Brokerages Set ACV Auctions Inc. (NASDAQ:ACVA) PT at $22.50

Shares of ACV Auctions Inc. (NASDAQ:ACVA) have received a consensus rating of “Moderate Buy” from the eleven analysts that are presently covering the stock, MarketBeat reports. Two equities research 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 analysts that have issued ratings on the stock in the last year is $22.50.

Several analysts have recently commented on ACVA shares. Bank of America raised ACV Auctions from a “neutral” rating to a “buy” rating and decreased their target price for the stock from $22.00 to $20.00 in a research report on Wednesday, March 12th. Needham & Company LLC reaffirmed a “buy” rating and set a $25.00 target price on shares of ACV Auctions in a research note on Wednesday, March 12th. 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 report on Thursday, March 20th. JMP Securities decreased their price target on shares of ACV Auctions from $22.00 to $18.00 and set a “market outperform” rating for the company in a report on Wednesday, April 9th. Finally, JPMorgan Chase & Co. cut their target price on shares of ACV Auctions from $24.00 to $20.00 and set an “overweight” rating for the company in a research report on Thursday, March 27th.

ACV Auctions Price Performance

NASDAQ ACVA opened at $15.38 on Friday. 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. The company has a market cap of $2.60 billion, a PE ratio of -31.39 and a beta of 1.72. The stock’s 50-day moving average price is $14.53 and its two-hundred day moving average price is $18.54.

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

Insiders Place Their Bets

In other ACV Auctions news, CFO William Zerella sold 15,000 shares of the business’s stock in a transaction dated Tuesday, March 11th. The stock was sold at an average price of $13.53, for a total value of $202,950.00. Following the completion of the sale, the chief financial officer now owns 766,266 shares of the company’s stock, valued at $10,367,578.98. The trade was a 1.92 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO George Chamoun sold 348,249 shares of the company’s stock in a transaction dated Thursday, March 20th. The stock was sold at an average price of $15.34, for a total value of $5,342,139.66. Following the sale, the chief executive officer now owns 2,821,193 shares of the company’s stock, valued at approximately $43,277,100.62. This trade represents a 10.99 % decrease in their position. The disclosure for this sale can be found here. Insiders own 8.50% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the stock. William Blair Investment Management LLC grew its holdings in 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 valued at $261,353,000 after purchasing an additional 3,652,871 shares during the last quarter. Driehaus Capital Management LLC boosted its holdings in shares of ACV Auctions by 128.5% during the 4th quarter. Driehaus Capital Management LLC now owns 2,837,165 shares of the company’s stock worth $61,283,000 after buying an additional 1,595,657 shares during the period. Franklin Resources Inc. boosted its holdings in shares of ACV Auctions by 2,346.2% during the 4th quarter. Franklin Resources Inc. now owns 1,001,365 shares of the company’s stock worth $21,629,000 after buying an additional 960,430 shares during the period. Iridian Asset Management LLC CT raised its holdings in ACV Auctions by 77.9% in the 1st quarter. Iridian Asset Management LLC CT now owns 1,967,332 shares of the company’s stock worth $27,720,000 after acquiring an additional 861,178 shares during the period. Finally, Frontier Capital Management Co. LLC raised its holdings in ACV Auctions by 59.7% in the 4th quarter. Frontier Capital Management Co. LLC now owns 2,061,028 shares of the company’s stock worth $44,518,000 after acquiring an additional 770,828 shares during the period. 88.55% of the stock is owned by institutional investors.

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.