Brokerages Set ACV Auctions Inc. (NASDAQ:ACVA) PT at $20.21

ACV Auctions Inc. (NASDAQ:ACVA) has received a consensus recommendation of “Moderate Buy” from the eleven ratings firms that are currently covering the firm, MarketBeat Ratings reports. Two equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. The average 12 month price target among brokers that have updated their coverage on the stock in the last year is $20.21.

A number of research analysts recently issued reports on the company. Needham & Company LLC reiterated a “buy” rating and set a $23.00 price objective on shares of ACV Auctions in a report on Thursday, February 22nd. JMP Securities reiterated a “market outperform” rating and issued a $19.00 price objective on shares of ACV Auctions in a report on Wednesday, April 17th. Finally, Northcoast Research upgraded shares of ACV Auctions from a “neutral” rating to a “buy” rating and set a $22.00 target price for the company in a report on Wednesday, January 10th.

ACV Auctions Stock Down 1.4 %

ACV Auctions stock opened at $17.83 on Tuesday. The company has a 50 day moving average of $17.83 and a 200-day moving average of $15.60. The company has a quick ratio of 2.12, a current ratio of 2.12 and a debt-to-equity ratio of 0.25. ACV Auctions has a twelve month low of $12.84 and a twelve month high of $19.54. The stock has a market capitalization of $2.92 billion, a PE ratio of -38.76 and a beta of 1.57.

ACV Auctions (NASDAQ:ACVA) last announced its earnings results on Wednesday, February 21st. The company reported ($0.12) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.13) by $0.01. The firm had revenue of $118.38 million during the quarter, compared to analyst estimates of $117.62 million. ACV Auctions had a negative net margin of 15.64% and a negative return on equity of 13.97%. On average, equities research analysts anticipate that ACV Auctions will post -0.29 EPS for the current fiscal year.

Insider Activity

In related news, CFO William Zerella sold 32,500 shares of ACV Auctions stock in a transaction dated Tuesday, February 6th. The stock was sold at an average price of $14.07, for a total transaction of $457,275.00. Following the completion of the transaction, the chief financial officer now owns 305,579 shares in the company, valued at $4,299,496.53. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, COO Vikas Mehta sold 200,000 shares of the stock in a transaction dated Thursday, February 22nd. The shares were sold at an average price of $16.48, for a total value of $3,296,000.00. Following the transaction, the chief operating officer now directly owns 319,036 shares of the company’s stock, valued at $5,257,713.28. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO William Zerella sold 32,500 shares of the firm’s stock in a transaction dated Tuesday, February 6th. The stock was sold at an average price of $14.07, for a total transaction of $457,275.00. Following the sale, the chief financial officer now owns 305,579 shares of the company’s stock, valued at approximately $4,299,496.53. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 1,507,708 shares of company stock valued at $27,126,374. 13.67% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the stock. Park Place Capital Corp boosted its holdings in shares of ACV Auctions by 83.2% during the third quarter. Park Place Capital Corp now owns 2,180 shares of the company’s stock worth $33,000 after acquiring an additional 990 shares during the period. Parkside Financial Bank & Trust bought a new stake in ACV Auctions in the 3rd quarter valued at $66,000. Allspring Global Investments Holdings LLC acquired a new position in ACV Auctions in the 3rd quarter valued at $72,000. UMB Bank n.a. bought a new position in ACV Auctions during the 1st quarter worth $114,000. Finally, Penn Mutual Asset Management LLC acquired a new stake in shares of ACV Auctions during the fourth quarter worth $153,000. 88.55% of the stock is owned by 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.