JPMorgan Chase & Co. Has Lowered Expectations for ACV Auctions (NASDAQ:ACVA) Stock Price

ACV Auctions (NASDAQ:ACVA) had its price target lowered by research analysts at JPMorgan Chase & Co. from $20.00 to $19.00 in a research note issued to investors on Thursday,Benzinga reports. The firm presently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s price objective points to a potential upside of 25.95% from the stock’s previous close.

Several other research firms have also weighed in on ACVA. Needham & Company LLC reaffirmed a “buy” rating and issued a $25.00 target price on shares of ACV Auctions in a report on Thursday, May 8th. Citigroup decreased their price objective on shares of ACV Auctions from $22.00 to $21.00 and set a “buy” rating on the stock in a report on Monday, July 7th. Piper Sandler raised shares of ACV Auctions from a “neutral” rating to an “overweight” rating and increased their price objective for the stock from $18.00 to $20.00 in a report on Thursday, March 20th. Finally, JMP Securities increased their price objective on shares of ACV Auctions from $18.00 to $20.00 and gave the stock a “market outperform” rating in a report on Wednesday, July 2nd. Two research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $22.05.

ACV Auctions Trading Down 1.8%

Shares of ACV Auctions stock opened at $15.09 on Thursday. The firm has a market capitalization of $2.58 billion, a PE ratio of -30.79 and a beta of 1.71. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.56 and a quick ratio of 1.56. The company’s fifty day moving average price is $16.28 and its two-hundred day moving average price is $16.94. ACV Auctions has a 52-week low of $11.88 and a 52-week high of $23.46.

ACV Auctions (NASDAQ:ACVA) last announced its quarterly earnings results on Wednesday, May 7th. The company reported ($0.09) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.04 by ($0.13). ACV Auctions had a negative net margin of 12.51% and a negative return on equity of 12.94%. The company’s revenue was up 25.4% compared to the same quarter last year. During the same quarter in the prior year, the business posted ($0.13) earnings per share. On average, analysts expect that ACV Auctions will post -0.07 EPS for the current year.

Insiders Place Their Bets

In other ACV Auctions news, insider Michael Waterman sold 223,330 shares of ACV Auctions stock in a transaction on Tuesday, May 13th. The shares were sold at an average price of $17.00, for a total transaction of $3,796,610.00. Following the completion of the sale, the insider owned 466,548 shares of the company’s stock, valued at approximately $7,931,316. The trade was a 32.37% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 2.90% of the stock is owned by corporate insiders.

Institutional Trading of ACV Auctions

Several institutional investors and hedge funds have recently made changes to their positions in the business. Versant Capital Management Inc increased its stake in shares of ACV Auctions by 464.4% in the 1st quarter. Versant Capital Management Inc now owns 2,201 shares of the company’s stock valued at $31,000 after acquiring an additional 1,811 shares during the last quarter. BI Asset Management Fondsmaeglerselskab A S acquired a new position in ACV Auctions during the first quarter valued at approximately $35,000. GAMMA Investing LLC grew its holdings in ACV Auctions by 3,005.8% during the first quarter. GAMMA Investing LLC now owns 5,932 shares of the company’s stock valued at $84,000 after purchasing an additional 5,741 shares during the period. AlphaQuest LLC grew its holdings in ACV Auctions by 2,640.6% during the first quarter. AlphaQuest LLC now owns 6,687 shares of the company’s stock valued at $94,000 after purchasing an additional 6,443 shares during the period. Finally, Integrated Advisors Network LLC acquired a new position in ACV Auctions during the fourth quarter valued at approximately $200,000. Institutional investors own 88.55% of the company’s stock.

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.