ACV Auctions Inc. (NASDAQ:ACVA) Receives $23.14 Consensus PT from Brokerages

ACV Auctions Inc. (NASDAQ:ACVA) has earned an average recommendation of “Moderate Buy” from the eleven ratings firms that are covering the firm, Marketbeat reports. Two analysts have rated the stock with a hold rating and nine have issued a buy rating on the company. The average 1 year price target among brokerages that have updated their coverage on the stock in the last year is $22.50.

A number of brokerages have recently commented on ACVA. Piper Sandler raised shares of ACV Auctions from a “neutral” rating to an “overweight” rating and raised their target price for the stock from $18.00 to $20.00 in a research report on Thursday, March 20th. JMP Securities reduced their price objective on ACV Auctions from $22.00 to $18.00 and set a “market outperform” rating on the stock in a report on Wednesday. Bank of America upgraded ACV Auctions from a “neutral” rating to a “buy” rating and lowered their target price for the stock from $22.00 to $20.00 in a report on Wednesday, March 12th. JPMorgan Chase & Co. cut their price target on ACV Auctions from $24.00 to $20.00 and set an “overweight” rating on the stock in a research note on Thursday, March 27th. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $25.00 price objective on shares of ACV Auctions in a research note on Wednesday, March 12th.

Insiders Place Their Bets

In other news, CFO William Zerella sold 15,000 shares of the stock in a transaction 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 completion of the sale, the chief financial officer now owns 766,266 shares in the company, valued at approximately $10,367,578.98. This represents a 1.92 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO George Chamoun sold 348,249 shares of the business’s stock in a transaction on Thursday, March 20th. The stock was sold at an average price of $15.34, for a total value of $5,342,139.66. Following the transaction, the chief executive officer now owns 2,821,193 shares in the company, valued at approximately $43,277,100.62. This trade represents a 10.99 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 378,249 shares of company stock worth $5,849,140. 8.50% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On ACV Auctions

Several hedge funds have recently modified their holdings of ACVA. Versant Capital Management Inc increased its position 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 period. Blue Trust Inc. increased its holdings in shares of ACV Auctions by 65.8% in the fourth 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. GAMMA Investing LLC raised its stake in shares of ACV Auctions by 3,005.8% in the first quarter. GAMMA Investing LLC now owns 5,932 shares of the company’s stock worth $84,000 after purchasing an additional 5,741 shares during the last quarter. KBC Group NV lifted its holdings in shares of ACV Auctions by 80.4% during the fourth quarter. KBC Group NV now owns 7,406 shares of the company’s stock worth $160,000 after purchasing an additional 3,300 shares during the period. Finally, Integrated Advisors Network LLC purchased a new stake in ACV Auctions in the fourth quarter valued at approximately $200,000. Institutional investors and hedge funds own 88.55% of the company’s stock.

ACV Auctions Price Performance

Shares of ACVA stock opened at $13.97 on Tuesday. The stock has a 50 day moving average price of $16.40 and a 200 day moving average price of $19.11. The firm has a market capitalization of $2.36 billion, a P/E ratio of -28.51 and a beta of 1.74. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.56 and a current ratio of 1.56. ACV Auctions has a 52-week low of $11.88 and a 52-week high of $23.46.

ACV Auctions (NASDAQ:ACVA) last issued its earnings results on Wednesday, February 19th. The company reported ($0.14) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.15) by $0.01. The firm had revenue of $159.51 million during the quarter, compared to analyst estimates of $156.77 million. ACV Auctions had a negative net margin of 12.51% and a negative return on equity of 12.94%. As a group, sell-side analysts predict that ACV Auctions will post -0.07 earnings per share for the current year.

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.