ACV Auctions (NASDAQ:ACVA) Given New $14.00 Price Target at Needham & Company LLC

ACV Auctions (NASDAQ:ACVAGet Rating) had its price objective cut by equities research analysts at Needham & Company LLC from $20.00 to $14.00 in a report issued on Thursday, The Fly reports. Needham & Company LLC’s target price indicates a potential upside of 70.73% from the stock’s current price.

Other equities research analysts have also issued research reports about the stock. Canaccord Genuity Group decreased their target price on shares of ACV Auctions from $32.00 to $25.00 in a research note on Thursday, February 17th. Piper Sandler reduced their price objective on ACV Auctions from $25.00 to $21.00 and set an “overweight” rating for the company in a research report on Wednesday, March 30th. Stephens raised 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 report on Wednesday, March 2nd. JMP Securities reiterated a “buy” rating and set a $32.00 price target on shares of ACV Auctions in a report on Wednesday, April 6th. Finally, Zacks Investment Research downgraded ACV Auctions from a “buy” rating to a “hold” rating in a report on Friday, May 6th. One analyst has rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Buy” and a consensus target price of $24.77.

Shares of NASDAQ ACVA opened at $8.20 on Thursday. ACV Auctions has a one year low of $8.19 and a one year high of $33.53. The business has a 50-day moving average price of $13.50 and a two-hundred day moving average price of $15.87. The firm has a market capitalization of $1.28 billion, a PE ratio of -9.11 and a beta of 1.16.

ACV Auctions (NASDAQ:ACVAGet Rating) last posted its quarterly earnings results on Wednesday, May 11th. The company reported ($0.19) earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of ($0.19). ACV Auctions had a negative net margin of 21.89% and a negative return on equity of 13.47%. During the same period last year, the business earned ($0.51) earnings per share. On average, equities research analysts forecast that ACV Auctions will post -0.67 EPS for the current fiscal year.

In other news, insider Michael Waterman sold 2,931 shares of the business’s stock in a transaction on Monday, May 2nd. The shares were sold at an average price of $12.75, for a total value of $37,370.25. Following the completion of the sale, the insider now directly owns 66,964 shares in the company, valued at $853,791. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link.

Several institutional investors have recently bought and sold shares of ACVA. New York State Common Retirement Fund boosted its stake in ACV Auctions by 218.2% during the 1st quarter. New York State Common Retirement Fund now owns 11,490,618 shares of the company’s stock valued at $170,176,000 after purchasing an additional 7,878,928 shares during the period. ArrowMark Colorado Holdings LLC grew its stake in shares of ACV Auctions by 29.5% in the third quarter. ArrowMark Colorado Holdings LLC now owns 5,599,549 shares of the company’s stock worth $100,176,000 after acquiring an additional 1,274,938 shares during the last quarter. Cat Rock Capital Management LP bought a new position in ACV Auctions during the fourth quarter worth $97,968,000. JPMorgan Chase & Co. raised its stake in ACV Auctions by 29.2% during the 1st quarter. JPMorgan Chase & Co. now owns 4,639,145 shares of the company’s stock valued at $68,705,000 after purchasing an additional 1,047,520 shares during the last quarter. Finally, Massachusetts Financial Services Co. MA boosted its holdings in ACV Auctions by 10.0% in the 4th quarter. Massachusetts Financial Services Co. MA now owns 3,962,144 shares of the company’s stock valued at $74,647,000 after purchasing an additional 359,755 shares during the period. Institutional investors and hedge funds 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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