ACV Auctions Inc. (NASDAQ:ACVA) Given Consensus Rating of “Moderate Buy” by Analysts

Shares of ACV Auctions Inc. (NASDAQ:ACVA) have been given an average recommendation of “Moderate Buy” by the twelve brokerages that are covering the stock, MarketBeat.com reports. Three research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. The average 1-year target price among brokerages that have covered the stock in the last year is $20.36.

Several analysts recently commented on the company. Needham & Company LLC reaffirmed a “buy” rating and set a $23.00 target price on shares of ACV Auctions in a report on Thursday, May 16th. Barrington Research reaffirmed an “outperform” rating and set a $23.00 price objective on shares of ACV Auctions in a research note on Monday, May 13th. JMP Securities boosted their target price on shares of ACV Auctions from $19.00 to $20.00 and gave the company a “market outperform” rating in a research note on Thursday, May 9th. Finally, Piper Sandler raised their price target on shares of ACV Auctions from $15.00 to $16.00 and gave the company a “neutral” rating in a research report on Thursday, May 9th.

ACV Auctions Stock Down 2.3 %

Shares of ACV Auctions stock opened at $18.44 on Friday. The company has a quick ratio of 1.62, a current ratio of 1.62 and a debt-to-equity ratio of 0.27. The company has a market cap of $3.04 billion, a P/E ratio of -38.42 and a beta of 1.56. The firm’s 50 day moving average price is $18.08 and its 200-day moving average price is $16.06. ACV Auctions has a 52-week low of $12.84 and a 52-week high of $19.54.

ACV Auctions (NASDAQ:ACVA) last issued its quarterly earnings results on Wednesday, February 21st. The company reported ($0.12) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.13) by $0.01. ACV Auctions had a negative net margin of 15.28% and a negative return on equity of 13.50%. The business had revenue of $118.38 million for the quarter, compared to analyst estimates of $117.62 million. On average, sell-side analysts predict that ACV Auctions will post -0.37 EPS for the current fiscal year.

Insider Activity

In other ACV Auctions news, CFO William Zerella sold 50,000 shares of the company’s stock in a transaction on Tuesday, March 5th. The stock was sold at an average price of $18.72, for a total transaction of $936,000.00. Following the transaction, the chief financial officer now directly owns 323,286 shares in the company, valued at $6,051,913.92. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, CFO William Zerella sold 50,000 shares of the stock in a transaction dated Tuesday, March 5th. The shares were sold at an average price of $18.72, for a total transaction of $936,000.00. Following the sale, the chief financial officer now owns 323,286 shares of the company’s stock, valued at $6,051,913.92. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, 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 completion of the transaction, the chief operating officer now directly owns 333,327 shares of the company’s stock, valued at approximately $6,206,548.74. The disclosure for this sale can be found here. In the last three months, insiders have sold 1,275,208 shares of company stock valued at $23,373,099. Company insiders own 8.50% of the company’s stock.

Hedge Funds Weigh In On ACV Auctions

Institutional investors and hedge funds have recently made changes to their positions in the stock. Zurcher Kantonalbank Zurich Cantonalbank lifted its position in shares of ACV Auctions by 28.9% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 26,337 shares of the company’s stock worth $400,000 after purchasing an additional 5,901 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. boosted its position in shares of ACV Auctions by 292.6% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 202,088 shares of the company’s stock worth $3,068,000 after acquiring an additional 150,619 shares in the last quarter. Allspring Global Investments Holdings LLC purchased a new position in shares of ACV Auctions in the 3rd quarter valued at about $72,000. Congress Asset Management Co. MA acquired a new stake in shares of ACV Auctions during the 3rd quarter worth about $5,608,000. Finally, Victory Capital Management Inc. lifted its stake in ACV Auctions by 226.7% during the third quarter. Victory Capital Management Inc. now owns 44,292 shares of the company’s stock worth $672,000 after purchasing an additional 30,734 shares during the last quarter. 88.55% of the stock is owned by institutional investors and hedge funds.

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.