ACV Auctions (NASDAQ:ACVA) Given Buy Rating at Needham & Company LLC

Needham & Company LLC reaffirmed their buy rating on shares of ACV Auctions (NASDAQ:ACVA) in a report issued on Wednesday morning,Benzinga reports. Needham & Company LLC currently has a $25.00 price objective on the stock.

A number of other research firms have also issued reports on ACVA. JMP Securities reiterated a “market outperform” rating and issued a $25.00 target price on shares of ACV Auctions in a report on Monday, December 16th. Citigroup raised their price target on ACV Auctions from $22.00 to $27.00 and gave the company a “buy” rating in a research note on Wednesday, November 27th. Bank of America upgraded ACV Auctions from a “neutral” rating to a “buy” rating and cut their price target for the company from $22.00 to $20.00 in a research note on Wednesday. B. Riley raised their price target on ACV Auctions from $24.00 to $27.00 and gave the company a “buy” rating in a research note on Tuesday, November 26th. Finally, Stephens upgraded ACV Auctions to a “hold” rating in a research note on Saturday, February 1st. Three equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $23.05.

ACV Auctions Trading Up 3.6 %

ACVA opened at $14.28 on Wednesday. ACV Auctions has a 52 week low of $12.77 and a 52 week high of $23.46. The business has a fifty day simple moving average of $19.53 and a 200-day simple moving average of $19.90. The firm has a market cap of $2.41 billion, a P/E ratio of -29.14 and a beta of 1.73. 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 quarterly earnings results on Wednesday, February 19th. The company reported ($0.14) EPS for the quarter, topping the consensus estimate of ($0.15) by $0.01. The business had revenue of $159.51 million during the quarter, compared to analyst estimates of $156.77 million. ACV Auctions had a negative return on equity of 12.94% and a negative net margin of 12.51%. On average, equities analysts expect that ACV Auctions will post -0.07 earnings per share for the current year.

Insider Activity at ACV Auctions

In related news, insider Michael Waterman sold 30,162 shares of the business’s stock in a transaction dated Tuesday, January 7th. The stock was sold at an average price of $20.53, for a total value of $619,225.86. Following the transaction, the insider now owns 314,738 shares in the company, valued at $6,461,571.14. The trade was a 8.75 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CFO William Zerella sold 32,500 shares of the business’s stock in a transaction dated Monday, December 30th. The shares were sold at an average price of $21.65, for a total value of $703,625.00. Following the completion of the transaction, 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 position. The disclosure for this sale can be found here. Insiders have sold 92,662 shares of company stock worth $1,935,451 in the last quarter. Company insiders own 8.50% of the company’s stock.

Hedge Funds Weigh In On ACV Auctions

Institutional investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. boosted its holdings in ACV Auctions by 5.5% in the 4th quarter. Vanguard Group Inc. now owns 14,245,915 shares of the company’s stock valued at $307,712,000 after purchasing an additional 738,391 shares in the last quarter. William Blair Investment Management LLC boosted its holdings in ACV Auctions by 43.2% in the 4th 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 in the last quarter. Massachusetts Financial Services Co. MA boosted its holdings in ACV Auctions by 11.6% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 8,655,640 shares of the company’s stock valued at $175,969,000 after purchasing an additional 897,477 shares in the last quarter. Alliancebernstein L.P. boosted its holdings in ACV Auctions by 5.3% in the 4th quarter. Alliancebernstein L.P. now owns 5,622,255 shares of the company’s stock valued at $121,441,000 after purchasing an additional 284,880 shares in the last quarter. Finally, Jennison Associates LLC boosted its stake in shares of ACV Auctions by 17.2% during the 4th quarter. Jennison Associates LLC now owns 4,980,354 shares of the company’s stock worth $107,576,000 after acquiring an additional 732,422 shares in the last quarter. Institutional investors and hedge funds 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.