JPMorgan Chase & Co. Cuts ACV Auctions (NASDAQ:ACVA) Price Target to $20.00

ACV Auctions (NASDAQ:ACVA) had its price objective lowered by JPMorgan Chase & Co. from $24.00 to $20.00 in a research report report published on Thursday morning,Benzinga reports. The firm currently has an overweight rating on the stock.

Other research analysts have also recently issued research reports about the stock. Needham & Company LLC reaffirmed a “buy” rating and issued a $25.00 target price on shares of ACV Auctions in a research report on Wednesday, March 12th. Bank of America upgraded shares of ACV Auctions from a “neutral” rating to a “buy” rating and decreased their price objective for the stock from $22.00 to $20.00 in a report on Wednesday, March 12th. Stephens upgraded shares of ACV Auctions to a “hold” rating in a report on Saturday, February 1st. Piper Sandler upgraded ACV Auctions from a “neutral” rating to an “overweight” rating and upped their price target for the stock from $18.00 to $20.00 in a research note on Thursday, March 20th. Finally, Citigroup boosted their price objective on ACV Auctions from $22.00 to $27.00 and gave the company a “buy” rating in a report on Wednesday, November 27th. Two investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $23.14.

ACV Auctions Stock Down 3.3 %

Shares of NASDAQ ACVA opened at $14.11 on Thursday. The company has a current ratio of 1.56, a quick ratio of 1.56 and a debt-to-equity ratio of 0.28. The company has a 50-day moving average of $18.06 and a 200 day moving average of $19.59. ACV Auctions has a 12-month low of $12.77 and a 12-month high of $23.46. The stock has a market cap of $2.38 billion, a PE ratio of -28.80 and a beta of 1.73.

ACV Auctions (NASDAQ:ACVA) last released its quarterly earnings data 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. ACV Auctions had a negative return on equity of 12.94% and a negative net margin of 12.51%. The company had revenue of $159.51 million for the quarter, compared to analyst estimates of $156.77 million. As a group, sell-side analysts predict that ACV Auctions will post -0.07 EPS for the current fiscal year.

Insider Activity

In other ACV Auctions news, CFO William Zerella sold 15,000 shares of ACV Auctions stock in a transaction that occurred on Tuesday, March 11th. The stock was sold at an average price of $13.53, for a total transaction of $202,950.00. Following the transaction, the chief financial officer now owns 766,266 shares of the company’s stock, valued at $10,367,578.98. The trade was a 1.92 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CEO George Chamoun sold 348,249 shares of the stock in a transaction that occurred on Thursday, March 20th. The shares were sold at an average price of $15.34, for a total value of $5,342,139.66. Following the completion of the sale, the chief executive officer now directly owns 2,821,193 shares of the company’s stock, valued at $43,277,100.62. The trade was a 10.99 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 455,911 shares of company stock worth $7,480,541. Corporate insiders own 8.50% of the company’s stock.

Institutional Trading of ACV Auctions

Several institutional investors and hedge funds have recently added to or reduced their stakes in ACVA. Vanguard Group Inc. increased its holdings in shares of ACV Auctions by 5.5% in the fourth 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 during the period. William Blair Investment Management LLC lifted its stake in shares of 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 worth $261,353,000 after acquiring an additional 3,652,871 shares during the period. Alliancebernstein L.P. boosted its holdings in shares of ACV Auctions by 5.3% in the fourth quarter. Alliancebernstein L.P. now owns 5,622,255 shares of the company’s stock valued at $121,441,000 after acquiring an additional 284,880 shares in the last quarter. Jennison Associates LLC increased its stake in shares of ACV Auctions by 17.2% during the fourth 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 during the period. Finally, Geode Capital Management LLC raised its holdings in ACV Auctions by 1.7% during the fourth quarter. Geode Capital Management LLC now owns 3,575,347 shares of the company’s stock worth $77,246,000 after purchasing an additional 58,259 shares in the last quarter. 88.55% of the stock is owned by hedge funds and other institutional investors.

ACV Auctions Company Profile

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.