ACV Auctions (NASDAQ:ACVA) Earns “Market Outperform” Rating from JMP Securities

JMP Securities reiterated their market outperform rating on shares of ACV Auctions (NASDAQ:ACVA) in a research report released on Wednesday, Benzinga reports. JMP Securities currently has a $19.00 price target on the stock.

A number of other equities analysts have also weighed in on ACVA. Needham & Company LLC restated a buy rating and issued a $23.00 price objective on shares of ACV Auctions in a report on Thursday, February 22nd. Northcoast Research upgraded ACV Auctions from a neutral rating to a buy rating and set a $22.00 price target for the company in a research note on Wednesday, January 10th. Two investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. According to MarketBeat.com, ACV Auctions has an average rating of Moderate Buy and an average target price of $20.21.

ACV Auctions Trading Up 0.1 %

ACV Auctions stock opened at $17.31 on Wednesday. ACV Auctions has a 12 month low of $11.58 and a 12 month high of $19.54. The company has a current ratio of 2.12, a quick ratio of 2.12 and a debt-to-equity ratio of 0.25. The business’s fifty day simple moving average is $17.39 and its two-hundred day simple moving average is $15.45. The company has a market capitalization of $2.84 billion, a price-to-earnings ratio of -37.63 and a beta of 1.57.

ACV Auctions (NASDAQ:ACVA) last announced its quarterly earnings results on Wednesday, February 21st. The company reported ($0.12) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.13) by $0.01. The company had revenue of $118.38 million for the quarter, compared to analysts’ expectations of $117.62 million. ACV Auctions had a negative net margin of 15.64% and a negative return on equity of 13.97%. As a group, equities analysts predict that ACV Auctions will post -0.29 earnings per share for the current fiscal year.

Insider Activity

In other ACV Auctions news, CFO William Zerella sold 32,500 shares of the stock in a transaction that occurred on Tuesday, February 6th. The shares were sold at an average price of $14.07, for a total value of $457,275.00. Following the transaction, the chief financial officer now directly owns 305,579 shares in the company, valued at $4,299,496.53. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other ACV Auctions news, CFO William Zerella sold 32,500 shares of the company’s stock in a transaction dated Tuesday, February 6th. The stock was sold at an average price of $14.07, for a total value of $457,275.00. Following the completion of the sale, the chief financial officer now owns 305,579 shares in the company, valued at $4,299,496.53. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, COO Vikas Mehta sold 200,000 shares of ACV Auctions stock in a transaction dated Thursday, February 22nd. The shares were sold at an average price of $16.48, for a total value of $3,296,000.00. Following the transaction, the chief operating officer now directly owns 319,036 shares in the company, valued at $5,257,713.28. The disclosure for this sale can be found here. Insiders sold 1,507,708 shares of company stock valued at $27,126,374 in the last quarter. 13.67% of the stock is currently owned by insiders.

Institutional Trading of ACV Auctions

Hedge funds and other institutional investors have recently modified their holdings of the company. Envestnet Asset Management Inc. purchased a new position in shares of ACV Auctions during the 1st quarter valued at $181,000. Advisor Group Holdings Inc. raised its holdings in ACV Auctions by 18.6% during the first quarter. Advisor Group Holdings Inc. now owns 10,397 shares of the company’s stock valued at $153,000 after acquiring an additional 1,627 shares during the period. Bank of New York Mellon Corp raised its holdings in ACV Auctions by 3.2% during the first quarter. Bank of New York Mellon Corp now owns 49,679 shares of the company’s stock valued at $736,000 after acquiring an additional 1,547 shares during the period. Citigroup Inc. boosted its stake in shares of ACV Auctions by 359.1% in the first quarter. Citigroup Inc. now owns 3,641 shares of the company’s stock worth $54,000 after acquiring an additional 2,848 shares during the period. Finally, Bank of Montreal Can bought a new position in shares of ACV Auctions in the first quarter worth about $2,195,000. 88.55% of the stock is owned by hedge funds and other 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.