Brokerages Set ACV Auctions Inc. (NASDAQ:ACVA) Target Price at $21.50

Shares of ACV Auctions Inc. (NASDAQ:ACVA) have been assigned a consensus recommendation of “Moderate Buy” from the six ratings firms that are currently covering the firm, Marketbeat reports. One research analyst has rated the stock with a hold recommendation and five have assigned a buy recommendation to the company. The average twelve-month price target among analysts that have updated their coverage on the stock in the last year is $21.50.

A number of equities analysts recently commented on the stock. JMP Securities lifted their price target on shares of ACV Auctions from $21.00 to $24.00 and gave the stock a “market outperform” rating in a research note on Tuesday, September 17th. Barrington Research reaffirmed an “outperform” rating and set a $23.00 price target on shares of ACV Auctions in a research note on Friday, August 16th. Needham & Company LLC reaffirmed a “buy” rating and set a $23.00 price target on shares of ACV Auctions in a research note on Monday, June 3rd. Finally, JPMorgan Chase & Co. raised shares of ACV Auctions from a “neutral” rating to an “overweight” rating and set a $21.00 price target for the company in a research note on Monday, June 10th.

ACV Auctions Price Performance

Shares of ACV Auctions stock opened at $20.92 on Friday. The stock has a 50 day moving average price of $18.42 and a 200-day moving average price of $18.16. ACV Auctions has a one year low of $12.84 and a one year high of $21.09. The stock has a market cap of $3.45 billion, a price-to-earnings ratio of -43.58 and a beta of 1.55. The company has a debt-to-equity ratio of 0.24, a quick ratio of 1.49 and a current ratio of 1.49.

ACV Auctions (NASDAQ:ACVA) last posted its quarterly earnings data on Wednesday, August 7th. The company reported ($0.07) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.09) by $0.02. The business had revenue of $160.62 million for the quarter, compared to analysts’ expectations of $156.33 million. ACV Auctions had a negative net margin of 14.53% and a negative return on equity of 13.20%. Equities analysts expect that ACV Auctions will post -0.36 EPS for the current year.

Insider Buying and Selling at ACV Auctions

In other ACV Auctions news, COO Vikas Mehta sold 154,324 shares of the business’s stock in a transaction dated Tuesday, September 10th. The shares were sold at an average price of $19.19, for a total value of $2,961,477.56. Following the completion of the sale, the chief operating officer now directly owns 432,457 shares of the company’s stock, valued at approximately $8,298,849.83. The transaction was disclosed in a filing with the SEC, which is available through this link. In other news, COO Vikas Mehta sold 154,324 shares of the business’s stock in a transaction dated Tuesday, September 10th. The shares were sold at an average price of $19.19, for a total value of $2,961,477.56. Following the completion of the sale, the chief operating officer now owns 432,457 shares in the company, valued at approximately $8,298,849.83. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Craig Eric Anderson sold 7,500 shares of the business’s stock in a transaction dated Tuesday, July 2nd. The shares were sold at an average price of $17.81, for a total transaction of $133,575.00. Following the completion of the sale, the insider now owns 328,167 shares of the company’s stock, valued at approximately $5,844,654.27. The disclosure for this sale can be found here. Insiders sold a total of 741,663 shares of company stock valued at $14,179,490 in the last three months. Company insiders own 8.50% of the company’s stock.

Institutional Investors Weigh In On ACV Auctions

Several large investors have recently modified their holdings of ACVA. Charles Schwab Investment Management Inc. raised its holdings in shares of ACV Auctions by 1.8% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,044,415 shares of the company’s stock valued at $15,823,000 after purchasing an additional 18,626 shares in the last quarter. Dimensional Fund Advisors LP raised its stake in shares of ACV Auctions by 21.7% during the 4th quarter. Dimensional Fund Advisors LP now owns 1,846,726 shares of the company’s stock worth $27,979,000 after acquiring an additional 329,854 shares in the last quarter. FineMark National Bank & Trust bought a new position in shares of ACV Auctions during the 4th quarter worth approximately $381,000. Axiom Investors LLC DE raised its stake in shares of ACV Auctions by 172.5% during the 4th quarter. Axiom Investors LLC DE now owns 364,280 shares of the company’s stock worth $5,519,000 after acquiring an additional 230,580 shares in the last quarter. Finally, Greycroft LP raised its stake in shares of ACV Auctions by 117.1% during the 4th quarter. Greycroft LP now owns 33,000 shares of the company’s stock worth $500,000 after acquiring an additional 17,802 shares in the last quarter. Institutional investors own 88.55% of the company’s stock.

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.