JPMorgan Chase & Co. Cuts ACV Auctions (NASDAQ:ACVA) Price Target to $20.00

ACV Auctions (NASDAQ:ACVA) had its price objective trimmed by JPMorgan Chase & Co. from $24.00 to $20.00 in a report published on Thursday morning,Benzinga reports. The firm currently has an overweight rating on the stock.

ACVA has been the topic of several other research reports. JMP Securities restated a “market outperform” rating and set a $25.00 price objective on shares of ACV Auctions in a report on Monday, December 16th. Bank of America upgraded ACV Auctions from a “neutral” rating to a “buy” rating and lowered their price target for the company from $22.00 to $20.00 in a report on Wednesday, March 12th. Citigroup increased their price objective on shares of ACV Auctions from $22.00 to $27.00 and gave the stock a “buy” rating in a report on Wednesday, November 27th. Needham & Company LLC restated a “buy” rating and issued a $25.00 target price on shares of ACV Auctions in a report on Wednesday, March 12th. Finally, Piper Sandler raised shares of ACV Auctions from a “neutral” rating to an “overweight” rating and increased their price target for the stock from $18.00 to $20.00 in a research note on Thursday, March 20th. Two investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. According to MarketBeat, ACV Auctions currently has a consensus rating of “Moderate Buy” and a consensus target price of $23.14.

ACV Auctions Price Performance

ACV Auctions stock opened at $14.11 on Thursday. The firm has a market capitalization of $2.38 billion, a PE ratio of -28.80 and a beta of 1.73. ACV Auctions has a 52 week low of $12.77 and a 52 week high of $23.46. The firm’s 50-day simple moving average is $18.06 and its 200 day simple moving average is $19.59. The company has a quick ratio of 1.56, a current ratio of 1.56 and a debt-to-equity ratio of 0.28.

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

Insider Transactions at ACV Auctions

In other news, CEO George Chamoun sold 348,249 shares of ACV Auctions stock in a transaction dated Thursday, March 20th. The stock was sold at an average price of $15.34, for a total transaction of $5,342,139.66. Following the sale, the chief executive officer now directly owns 2,821,193 shares of the company’s stock, valued at approximately $43,277,100.62. The trade was a 10.99 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO William Zerella sold 32,500 shares of the stock in a transaction dated 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 $10,618,935.30. This represents a 6.21 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 455,911 shares of company stock valued at $7,480,541. Corporate insiders own 8.50% of the company’s stock.

Hedge Funds Weigh In On ACV Auctions

A number of institutional investors have recently made changes to their positions in the business. Raymond James Financial Inc. acquired a new stake in shares of ACV Auctions during the fourth quarter worth approximately $4,704,000. Intech Investment Management LLC grew its holdings in ACV Auctions by 55.7% during the 4th quarter. Intech Investment Management LLC now owns 62,395 shares of the company’s stock worth $1,348,000 after acquiring an additional 22,310 shares in the last quarter. Moody National Bank Trust Division increased its position in shares of ACV Auctions by 64.6% in the 4th quarter. Moody National Bank Trust Division now owns 79,199 shares of the company’s stock worth $1,711,000 after purchasing an additional 31,094 shares during the last quarter. Quadrature Capital Ltd acquired a new stake in shares of ACV Auctions in the 3rd quarter valued at about $566,000. Finally, Charles Schwab Investment Management Inc. lifted its position in shares of ACV Auctions by 3.9% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,289,362 shares of the company’s stock worth $27,850,000 after purchasing an additional 48,021 shares during the last quarter. 88.55% of the stock is owned by institutional investors and hedge funds.

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.