ACV Auctions (NASDAQ:ACVA) Upgraded at Bank of America

Bank of America upgraded shares of ACV Auctions (NASDAQ:ACVA) from a neutral rating to a buy rating in a report released on Wednesday, MarketBeat Ratings reports. Bank of America currently has $20.00 price target on the stock, down from their prior price target of $22.00.

Several other equities research analysts have also recently commented on the company. JMP Securities reaffirmed a “market outperform” rating and set a $25.00 target price on shares of ACV Auctions in a research note on Monday, December 16th. Citigroup raised their price objective on shares of ACV Auctions from $22.00 to $27.00 and gave the stock a “buy” rating in a research report on Wednesday, November 27th. Needham & Company LLC dropped their target price on shares of ACV Auctions from $28.00 to $25.00 and set a “buy” rating on the stock in a research report on Thursday, February 20th. Stephens upgraded shares of ACV Auctions to a “hold” rating in a report on Saturday, February 1st. Finally, B. Riley upped their price objective on shares of ACV Auctions from $24.00 to $27.00 and gave the company a “buy” rating in a report on Tuesday, November 26th. Three research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $23.05.

ACV Auctions Stock Performance

NASDAQ:ACVA opened at $14.31 on Wednesday. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.56 and a current ratio of 1.56. ACV Auctions has a fifty-two week low of $12.77 and a fifty-two week high of $23.46. The company has a 50 day simple moving average of $19.25 and a two-hundred day simple moving average of $19.82. The company has a market capitalization of $2.42 billion, a PE ratio of -29.20 and a beta of 1.73.

ACV Auctions (NASDAQ:ACVA) last posted its quarterly earnings data on Wednesday, February 19th. The company reported ($0.14) earnings per share for the quarter, topping the consensus estimate of ($0.15) by $0.01. The company had revenue of $159.51 million during the quarter, compared to analysts’ expectations of $156.77 million. ACV Auctions had a negative net margin of 12.51% and a negative return on equity of 12.94%. Research analysts anticipate that ACV Auctions will post -0.07 earnings per share for the current year.

Insider Activity

In other ACV Auctions news, insider Michael Waterman sold 30,162 shares of ACV Auctions stock in a transaction that occurred on Tuesday, January 7th. The shares were sold at an average price of $20.53, for a total transaction of $619,225.86. Following the transaction, the insider now owns 314,738 shares of the company’s stock, valued at $6,461,571.14. This trade represents a 8.75 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO William Zerella sold 32,500 shares of the company’s stock in a transaction that occurred on Monday, December 30th. The shares were sold at an average price of $21.65, for a total value of $703,625.00. Following the completion of the transaction, the chief financial officer now directly owns 490,482 shares of the company’s stock, valued at approximately $10,618,935.30. This represents a 6.21 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 107,662 shares of company stock worth $2,138,401 over the last 90 days. 8.50% of the stock is currently owned by corporate insiders.

Institutional Trading of ACV Auctions

Hedge funds have recently bought and sold shares of the business. Principal Financial Group Inc. increased its position in shares of ACV Auctions by 4.9% during the 3rd quarter. Principal Financial Group Inc. now owns 64,925 shares of the company’s stock valued at $1,320,000 after purchasing an additional 3,022 shares during the last quarter. Verdence Capital Advisors LLC bought a new position in ACV Auctions during the third quarter valued at about $206,000. Los Angeles Capital Management LLC increased its holdings in ACV Auctions by 6.6% during the third quarter. Los Angeles Capital Management LLC now owns 26,958 shares of the company’s stock worth $548,000 after buying an additional 1,670 shares during the last quarter. GSA Capital Partners LLP bought a new stake in ACV Auctions in the third quarter worth about $562,000. Finally, Aigen Investment Management LP purchased a new position in ACV Auctions in the third quarter valued at about $287,000. 88.55% of the stock is currently owned by institutional investors.

About ACV Auctions

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.