Piper Sandler Upgrades ACV Auctions (NASDAQ:ACVA) to “Overweight”

ACV Auctions (NASDAQ:ACVA) was upgraded by stock analysts at Piper Sandler from a “neutral” rating to an “overweight” rating in a research report issued on Thursday, Marketbeat reports. The brokerage presently has a $20.00 target price on the stock, up from their previous target price of $18.00. Piper Sandler’s price target points to a potential upside of 30.63% from the company’s current price.

Several other analysts also recently weighed in on the stock. B. Riley lifted their target price 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. Needham & Company LLC reaffirmed a “buy” rating and issued a $25.00 target price on shares of ACV Auctions in a report on Wednesday, March 12th. Bank of America raised shares of ACV Auctions from a “neutral” rating to a “buy” rating and lowered their target price for the company from $22.00 to $20.00 in a report on Wednesday, March 12th. JMP Securities reaffirmed a “market outperform” rating and issued a $25.00 target price on shares of ACV Auctions in a report on Monday, December 16th. Finally, Citigroup lifted their target price on shares of ACV Auctions from $22.00 to $27.00 and gave the company a “buy” rating in a report on Wednesday, November 27th. Two equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $23.23.

ACV Auctions Trading Down 2.4 %

NASDAQ ACVA opened at $15.31 on Thursday. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.56 and a current ratio of 1.56. The firm has a market cap of $2.58 billion, a PE ratio of -31.24 and a beta of 1.73. ACV Auctions has a one year low of $12.77 and a one year high of $23.46. The firm’s fifty day moving average is $18.65 and its two-hundred day moving average is $19.70.

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

Insider Buying and Selling

In other ACV Auctions news, CFO William Zerella sold 32,500 shares of ACV Auctions stock in a transaction dated Monday, December 30th. The shares were sold at an average price of $21.65, for a total transaction of $703,625.00. Following the completion of the transaction, the chief financial officer now owns 490,482 shares in the company, valued at approximately $10,618,935.30. The trade was a 6.21 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO George Chamoun sold 348,249 shares of the stock in a transaction that occurred on Thursday, March 20th. The shares were sold at an average price of $15.34, for a total transaction of $5,342,139.66. Following the completion of the sale, the chief executive officer now owns 2,821,193 shares in the company, valued at $43,277,100.62. This represents a 10.99 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 455,911 shares of company stock valued at $7,480,541. Corporate insiders own 8.50% of the company’s stock.

Institutional Trading of ACV Auctions

Several large investors have recently modified their holdings of the business. Blue Trust Inc. grew its position in shares of ACV Auctions by 65.8% in the fourth quarter. Blue Trust Inc. now owns 2,352 shares of the company’s stock valued at $48,000 after purchasing an additional 933 shares during the last quarter. Icon Wealth Advisors LLC grew its position in shares of ACV Auctions by 13.5% in the third quarter. Icon Wealth Advisors LLC now owns 11,048 shares of the company’s stock valued at $225,000 after purchasing an additional 1,317 shares during the last quarter. Arizona State Retirement System grew its position in shares of ACV Auctions by 3.6% in the fourth quarter. Arizona State Retirement System now owns 44,126 shares of the company’s stock valued at $953,000 after purchasing an additional 1,520 shares during the last quarter. California State Teachers Retirement System grew its position in shares of ACV Auctions by 1.4% in the fourth quarter. California State Teachers Retirement System now owns 141,873 shares of the company’s stock valued at $3,064,000 after purchasing an additional 1,906 shares during the last quarter. Finally, Franklin Resources Inc. grew its position in shares of ACV Auctions by 5.3% in the third quarter. Franklin Resources Inc. now owns 40,935 shares of the company’s stock valued at $768,000 after purchasing an additional 2,057 shares during the last quarter. 88.55% of the stock is currently owned by institutional investors and hedge funds.

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.