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

Shares of ACV Auctions Inc. (NASDAQ:ACVA) have earned an average rating of “Moderate Buy” from the eleven analysts that are presently covering the stock, Marketbeat reports. Two investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. The average 1 year price objective among brokerages that have covered the stock in the last year is $23.23.

A number of brokerages have recently commented on ACVA. Bank of America raised shares of ACV Auctions from a “neutral” rating to a “buy” rating and cut their target price for the company from $22.00 to $20.00 in a research note on Wednesday, March 12th. Piper Sandler raised shares of ACV Auctions from a “neutral” rating to an “overweight” rating and raised their price objective for the stock from $18.00 to $20.00 in a report on Thursday. Stephens raised shares of ACV Auctions to a “hold” rating in a report on Saturday, February 1st. Citigroup raised their price objective on shares of ACV Auctions from $22.00 to $27.00 and gave the stock a “buy” rating in a report on Wednesday, November 27th. Finally, B. Riley raised their price objective on shares of ACV Auctions from $24.00 to $27.00 and gave the stock a “buy” rating in a report on Tuesday, November 26th.

Insider Buying and Selling at ACV Auctions

In other ACV Auctions news, insider Michael Waterman sold 15,000 shares of the business’s stock in a transaction dated Tuesday, February 4th. The shares were sold at an average price of $20.27, for a total transaction of $304,050.00. Following the sale, the insider now directly owns 311,354 shares in the company, valued at approximately $6,311,145.58. The trade was a 4.60 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO William Zerella sold 32,500 shares of the business’s stock in a transaction dated Monday, December 30th. The stock was sold at an average price of $21.65, for a total transaction of $703,625.00. Following the sale, the chief financial officer now owns 490,482 shares in the company, valued at $10,618,935.30. This trade represents a 6.21 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 107,662 shares of company stock valued at $2,138,401 in the last ninety days. Company insiders own 8.50% of the company’s stock.

Institutional Trading of ACV Auctions

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Moody National Bank Trust Division raised its position in shares of ACV Auctions by 64.6% during the 4th quarter. Moody National Bank Trust Division now owns 79,199 shares of the company’s stock worth $1,711,000 after buying an additional 31,094 shares in the last quarter. Quadrature Capital Ltd bought a new stake in shares of ACV Auctions in the 3rd quarter worth approximately $566,000. TimesSquare Capital Management LLC raised its holdings in shares of ACV Auctions by 6.7% in the 4th quarter. TimesSquare Capital Management LLC now owns 1,891,627 shares of the company’s stock worth $40,859,000 after purchasing an additional 118,421 shares in the last quarter. JPMorgan Chase & Co. raised its holdings in shares of ACV Auctions by 10.9% in the 3rd quarter. JPMorgan Chase & Co. now owns 3,167,615 shares of the company’s stock worth $64,398,000 after purchasing an additional 311,465 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. raised its holdings in shares of ACV Auctions by 3.9% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,289,362 shares of the company’s stock worth $27,850,000 after purchasing an additional 48,021 shares in the last quarter. 88.55% of the stock is currently owned by institutional investors.

ACV Auctions Stock Up 7.4 %

Shares of NASDAQ ACVA opened at $15.69 on Friday. ACV Auctions has a 1 year low of $12.77 and a 1 year high of $23.46. The firm’s 50 day moving average price is $18.76 and its 200 day moving average price is $19.72. The firm has a market cap of $2.65 billion, a P/E ratio of -32.02 and a beta of 1.73. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.56 and a current ratio of 1.56.

ACV Auctions (NASDAQ:ACVA) last posted its quarterly earnings results on Wednesday, February 19th. The company reported ($0.14) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.15) by $0.01. The company had revenue of $159.51 million for the quarter, compared to the consensus estimate of $156.77 million. ACV Auctions had a negative net margin of 12.51% and a negative return on equity of 12.94%. As a group, sell-side analysts anticipate that ACV Auctions will post -0.07 earnings per share for the current 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.