ACV Auctions Inc. (NASDAQ:ACVA) Receives $22.50 Average PT from Analysts

Shares of ACV Auctions Inc. (NASDAQ:ACVA) have been assigned a consensus recommendation of “Moderate Buy” from the eleven ratings firms that are presently covering the firm, Marketbeat reports. Two investment analysts have rated the stock with a hold rating and nine have given a buy rating to the company. The average 1-year price objective among brokers that have issued a report on the stock in the last year is $22.50.

A number of research analysts have recently weighed in on the stock. Bank of America upgraded shares of ACV Auctions from a “neutral” rating to a “buy” rating and cut their price target for the company from $22.00 to $20.00 in a report on Wednesday, March 12th. Needham & Company LLC restated a “buy” rating and set a $25.00 price target on shares of ACV Auctions in a report on Thursday, May 8th. JMP Securities dropped their target price on shares of ACV Auctions from $22.00 to $18.00 and set a “market outperform” rating on the stock in a report on Wednesday, April 9th. JPMorgan Chase & Co. dropped their target price on shares of ACV Auctions from $24.00 to $20.00 and set an “overweight” rating on the stock in a report on Thursday, March 27th. Finally, Piper Sandler upgraded shares of ACV Auctions from a “neutral” rating to an “overweight” rating and lifted their target price for the stock from $18.00 to $20.00 in a report on Thursday, March 20th.

Insider Transactions at ACV Auctions

In other news, insider Michael Waterman sold 223,330 shares of the business’s stock in a transaction dated Tuesday, May 13th. The shares were sold at an average price of $17.00, for a total transaction of $3,796,610.00. Following the transaction, the insider now owns 466,548 shares in the company, valued at approximately $7,931,316. The trade was a 32.37% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders own 2.90% of the company’s stock.

Institutional Trading of ACV Auctions

Institutional investors have recently made changes to their positions in the business. Vanguard Group Inc. boosted its position in ACV Auctions by 7.4% in the first quarter. Vanguard Group Inc. now owns 15,301,225 shares of the company’s stock valued at $215,594,000 after buying an additional 1,055,310 shares in the last quarter. William Blair Investment Management LLC lifted its position in shares of ACV Auctions by 43.2% during the fourth quarter. William Blair Investment Management LLC now owns 12,099,686 shares of the company’s stock worth $261,353,000 after purchasing an additional 3,652,871 shares in the last quarter. Massachusetts Financial Services Co. MA lifted its position in shares of ACV Auctions by 6.0% during the first quarter. Massachusetts Financial Services Co. MA now owns 9,084,830 shares of the company’s stock worth $128,005,000 after purchasing an additional 510,680 shares in the last quarter. Alliancebernstein L.P. lifted its position in shares of ACV Auctions by 10.5% during the first quarter. Alliancebernstein L.P. now owns 6,214,362 shares of the company’s stock worth $87,560,000 after purchasing an additional 592,107 shares in the last quarter. Finally, Jennison Associates LLC lifted its position in shares of ACV Auctions by 9.0% during the first quarter. Jennison Associates LLC now owns 5,427,521 shares of the company’s stock worth $76,474,000 after purchasing an additional 447,167 shares in the last quarter. 88.55% of the stock is currently owned by institutional investors and hedge funds.

ACV Auctions Stock Up 2.3%

ACV Auctions stock opened at $16.23 on Friday. The company has a market capitalization of $2.78 billion, a P/E ratio of -33.12 and a beta of 1.74. The firm’s fifty day simple moving average is $15.87 and its 200-day simple moving average is $17.57. The company has a current ratio of 1.56, a quick ratio of 1.56 and a debt-to-equity ratio of 0.28. ACV Auctions has a 1-year low of $11.88 and a 1-year high of $23.46.

ACV Auctions (NASDAQ:ACVA) last released its quarterly earnings results on Wednesday, May 7th. The company reported ($0.09) earnings per share for the quarter, missing analysts’ consensus estimates of $0.04 by ($0.13). ACV Auctions had a negative net margin of 12.51% and a negative return on equity of 12.94%. The company’s revenue for the quarter was up 25.4% on a year-over-year basis. During the same quarter in the prior year, the company posted ($0.13) EPS. Sell-side analysts forecast that ACV Auctions will post -0.07 earnings per share for the current fiscal year.

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.