ACV Auctions’ (ACVA) Outperform Rating Reiterated at Barrington Research

ACV Auctions (NASDAQ:ACVA)‘s stock had its “outperform” rating reaffirmed by equities researchers at Barrington Research in a research note issued to investors on Monday, Benzinga reports. They currently have a $23.00 price target on the stock. Barrington Research’s price objective would indicate a potential upside of 28.64% from the company’s previous close.

Several other research firms have also weighed in on ACVA. Northcoast Research upgraded ACV Auctions from a “neutral” rating to a “buy” rating and set a $22.00 price target on the stock in a research report on Wednesday, January 10th. JMP Securities reissued a “market outperform” rating and issued a $19.00 target price on shares of ACV Auctions in a report on Wednesday, April 17th. Finally, Needham & Company LLC reissued a “buy” rating and issued a $23.00 target price on shares of ACV Auctions in a report on Thursday, February 22nd. Two investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. According to data from MarketBeat, ACV Auctions has a consensus rating of “Moderate Buy” and an average target price of $20.21.

ACV Auctions Trading Up 0.4 %

Shares of ACVA traded up $0.07 during mid-day trading on Monday, hitting $17.88. 58,935 shares of the company’s stock traded hands, compared to its average volume of 1,150,291. 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 1 year low of $12.84 and a 1 year high of $19.54. The firm has a market capitalization of $2.93 billion, a P/E ratio of -38.80 and a beta of 1.56. The business’s 50-day moving average price is $18.00 and its 200-day moving average price is $15.68.

ACV Auctions (NASDAQ:ACVA) last posted its earnings results on Wednesday, February 21st. The company reported ($0.12) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.13) by $0.01. ACV Auctions had a negative return on equity of 13.97% and a negative net margin of 15.64%. The firm had revenue of $118.38 million for the quarter, compared to analysts’ expectations of $117.62 million. As a group, sell-side analysts forecast that ACV Auctions will post -0.29 EPS for the current fiscal year.

Insider Activity at ACV Auctions

In related news, COO Vikas Mehta sold 333,497 shares of the company’s stock in a transaction on Tuesday, March 5th. The stock was sold at an average price of $18.62, for a total transaction of $6,209,714.14. Following the completion of the sale, the chief operating officer now owns 333,327 shares in the company, valued at $6,206,548.74. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other ACV Auctions news, COO Vikas Mehta sold 333,497 shares of the firm’s stock in a transaction that occurred on Tuesday, March 5th. The shares were sold at an average price of $18.62, for a total transaction of $6,209,714.14. Following the sale, the chief operating officer now owns 333,327 shares in the company, valued at approximately $6,206,548.74. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO George Chamoun sold 120,062 shares of the company’s stock in a transaction on Thursday, March 21st. The stock was sold at an average price of $19.14, for a total transaction of $2,297,986.68. Following the completion of the transaction, the chief executive officer now directly owns 597,921 shares of the company’s stock, valued at approximately $11,444,207.94. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 1,507,708 shares of company stock worth $27,126,374. 8.50% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the business. Parkside Financial Bank & Trust bought a new stake in shares of ACV Auctions during the third quarter valued at approximately $66,000. Allspring Global Investments Holdings LLC bought a new stake in shares of ACV Auctions during the third quarter valued at approximately $72,000. UMB Bank n.a. bought a new stake in shares of ACV Auctions during the first quarter valued at approximately $114,000. Penn Mutual Asset Management LLC bought a new stake in shares of ACV Auctions during the fourth quarter valued at approximately $153,000. Finally, Versor Investments LP raised its position in shares of ACV Auctions by 19.5% during the third quarter. Versor Investments LP now owns 11,974 shares of the company’s stock valued at $182,000 after buying an additional 1,950 shares during the last quarter. 88.55% of the stock is 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.