ACV Auctions Inc. (NASDAQ:ACVA) Receives $23.05 Average Price Target from Analysts

ACV Auctions Inc. (NASDAQ:ACVA) has been assigned an average rating of “Moderate Buy” from the eleven ratings firms that are currently covering the stock, Marketbeat.com reports. Three equities research analysts have rated the stock with a hold recommendation and eight have given a buy recommendation to the company. The average 1-year target price among brokerages that have covered the stock in the last year is $23.05.

Several research firms recently commented on ACVA. Stephens raised ACV Auctions to a “hold” rating in a research note on Saturday, February 1st. B. Riley increased their price objective on ACV Auctions from $24.00 to $27.00 and gave the company a “buy” rating in a research note on Tuesday, November 26th. Bank of America raised ACV Auctions from a “neutral” rating to a “buy” rating and cut their target price for the stock from $22.00 to $20.00 in a research note on Wednesday, March 12th. Needham & Company LLC reaffirmed a “buy” rating and issued a $25.00 target price on shares of ACV Auctions in a research note on Wednesday, March 12th. Finally, JMP Securities reaffirmed a “market outperform” rating and issued a $25.00 target price on shares of ACV Auctions in a research note on Monday, December 16th.

ACV Auctions Trading Up 2.2 %

Shares of NASDAQ:ACVA opened at $14.31 on Friday. ACV Auctions has a 1 year low of $12.77 and a 1 year high of $23.46. The firm has a market capitalization of $2.42 billion, a price-to-earnings ratio of -29.20 and a beta of 1.73. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.56 and a quick ratio of 1.56. The business’s 50 day moving average price is $19.25 and its 200-day moving average price is $19.84.

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

Insider Buying and Selling

In related news, CFO William Zerella sold 15,000 shares of the firm’s stock in a transaction dated Tuesday, January 7th. The stock was sold at an average price of $20.57, for a total transaction of $308,550.00. Following the completion of the sale, the chief financial officer now directly owns 462,452 shares of the company’s stock, valued at approximately $9,512,637.64. This trade represents a 3.14 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Michael Waterman sold 30,162 shares of the firm’s stock in a transaction dated Tuesday, January 7th. The shares were sold at an average price of $20.53, for a total value 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 ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 107,662 shares of company stock valued at $2,138,401. 8.50% of the stock is currently owned by insiders.

Hedge Funds Weigh In On ACV Auctions

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Vanguard Group Inc. boosted its holdings in ACV Auctions by 5.5% during the 4th quarter. Vanguard Group Inc. now owns 14,245,915 shares of the company’s stock valued at $307,712,000 after acquiring an additional 738,391 shares during the period. William Blair Investment Management LLC boosted its holdings in ACV Auctions by 43.2% during the 4th quarter. William Blair Investment Management LLC now owns 12,099,686 shares of the company’s stock valued at $261,353,000 after acquiring an additional 3,652,871 shares during the period. Massachusetts Financial Services Co. MA boosted its holdings in ACV Auctions by 11.6% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 8,655,640 shares of the company’s stock valued at $175,969,000 after acquiring an additional 897,477 shares during the period. Alliancebernstein L.P. boosted its stake in shares of ACV Auctions by 5.3% in the 4th quarter. Alliancebernstein L.P. now owns 5,622,255 shares of the company’s stock valued at $121,441,000 after buying an additional 284,880 shares during the period. Finally, Jennison Associates LLC boosted its stake in shares of ACV Auctions by 17.2% in the 4th quarter. Jennison Associates LLC now owns 4,980,354 shares of the company’s stock valued at $107,576,000 after buying an additional 732,422 shares during the period. 88.55% of the stock is currently owned by hedge funds and other 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.