ACV Auctions Inc. (NASDAQ:ACVA) Receives Average Recommendation of “Hold” from Brokerages

Shares of ACV Auctions Inc. (NASDAQ:ACVA) have earned an average rating of “Hold” from the eleven brokerages that are currently covering the stock, Marketbeat.com reports. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and six have assigned a buy rating to the company. The average 1 year price target among brokers that have issued a report on the stock in the last year is $11.85.

A number of brokerages have issued reports on ACVA. The Goldman Sachs Group reduced their price objective on ACV Auctions from $21.00 to $13.00 and set a “buy” rating for the company in a research note on Friday, November 7th. Needham & Company LLC cut their price target on shares of ACV Auctions from $14.00 to $9.00 and set a “buy” rating on the stock in a report on Thursday, November 6th. Barrington Research downgraded shares of ACV Auctions from an “outperform” rating to a “market perform” rating in a report on Thursday, November 6th. Bank of America reaffirmed an “underperform” rating and issued a $6.00 price objective (down previously from $16.50) on shares of ACV Auctions in a research report on Thursday, November 6th. Finally, Barclays increased their target price on shares of ACV Auctions to $8.00 and gave the company an “equal weight” rating in a research report on Wednesday, January 21st.

Insider Buying and Selling at ACV Auctions

In other news, CEO George Chamoun bought 31,172 shares of the firm’s stock in a transaction on Monday, December 15th. The stock was acquired at an average cost of $7.97 per share, with a total value of $248,440.84. Following the completion of the transaction, the chief executive officer directly owned 2,618,714 shares of the company’s stock, valued at $20,871,150.58. This represents a 1.20% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Robert P. Goodman bought 912,408 shares of the stock in a transaction on Monday, November 10th. The stock was purchased at an average price of $5.61 per share, for a total transaction of $5,118,608.88. Following the completion of the purchase, the director owned 912,408 shares of the company’s stock, valued at approximately $5,118,608.88. This trade represents a ∞ increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Over the last ninety days, insiders bought 1,038,437 shares of company stock valued at $5,993,255. Company insiders own 2.90% of the company’s stock.

Institutional Investors Weigh In On ACV Auctions

Institutional investors have recently added to or reduced their stakes in the business. William Blair Investment Management LLC boosted its position in ACV Auctions by 3.3% during the third quarter. William Blair Investment Management LLC now owns 11,471,709 shares of the company’s stock worth $113,685,000 after purchasing an additional 362,003 shares during the period. Massachusetts Financial Services Co. MA lifted its stake in shares of ACV Auctions by 0.6% during the 2nd quarter. Massachusetts Financial Services Co. MA now owns 9,143,400 shares of the company’s stock valued at $148,306,000 after buying an additional 58,570 shares in the last quarter. Wasatch Advisors LP boosted its holdings in ACV Auctions by 301.0% in the 2nd quarter. Wasatch Advisors LP now owns 7,295,400 shares of the company’s stock worth $118,331,000 after buying an additional 5,475,874 shares during the period. ArrowMark Colorado Holdings LLC grew its stake in ACV Auctions by 30.4% in the 3rd quarter. ArrowMark Colorado Holdings LLC now owns 6,337,335 shares of the company’s stock valued at $62,803,000 after buying an additional 1,475,932 shares in the last quarter. Finally, Alliancebernstein L.P. raised its holdings in ACV Auctions by 14.1% during the 3rd quarter. Alliancebernstein L.P. now owns 6,332,313 shares of the company’s stock valued at $62,753,000 after acquiring an additional 784,411 shares during the period. 88.55% of the stock is owned by hedge funds and other institutional investors.

ACV Auctions Price Performance

ACV Auctions stock opened at $7.82 on Monday. ACV Auctions has a 52 week low of $4.95 and a 52 week high of $22.09. The company’s 50 day moving average price is $8.19 and its two-hundred day moving average price is $9.67. The stock has a market cap of $1.35 billion, a P/E ratio of -15.95 and a beta of 1.63. The company has a quick ratio of 1.56, a current ratio of 1.56 and a debt-to-equity ratio of 0.28.

ACV Auctions (NASDAQ:ACVA) last released its earnings results on Wednesday, November 5th. The company reported $0.07 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.07. The company had revenue of $199.56 million during the quarter, compared to analyst estimates of $200.26 million. ACV Auctions had a negative return on equity of 12.94% and a negative net margin of 12.51%.ACV Auctions’s quarterly revenue was up 16.5% on a year-over-year basis. During the same period in the prior year, the company posted $0.04 earnings per share. On average, equities analysts predict that ACV Auctions will post -0.07 earnings per share for the current 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.