Needham & Company LLC Cuts ACV Auctions (NASDAQ:ACVA) Price Target to $25.00

ACV Auctions (NASDAQ:ACVA) had its price objective cut by Needham & Company LLC from $28.00 to $25.00 in a research note issued to investors on Thursday morning,Benzinga reports. They currently have a buy rating on the stock.

ACVA has been the subject of a number of other research reports. B. Riley boosted their price objective on shares of ACV Auctions from $24.00 to $27.00 and gave the stock a “buy” rating in a research note on Tuesday, November 26th. JMP Securities reissued a “market outperform” rating and issued a $25.00 price objective on shares of ACV Auctions in a research note on Monday, December 16th. Barrington Research reissued an “outperform” rating and issued a $23.00 price objective on shares of ACV Auctions in a research note on Monday, November 4th. Stephens raised shares of ACV Auctions to a “hold” rating in a research note on Saturday, February 1st. Finally, Citigroup boosted their price objective on shares of ACV Auctions from $22.00 to $27.00 and gave the stock a “buy” rating in a research note on Wednesday, November 27th. Three analysts have rated the stock with a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $23.35.

ACV Auctions Stock Down 5.2 %

Shares of NASDAQ ACVA opened at $17.63 on Thursday. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.51 and a current ratio of 1.56. The firm has a market capitalization of $2.96 billion, a price-to-earnings ratio of -35.98 and a beta of 1.69. The stock has a 50 day moving average price of $21.17 and a 200 day moving average price of $20.17. ACV Auctions has a 52-week low of $14.76 and a 52-week high of $23.46.

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

Insider Activity at ACV Auctions

In related news, insider Michael Waterman sold 15,000 shares of the company’s stock in a transaction on Tuesday, February 4th. The stock was sold at an average price of $20.27, for a total value of $304,050.00. Following the transaction, the insider now directly owns 311,354 shares of the company’s stock, valued at $6,311,145.58. This represents a 4.60 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO William Zerella sold 32,500 shares of the company’s stock in a transaction on Tuesday, November 26th. The shares were sold at an average price of $22.41, for a total value of $728,325.00. Following the completion of the transaction, the chief financial officer now directly owns 490,482 shares in the company, valued at approximately $10,991,701.62. The trade was a 6.21 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 125,162 shares of company stock valued at $2,663,776 in the last ninety days. Company insiders own 8.50% of the company’s stock.

Institutional Investors Weigh In On ACV Auctions

Hedge funds have recently added to or reduced their stakes in the business. Moody National Bank Trust Division boosted 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 purchasing an additional 31,094 shares during the last quarter. Quadrature Capital Ltd purchased a new stake in ACV Auctions in the third quarter valued at $566,000. TimesSquare Capital Management LLC boosted 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 purchasing an additional 118,421 shares during the last quarter. JPMorgan Chase & Co. boosted its holdings in 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, Quantbot Technologies LP purchased a new stake in ACV Auctions in the third quarter valued at $2,035,000. 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.