ACV Auctions (NASDAQ:ACVA) Given “Outperform” Rating at Barrington Research

Barrington Research reissued their outperform rating on shares of ACV Auctions (NASDAQ:ACVA) in a research note released on Monday morning, Benzinga reports. Barrington Research currently has a $23.00 price objective on the stock.

ACVA has been the subject of several other reports. JMP Securities raised their target price on ACV Auctions from $21.00 to $24.00 and gave the company a “market outperform” rating in a research note on Tuesday, September 17th. Jefferies Financial Group lifted their price target on ACV Auctions from $22.00 to $25.00 and gave the company a “buy” rating in a report on Tuesday, October 22nd. Finally, Raymond James began coverage on shares of ACV Auctions in a research report on Friday, September 27th. They set a “market perform” rating and a $22.00 target price for the company. Two research analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $22.00.

ACV Auctions Stock Up 1.2 %

Shares of ACVA opened at $17.25 on Monday. ACV Auctions has a 52 week low of $12.84 and a 52 week high of $21.10. The company has a quick ratio of 1.49, a current ratio of 1.49 and a debt-to-equity ratio of 0.24. The stock’s 50-day moving average price is $19.01 and its 200-day moving average price is $18.28. The company has a market capitalization of $2.87 billion, a price-to-earnings ratio of -35.94 and a beta of 1.59.

ACV Auctions (NASDAQ:ACVA) last released its earnings results on Wednesday, August 7th. The company reported ($0.07) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.09) by $0.02. ACV Auctions had a negative net margin of 14.53% and a negative return on equity of 13.20%. The firm had revenue of $160.62 million for the quarter, compared to analyst estimates of $156.33 million. On average, sell-side analysts predict that ACV Auctions will post -0.35 EPS for the current year.

Insider Transactions at ACV Auctions

In other ACV Auctions news, Director Brian Hirsch sold 61,666 shares of the stock in a transaction on Friday, August 23rd. The stock was sold at an average price of $18.63, for a total transaction of $1,148,837.58. Following the sale, the director now owns 9,239 shares in the company, valued at $172,122.57. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In other news, COO Vikas Mehta sold 154,324 shares of the stock in a transaction that occurred on Tuesday, September 10th. The shares were sold at an average price of $19.19, for a total transaction of $2,961,477.56. Following the sale, the chief operating officer now owns 432,457 shares in the company, valued at $8,298,849.83. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Brian Hirsch sold 61,666 shares of ACV Auctions stock in a transaction that occurred on Friday, August 23rd. The stock was sold at an average price of $18.63, for a total transaction of $1,148,837.58. Following the completion of the sale, the director now owns 9,239 shares of the company’s stock, valued at $172,122.57. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 709,426 shares of company stock worth $13,792,090 in the last 90 days. Insiders own 8.50% of the company’s stock.

Hedge Funds Weigh In On ACV Auctions

Several large investors have recently made changes to their positions in the business. Massachusetts Financial Services Co. MA increased its position in ACV Auctions by 47.6% during the second quarter. Massachusetts Financial Services Co. MA now owns 7,758,163 shares of the company’s stock valued at $141,586,000 after acquiring an additional 2,502,064 shares during the last quarter. William Blair Investment Management LLC grew its holdings in ACV Auctions by 4.1% in the second quarter. William Blair Investment Management LLC now owns 5,013,642 shares of the company’s stock worth $91,499,000 after purchasing an additional 198,228 shares during the last quarter. Dimensional Fund Advisors LP boosted its holdings in ACV Auctions by 8.4% in the second quarter. Dimensional Fund Advisors LP now owns 2,103,770 shares of the company’s stock worth $38,394,000 after acquiring an additional 163,380 shares in the last quarter. TimesSquare Capital Management LLC lifted its position in ACV Auctions by 2.6% during the 3rd quarter. TimesSquare Capital Management LLC now owns 1,773,206 shares of the company’s stock worth $36,049,000 after acquiring an additional 45,004 shares during the period. Finally, Engle Capital Management L.P. boosted its position in ACV Auctions by 11.6% in the second quarter. Engle Capital Management L.P. now owns 1,563,000 shares of the company’s stock valued at $28,525,000 after buying an additional 163,000 shares during the last quarter. 88.55% of the stock is currently owned by hedge funds and other 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.