Analysts Set ACV Auctions Inc. (NASDAQ:ACVA) PT at $20.88

Shares of ACV Auctions Inc. (NASDAQ:ACVA) have received an average rating of “Moderate Buy” from the eight analysts that are currently covering the firm, MarketBeat reports. One equities research analyst has rated the stock with a hold recommendation and seven have given a buy recommendation to the company. The average twelve-month price target among brokerages that have covered the stock in the last year is $20.88.

A number of equities analysts recently issued reports on ACVA shares. Needham & Company LLC reiterated a “buy” rating and set a $23.00 price objective on shares of ACV Auctions in a research report on Monday, June 3rd. Piper Sandler raised their price objective on ACV Auctions from $15.00 to $16.00 and gave the company a “neutral” rating in a report on Thursday, May 9th. JMP Securities reaffirmed a “market outperform” rating and issued a $21.00 target price on shares of ACV Auctions in a report on Wednesday, July 10th. Barrington Research reissued an “outperform” rating and set a $23.00 price target on shares of ACV Auctions in a research note on Monday. Finally, JPMorgan Chase & Co. raised ACV Auctions from a “neutral” rating to an “overweight” rating and set a $21.00 price objective for the company in a research note on Monday, June 10th.

ACV Auctions Stock Performance

Shares of ACV Auctions stock opened at $15.15 on Thursday. The company has a current ratio of 1.62, a quick ratio of 1.62 and a debt-to-equity ratio of 0.27. The company has a market cap of $2.50 billion, a PE ratio of -31.56 and a beta of 1.54. The company has a 50 day moving average of $17.77 and a 200-day moving average of $17.23. ACV Auctions has a 1-year low of $12.84 and a 1-year high of $19.63.

ACV Auctions (NASDAQ:ACVA) last posted its quarterly earnings results on Wednesday, May 8th. The company reported ($0.09) EPS for the quarter, missing analysts’ consensus estimates of ($0.08) by ($0.01). The business had revenue of $145.69 million for the quarter, compared to analyst estimates of $144.14 million. ACV Auctions had a negative return on equity of 13.50% and a negative net margin of 15.28%. As a group, equities research analysts forecast that ACV Auctions will post -0.37 earnings per share for the current fiscal year.

Insider Activity at ACV Auctions

In other ACV Auctions news, Director Brian Hirsch sold 8,221 shares of the firm’s stock in a transaction that occurred on Wednesday, May 29th. The shares were sold at an average price of $18.29, for a total transaction of $150,362.09. Following the completion of the transaction, the director now owns 95,520 shares in the company, valued at approximately $1,747,060.80. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In related news, CFO William Zerella sold 32,500 shares of the company’s stock in a transaction dated Tuesday, July 9th. The stock was sold at an average price of $17.51, for a total transaction of $569,075.00. Following the sale, the chief financial officer now owns 503,077 shares in the company, valued at approximately $8,808,878.27. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Brian Hirsch sold 8,221 shares of the firm’s stock in a transaction that occurred on Wednesday, May 29th. The stock was sold at an average price of $18.29, for a total value of $150,362.09. Following the sale, the director now directly owns 95,520 shares of the company’s stock, valued at approximately $1,747,060.80. The disclosure for this sale can be found here. Insiders have sold 679,369 shares of company stock worth $12,178,292 over the last ninety days. Insiders own 8.50% of the company’s stock.

Hedge Funds Weigh In On ACV Auctions

A number of institutional investors and hedge funds have recently modified their holdings of ACVA. John G Ullman & Associates Inc. lifted its position in shares of ACV Auctions by 1.5% during the 4th quarter. John G Ullman & Associates Inc. now owns 66,284 shares of the company’s stock valued at $1,004,000 after acquiring an additional 1,000 shares during the period. Arizona State Retirement System boosted its position in shares of ACV Auctions by 4.1% during the 4th quarter. Arizona State Retirement System now owns 38,400 shares of the company’s stock worth $582,000 after purchasing an additional 1,500 shares in the last quarter. Blair William & Co. IL grew its stake in shares of ACV Auctions by 14.7% in the 1st quarter. Blair William & Co. IL now owns 12,691 shares of the company’s stock valued at $238,000 after buying an additional 1,626 shares during the period. ProShare Advisors LLC increased its position in ACV Auctions by 8.5% in the 1st quarter. ProShare Advisors LLC now owns 22,843 shares of the company’s stock valued at $429,000 after buying an additional 1,798 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD raised its stake in ACV Auctions by 6.3% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 77,547 shares of the company’s stock worth $1,456,000 after buying an additional 4,621 shares during the period. 88.55% of the stock is currently 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.