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

ACV Auctions Inc. (NASDAQ:ACVA) has been assigned a consensus rating of “Moderate Buy” from the thirteen ratings firms that are covering the firm, Marketbeat.com reports. One investment analyst has rated the stock with a sell recommendation, four have assigned a hold recommendation and eight have assigned a buy recommendation to the company. The average 1-year price objective among analysts that have issued a report on the stock in the last year is $11.4091.

Several equities research analysts have weighed in on the stock. Bank of America restated an “underperform” rating and issued a $6.00 price objective (down from $16.50) on shares of ACV Auctions in a research report on Thursday, November 6th. Barrington Research raised shares of ACV Auctions from a “market perform” rating to an “outperform” rating in a research note on Tuesday. Needham & Company LLC restated a “buy” rating and issued a $9.00 price objective on shares of ACV Auctions in a research report on Tuesday. B. Riley Financial reduced their price objective on ACV Auctions from $17.00 to $16.00 and set a “buy” rating on the stock in a report on Tuesday. Finally, Citigroup lowered ACV Auctions from a “buy” rating to a “neutral” rating and decreased their price objective for the company from $13.00 to $7.00 in a research report on Tuesday.

Insider Transactions at ACV Auctions

In other news, CEO George Chamoun purchased 31,172 shares of the firm’s stock in a transaction that occurred on Monday, December 15th. The shares were acquired at an average price of $7.97 per share, for a total transaction of $248,440.84. Following the completion of the acquisition, the chief executive officer directly owned 2,618,714 shares in the company, valued at approximately $20,871,150.58. The trade was a 1.20% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 2.90% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the business. Atreides Management LP boosted its stake in shares of ACV Auctions by 125.2% in the 4th quarter. Atreides Management LP now owns 12,411,800 shares of the company’s stock valued at $99,543,000 after purchasing an additional 6,901,010 shares during the last quarter. Wasatch Advisors LP lifted its holdings in ACV Auctions by 301.0% in the second quarter. Wasatch Advisors LP now owns 7,295,400 shares of the company’s stock valued at $118,331,000 after buying an additional 5,475,874 shares during the period. Sunriver Management LLC bought a new position in ACV Auctions in the fourth quarter valued at approximately $23,768,000. SG Capital Management LLC acquired a new stake in ACV Auctions during the 3rd quarter worth $17,103,000. Finally, Arvin Capital Management LP raised its position in shares of ACV Auctions by 272.8% during the 4th quarter. Arvin Capital Management LP now owns 2,296,913 shares of the company’s stock valued at $18,421,000 after acquiring an additional 1,680,723 shares during the last quarter. 88.55% of the stock is currently owned by institutional investors and hedge funds.

ACV Auctions Price Performance

ACV Auctions stock opened at $4.70 on Friday. 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 $808.34 million, a P/E ratio of -9.58 and a beta of 1.63. The business’s fifty day moving average is $7.70 and its two-hundred day moving average is $8.70. ACV Auctions has a 52 week low of $4.45 and a 52 week high of $17.54.

ACV Auctions (NASDAQ:ACVA) last announced its earnings results on Monday, February 23rd. The company reported ($0.11) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.01) by ($0.10). ACV Auctions had a negative net margin of 12.51% and a negative return on equity of 12.94%. The business had revenue of $183.65 million during the quarter, compared to analyst estimates of $181.96 million. During the same quarter last year, the business posted ($0.16) earnings per share. The business’s quarterly revenue was up 15.2% compared to the same quarter last year. Equities research analysts forecast that ACV Auctions will post -0.07 earnings per share for the current fiscal year.

About ACV Auctions

ACV Auctions operates a digital marketplace that connects automotive dealers through a mobile-first platform for wholesale vehicle auctions. The company’s software enables dealers to list, inspect and bid on used vehicles in real time, leveraging smartphone-based condition reporting, high-resolution imagery and data analytics to streamline the buying and selling process. ACV Auctions also offers subscription-based access to its auction platform, supplemental reconditioning services and financing tools designed to help dealers optimize inventory turn and reduce risk.

Since its founding in 2014, ACV Auctions has expanded its technology offerings beyond core auction services to include dealer management integrations, transportation logistics coordination and title management solutions.