ACV Auctions’ (ACVA) “Buy” Rating Reiterated at Citigroup

ACV Auctions (NASDAQ:ACVAGet Rating)‘s stock had its “buy” rating restated by equities researchers at Citigroup in a report released on Wednesday, April 20th, Marketbeat Ratings reports. They currently have a $20.00 price objective on the stock. Citigroup’s price target would suggest a potential upside of 57.85% from the stock’s current price.

A number of other brokerages have also recently commented on ACVA. Zacks Investment Research raised ACV Auctions from a “strong sell” rating to a “hold” rating in a research report on Tuesday, February 22nd. Stephens upgraded ACV Auctions from an “equal weight” rating to an “overweight” rating and upped their target price for the stock from $17.00 to $19.00 in a research note on Wednesday, March 2nd. The Goldman Sachs Group initiated coverage on ACV Auctions in a research report on Friday, January 7th. They set a “buy” rating and a $26.00 price objective on the stock. JMP Securities reiterated a “buy” rating and set a $32.00 price objective on shares of ACV Auctions in a research report on Wednesday, April 6th. Finally, Piper Sandler dropped their target price on ACV Auctions from $25.00 to $21.00 and set an “overweight” rating for the company in a report on Wednesday, March 30th. Twelve analysts have rated the stock with a buy rating, According to MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus target price of $26.15.

Shares of ACVA stock traded up $0.34 during mid-day trading on Wednesday, reaching $12.67. 1,421,204 shares of the stock traded hands, compared to its average volume of 1,270,426. The stock’s fifty day simple moving average is $13.86 and its two-hundred day simple moving average is $16.25. ACV Auctions has a 1-year low of $10.30 and a 1-year high of $34.99. The company has a market cap of $1.98 billion, a price-to-earnings ratio of -13.48 and a beta of 1.16.

ACV Auctions (NASDAQ:ACVAGet Rating) last issued its earnings results on Wednesday, February 16th. The company reported ($0.17) earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.20) by $0.03. The business had revenue of $100.20 million during the quarter, compared to the consensus estimate of $86.27 million. ACV Auctions had a negative return on equity of 13.47% and a negative net margin of 21.89%. ACV Auctions’s revenue was up 86.2% on a year-over-year basis. Equities research analysts expect that ACV Auctions will post -0.67 EPS for the current fiscal year.

Several large investors have recently made changes to their positions in the company. Advisor Group Holdings Inc. increased its position in shares of ACV Auctions by 18.6% during the 1st quarter. Advisor Group Holdings Inc. now owns 10,397 shares of the company’s stock worth $153,000 after purchasing an additional 1,627 shares during the last quarter. Commonwealth Equity Services LLC lifted its stake in ACV Auctions by 5.4% during the first quarter. Commonwealth Equity Services LLC now owns 98,555 shares of the company’s stock worth $1,459,000 after purchasing an additional 5,070 shares during the last quarter. Envestnet Asset Management Inc. purchased a new stake in ACV Auctions during the first quarter worth approximately $181,000. Versor Investments LP acquired a new position in ACV Auctions during the first quarter worth approximately $510,000. Finally, Arizona State Retirement System increased its position in ACV Auctions by 106.7% during the first quarter. Arizona State Retirement System now owns 23,956 shares of the company’s stock worth $355,000 after buying an additional 12,369 shares during the period. Hedge funds and other institutional investors own 75.75% of the company’s stock.

ACV Auctions Company Profile (Get Rating)

ACV Auctions Inc operates a digital marketplace that connects buyers and sellers for the online auction of wholesale vehicles. It also provides data services that offer insights into the condition and value of used vehicles, as well as offers customer financing services. ACV Auctions Inc was incorporated in 2014 and is headquartered in Buffalo, New York.

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