ACV Auctions Inc. (NASDAQ:ACVA) Given Average Recommendation of “Moderate Buy” by Analysts

Shares of ACV Auctions Inc. (NASDAQ:ACVA) have been given a consensus recommendation of “Moderate Buy” by the eleven analysts that are currently covering the stock, MarketBeat reports. Two investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. The average 12-month price target among brokerages that have covered the stock in the last year is $20.21.

Several research analysts have commented on the stock. JMP Securities restated a “market outperform” rating and issued a $19.00 target price on shares of ACV Auctions in a research report on Wednesday, April 17th. Northcoast Research upgraded shares of ACV Auctions from a “neutral” rating to a “buy” rating and set a $22.00 price objective for the company in a report on Wednesday, January 10th. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $23.00 price objective on shares of ACV Auctions in a report on Thursday, February 22nd.

ACV Auctions Stock Performance

Shares of ACV Auctions stock opened at $17.50 on Tuesday. The firm has a market cap of $2.87 billion, a PE ratio of -38.04 and a beta of 1.57. The firm’s 50-day simple moving average is $17.44 and its 200-day simple moving average is $15.49. The company has a debt-to-equity ratio of 0.25, a quick ratio of 2.12 and a current ratio of 2.12. ACV Auctions has a 1 year low of $11.78 and a 1 year high of $19.54.

ACV Auctions (NASDAQ:ACVA) last announced its quarterly earnings data on Wednesday, February 21st. The company reported ($0.12) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.13) by $0.01. ACV Auctions had a negative net margin of 15.64% and a negative return on equity of 13.97%. The business had revenue of $118.38 million during the quarter, compared to the consensus estimate of $117.62 million. Equities analysts forecast that ACV Auctions will post -0.29 earnings per share for the current fiscal year.

Insider Activity at ACV Auctions

In other ACV Auctions news, Director Brian Hirsch sold 38,763 shares of the company’s stock in a transaction that occurred on Wednesday, March 6th. The shares were sold at an average price of $18.24, for a total value of $707,037.12. Following the transaction, the director now owns 378,390 shares in the company, valued at approximately $6,901,833.60. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In other news, CFO William Zerella sold 32,500 shares of the stock in a transaction on Tuesday, February 6th. The shares were sold at an average price of $14.07, for a total transaction of $457,275.00. Following the transaction, the chief financial officer now owns 305,579 shares in the company, valued at approximately $4,299,496.53. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Brian Hirsch sold 38,763 shares of the firm’s stock in a transaction on Wednesday, March 6th. The shares were sold at an average price of $18.24, for a total transaction of $707,037.12. Following the completion of the transaction, the director now owns 378,390 shares in the company, valued at $6,901,833.60. The disclosure for this sale can be found here. In the last 90 days, insiders sold 1,507,708 shares of company stock worth $27,126,374. 13.67% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of ACVA. Vanguard Group Inc. boosted its holdings in ACV Auctions by 8.6% in the 3rd quarter. Vanguard Group Inc. now owns 12,809,266 shares of the company’s stock valued at $194,445,000 after purchasing an additional 1,010,941 shares during the period. FMR LLC lifted its holdings in ACV Auctions by 9.4% during the 3rd quarter. FMR LLC now owns 11,763,945 shares of the company’s stock valued at $178,577,000 after purchasing an additional 1,011,236 shares during the last quarter. Atreides Management LP increased its position in ACV Auctions by 5.8% in the 3rd quarter. Atreides Management LP now owns 10,829,070 shares of the company’s stock valued at $164,385,000 after acquiring an additional 594,347 shares in the last quarter. William Blair Investment Management LLC increased its position in ACV Auctions by 8.7% in the 3rd quarter. William Blair Investment Management LLC now owns 4,369,867 shares of the company’s stock valued at $66,335,000 after acquiring an additional 350,865 shares in the last quarter. Finally, Jennison Associates LLC increased its position in ACV Auctions by 9.7% in the 4th quarter. Jennison Associates LLC now owns 3,561,009 shares of the company’s stock valued at $53,949,000 after acquiring an additional 313,856 shares in the last quarter. 88.55% of the stock is currently 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.