Brokerages Set ACV Auctions Inc. (NASDAQ:ACVA) PT at $23.14

ACV Auctions Inc. (NASDAQ:ACVA) has been given an average rating of “Moderate Buy” by the eleven analysts that are presently covering the firm, MarketBeat.com reports. Two investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. The average 12 month target price among analysts that have issued a report on the stock in the last year is $22.50.

A number of research firms have issued reports on ACVA. JPMorgan Chase & Co. decreased their price target on shares of ACV Auctions from $24.00 to $20.00 and set an “overweight” rating for the company in a report on Thursday, March 27th. Piper Sandler upgraded ACV Auctions from a “neutral” rating to an “overweight” rating and increased their target price for the company from $18.00 to $20.00 in a research note on Thursday, March 20th. Stephens raised ACV Auctions to a “hold” rating in a research report on Saturday, February 1st. Needham & Company LLC reiterated a “buy” rating and set a $25.00 price target on shares of ACV Auctions in a report on Wednesday, March 12th. Finally, JMP Securities lowered their price objective on shares of ACV Auctions from $22.00 to $18.00 and set a “market outperform” rating on the stock in a research note on Wednesday.

ACV Auctions Stock Up 2.0 %

Shares of ACVA stock opened at $14.28 on Tuesday. The company has a market capitalization of $2.41 billion, a price-to-earnings ratio of -29.13 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. The stock’s 50 day simple moving average is $16.27 and its 200 day simple moving average is $19.06. ACV Auctions has a twelve month low of $11.88 and a twelve month high of $23.46.

ACV Auctions (NASDAQ:ACVA) last released its quarterly earnings results on Wednesday, February 19th. The company reported ($0.14) EPS for the quarter, beating analysts’ consensus estimates of ($0.15) by $0.01. The company had revenue of $159.51 million for 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, research analysts predict that ACV Auctions will post -0.07 EPS for the current year.

Insider Buying and Selling

In related news, CEO George Chamoun sold 348,249 shares of the firm’s stock in a transaction that occurred on Thursday, March 20th. The stock was sold at an average price of $15.34, for a total transaction of $5,342,139.66. Following the completion of the transaction, the chief executive officer now owns 2,821,193 shares in the company, valued at $43,277,100.62. This trade represents a 10.99 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO William Zerella sold 15,000 shares of the business’s stock in a transaction on Tuesday, March 11th. The shares were sold at an average price of $13.53, for a total value of $202,950.00. Following the completion of the sale, the chief financial officer now directly owns 766,266 shares in the company, valued at approximately $10,367,578.98. This represents a 1.92 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 378,249 shares of company stock valued at $5,849,140 over the last ninety days. 8.50% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Versant Capital Management Inc grew its holdings 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 worth $31,000 after purchasing an additional 1,811 shares during the last quarter. Blue Trust Inc. grew its stake in ACV Auctions by 65.8% during the fourth quarter. Blue Trust Inc. now owns 2,352 shares of the company’s stock worth $48,000 after buying an additional 933 shares during the last quarter. GAMMA Investing LLC increased its holdings in shares of ACV Auctions by 3,005.8% during the first quarter. GAMMA Investing LLC now owns 5,932 shares of the company’s stock worth $84,000 after buying an additional 5,741 shares in the last quarter. KBC Group NV raised its stake in shares of ACV Auctions by 80.4% in the fourth quarter. KBC Group NV now owns 7,406 shares of the company’s stock valued at $160,000 after acquiring an additional 3,300 shares during the last quarter. Finally, Integrated Advisors Network LLC acquired a new position in shares of ACV Auctions in the 4th quarter worth approximately $200,000. 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.