ACV Auctions (NASDAQ:ACVA) Upgraded by Piper Sandler to Overweight Rating

Piper Sandler upgraded shares of ACV Auctions (NASDAQ:ACVA) from a neutral rating to an overweight rating in a research report report published on Thursday, MarketBeat.com reports. The firm currently has $20.00 target price on the stock, up from their previous target price of $18.00.

ACVA has been the topic of several other research reports. B. Riley raised their price objective on shares of ACV Auctions from $24.00 to $27.00 and gave the company a “buy” rating in a research report on Tuesday, November 26th. Needham & Company LLC reissued a “buy” rating and issued a $25.00 price target on shares of ACV Auctions in a research report on Wednesday, March 12th. Stephens raised shares of ACV Auctions to a “hold” rating in a research report on Saturday, February 1st. Bank of America raised shares of ACV Auctions from a “neutral” rating to a “buy” rating and dropped their price target for the company from $22.00 to $20.00 in a research report on Wednesday, March 12th. Finally, JMP Securities restated a “market outperform” rating and issued a $25.00 price objective on shares of ACV Auctions in a research note on Monday, December 16th. Two equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $23.23.

ACV Auctions Stock Performance

NASDAQ:ACVA opened at $15.31 on Thursday. ACV Auctions has a twelve month low of $12.77 and a twelve month high of $23.46. 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 $18.65 and a 200-day moving average of $19.71. The firm has a market cap of $2.58 billion, a price-to-earnings ratio of -31.24 and a beta of 1.73.

ACV Auctions (NASDAQ:ACVA) last announced its 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. ACV Auctions had a negative net margin of 12.51% and a negative return on equity of 12.94%. The company had revenue of $159.51 million during the quarter, compared to analysts’ expectations of $156.77 million. Analysts forecast that ACV Auctions will post -0.07 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other ACV Auctions news, CFO William Zerella sold 15,000 shares of ACV Auctions stock in a transaction on Tuesday, January 7th. The stock was sold at an average price of $20.57, for a total transaction of $308,550.00. Following the completion of the transaction, the chief financial officer now directly owns 462,452 shares of the company’s stock, valued at approximately $9,512,637.64. This trade represents a 3.14 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Michael Waterman sold 30,162 shares of ACV Auctions stock in a transaction on Tuesday, January 7th. The shares were sold at an average price of $20.53, for a total value of $619,225.86. Following the transaction, the insider now directly owns 314,738 shares of the company’s stock, valued at approximately $6,461,571.14. The trade was a 8.75 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 455,911 shares of company stock worth $7,480,541 over the last 90 days. 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. Blue Trust Inc. grew its position in shares of ACV Auctions by 65.8% in the 4th quarter. Blue Trust Inc. now owns 2,352 shares of the company’s stock valued at $48,000 after purchasing an additional 933 shares during the period. KBC Group NV raised its stake in shares of ACV Auctions by 80.4% during the 4th quarter. KBC Group NV now owns 7,406 shares of the company’s stock worth $160,000 after purchasing an additional 3,300 shares in the last quarter. Integrated Advisors Network LLC bought a new stake in ACV Auctions in the 4th quarter valued at $200,000. Mackenzie Financial Corp bought a new stake in ACV Auctions in the 4th quarter valued at $206,000. Finally, LPL Financial LLC bought a new stake in ACV Auctions in the 4th quarter valued at $226,000. 88.55% of the stock is owned by 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.