JMP Securities Increases ACV Auctions (NASDAQ:ACVA) Price Target to $24.00

ACV Auctions (NASDAQ:ACVA) had its price objective raised by equities researchers at JMP Securities from $21.00 to $24.00 in a research report issued to clients and investors on Tuesday, Benzinga reports. The brokerage currently has a “market outperform” rating on the stock. JMP Securities’ price objective suggests a potential upside of 18.52% from the company’s current price.

A number of other research analysts have also recently weighed in on the stock. Needham & Company LLC reiterated a “buy” rating and set a $23.00 price objective on shares of ACV Auctions in a research report on Monday, June 3rd. JPMorgan Chase & Co. upgraded shares of ACV Auctions from a “neutral” rating to an “overweight” rating and set a $21.00 price target on the stock in a report on Monday, June 10th. Finally, Barrington Research reissued an “outperform” rating and issued a $23.00 price objective on shares of ACV Auctions in a research report on Friday, August 16th. One research analyst has rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat, ACV Auctions has a consensus rating of “Moderate Buy” and an average target price of $21.50.

ACV Auctions Stock Down 0.5 %

ACVA opened at $20.25 on Tuesday. The company has a market capitalization of $3.34 billion, a PE ratio of -42.19 and a beta of 1.55. The firm has a 50-day simple moving average of $18.20 and a two-hundred day simple moving average of $18.09. The company has a quick ratio of 1.49, a current ratio of 1.49 and a debt-to-equity ratio of 0.24. ACV Auctions has a 52 week low of $12.84 and a 52 week high of $20.82.

ACV Auctions (NASDAQ:ACVA) last issued its quarterly earnings data on Wednesday, August 7th. The company reported ($0.07) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.09) by $0.02. The business had revenue of $160.62 million for the quarter, compared to the consensus estimate of $156.33 million. ACV Auctions had a negative return on equity of 13.20% and a negative net margin of 14.53%. Analysts forecast that ACV Auctions will post -0.36 earnings per share for the current fiscal year.

Insider Activity at ACV Auctions

In other ACV Auctions news, insider Craig Eric Anderson sold 7,500 shares of the company’s stock in a transaction dated Tuesday, July 2nd. The shares were sold at an average price of $17.81, for a total value of $133,575.00. Following the transaction, the insider now directly owns 328,167 shares in the company, valued at approximately $5,844,654.27. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, insider Craig Eric Anderson sold 7,500 shares of the stock in a transaction that occurred on Tuesday, July 2nd. The stock was sold at an average price of $17.81, for a total value of $133,575.00. Following the transaction, the insider now owns 328,167 shares of the company’s stock, valued at $5,844,654.27. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, insider Michael Waterman sold 26,336 shares of the firm’s stock in a transaction on Tuesday, July 9th. The stock was sold at an average price of $17.51, for a total value of $461,143.36. Following the transaction, the insider now owns 366,710 shares in the company, valued at $6,421,092.10. The disclosure for this sale can be found here. Insiders sold 553,505 shares of company stock worth $10,366,467 in the last 90 days. 8.50% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the business. Charles Schwab Investment Management Inc. lifted its holdings in ACV Auctions by 1.8% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,044,415 shares of the company’s stock worth $15,823,000 after buying an additional 18,626 shares during the period. Dimensional Fund Advisors LP boosted its position in ACV Auctions by 21.7% during the fourth quarter. Dimensional Fund Advisors LP now owns 1,846,726 shares of the company’s stock valued at $27,979,000 after purchasing an additional 329,854 shares in the last quarter. FineMark National Bank & Trust purchased a new position in ACV Auctions in the fourth quarter valued at about $381,000. Axiom Investors LLC DE raised its holdings in ACV Auctions by 172.5% in the fourth quarter. Axiom Investors LLC DE now owns 364,280 shares of the company’s stock worth $5,519,000 after purchasing an additional 230,580 shares in the last quarter. Finally, Greycroft LP lifted its position in shares of ACV Auctions by 117.1% during the fourth quarter. Greycroft LP now owns 33,000 shares of the company’s stock valued at $500,000 after buying an additional 17,802 shares during the last quarter. Hedge funds and other institutional investors own 88.55% of the company’s stock.

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.