NASDAQ ACVA opened at $20.67 on Friday. The business has a fifty day moving average price of $18.20 and a 200 day moving average price of $18.09. ACV Auctions has a 1-year low of $12.84 and a 1-year high of $21.01. The company has a debt-to-equity ratio of 0.24, a current ratio of 1.49 and a quick ratio of 1.49. The stock has a market capitalization of $3.41 billion, a P/E ratio of -43.06 and a beta of 1.55.

ACV Auctions (NASDAQ:ACVA) last issued its quarterly earnings data on Wednesday, August 7th. The company reported ($0.07) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.09) by $0.02. The business had revenue of $160.62 million during the quarter, compared to analysts’ expectations of $156.33 million. ACV Auctions had a negative return on equity of 13.20% and a negative net margin of 14.53%. Equities research analysts expect that ACV Auctions will post -0.36 EPS for the current fiscal 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.