JMP Securities Boosts ACV Auctions (NASDAQ:ACVA) Price Target to $20.00

ACV Auctions (NASDAQ:ACVA) had its price objective increased by JMP Securities from $18.00 to $20.00 in a report issued on Wednesday,Benzinga reports. The brokerage presently has a “market outperform” rating on the stock. JMP Securities’ price objective points to a potential upside of 21.10% from the company’s previous close.

Other equities research analysts also recently issued reports about the stock. Needham & Company LLC reaffirmed a “buy” rating and set a $25.00 price objective on shares of ACV Auctions in a report on Thursday, May 8th. Bank of America upgraded 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 note on Wednesday, March 12th. Piper Sandler upgraded shares of ACV Auctions from a “neutral” rating to an “overweight” rating and lifted their price objective for the company from $18.00 to $20.00 in a research note on Thursday, March 20th. Finally, JPMorgan Chase & Co. lowered their target price on shares of ACV Auctions from $24.00 to $20.00 and set an “overweight” rating on the stock in a report on Thursday, March 27th. Two equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. According to MarketBeat.com, ACV Auctions presently has a consensus rating of “Moderate Buy” and an average target price of $22.68.

ACV Auctions Price Performance

Shares of NASDAQ ACVA opened at $16.52 on Wednesday. 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 stock has a fifty day simple moving average of $16.14 and a two-hundred day simple moving average of $17.35. ACV Auctions has a 1-year low of $11.88 and a 1-year high of $23.46. The firm has a market cap of $2.83 billion, a price-to-earnings ratio of -33.70 and a beta of 1.71.

ACV Auctions (NASDAQ:ACVA) last issued its quarterly earnings results on Wednesday, May 7th. The company reported ($0.09) EPS for the quarter, missing analysts’ consensus estimates 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%. During the same period in the previous year, the firm posted ($0.13) EPS. The company’s quarterly revenue was up 25.4% compared to the same quarter last year. Analysts anticipate that ACV Auctions will post -0.07 earnings per share for the current year.

Insiders Place Their Bets

In other ACV Auctions news, insider Michael Waterman sold 223,330 shares of the stock in a transaction that occurred on Tuesday, May 13th. The shares were sold at an average price of $17.00, for a total value of $3,796,610.00. Following the sale, the insider directly owned 466,548 shares in the company, valued at $7,931,316. This represents a 32.37% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Company insiders own 2.90% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the company. Brighton Jones LLC bought a new stake in ACV Auctions during the fourth quarter valued at $392,000. Charles Schwab Investment Management Inc. raised its holdings in shares of ACV Auctions by 3.9% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,289,362 shares of the company’s stock valued at $27,850,000 after acquiring an additional 48,021 shares in the last quarter. Keybank National Association OH boosted its position in shares of ACV Auctions by 21.2% during the 4th quarter. Keybank National Association OH now owns 35,646 shares of the company’s stock valued at $770,000 after acquiring an additional 6,241 shares during the last quarter. Atria Investments Inc purchased a new position in shares of ACV Auctions during the fourth quarter worth about $333,000. Finally, Arizona State Retirement System grew its holdings in shares of ACV Auctions by 3.6% during the fourth quarter. Arizona State Retirement System now owns 44,126 shares of the company’s stock worth $953,000 after purchasing an additional 1,520 shares in the last quarter. 88.55% of the stock is currently 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.