ACV Auctions (NASDAQ:ACVA) PT Lowered to $14.00 at The Goldman Sachs Group

ACV Auctions (NASDAQ:ACVAGet Rating) had its price target dropped by stock analysts at The Goldman Sachs Group from $20.00 to $14.00 in a research note issued to investors on Thursday, The Fly reports. The Goldman Sachs Group’s target price indicates a potential upside of 85.19% from the company’s current price.

ACVA has been the topic of several other research reports. Zacks Investment Research cut ACV Auctions from a “buy” rating to a “hold” rating in a report on Monday, May 16th. Truist Financial decreased their price objective on ACV Auctions from $30.00 to $18.00 in a report on Thursday, May 12th. Stephens upgraded ACV Auctions from an “equal weight” rating to an “overweight” rating and lifted their target price for the company from $17.00 to $19.00 in a report on Wednesday, March 2nd. JMP Securities reduced their target price on ACV Auctions from $32.00 to $20.00 in a report on Wednesday, May 18th. Finally, Canaccord Genuity Group reduced their target price on ACV Auctions from $25.00 to $22.00 in a report on Thursday, May 12th. One research analyst has rated the stock with a hold rating and eleven have issued a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Buy” and an average price target of $22.33.

ACV Auctions stock traded down $0.82 during mid-day trading on Thursday, hitting $7.56. 2,103,739 shares of the company were exchanged, compared to its average volume of 1,381,872. ACV Auctions has a 12-month low of $7.45 and a 12-month high of $25.97. The business’s 50 day simple moving average is $11.27 and its two-hundred day simple moving average is $14.16. The company has a debt-to-equity ratio of 0.11, a current ratio of 2.07 and a quick ratio of 2.07. The company has a market capitalization of $1.19 billion, a P/E ratio of -13.03 and a beta of 1.20.

ACV Auctions (NASDAQ:ACVAGet Rating) last posted its quarterly earnings data on Wednesday, May 11th. The company reported ($0.19) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($0.19). ACV Auctions had a negative return on equity of 16.00% and a negative net margin of 23.08%. The business had revenue of $103.07 million for the quarter, compared to analysts’ expectations of $101.44 million. During the same quarter last year, the firm earned ($0.51) earnings per share. Equities research analysts predict that ACV Auctions will post -0.71 earnings per share for the current year.

In other ACV Auctions news, insider Michael Waterman sold 2,931 shares of the company’s stock in a transaction that occurred on Monday, May 2nd. The stock was 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 11.64% of the company’s stock.

Several institutional investors have recently bought and sold shares of the company. Morgan Stanley purchased a new position in shares of ACV Auctions during the 1st quarter valued at $40,000. Royal Bank of Canada boosted its holdings in ACV Auctions by 443.3% during the second quarter. Royal Bank of Canada now owns 1,630 shares of the company’s stock valued at $42,000 after acquiring an additional 1,330 shares during the period. Jacobi Capital Management LLC bought a new stake in ACV Auctions during the third quarter valued at about $26,000. Bank of New York Mellon Corp boosted its holdings in ACV Auctions by 3.2% during the first quarter. Bank of New York Mellon Corp now owns 49,679 shares of the company’s stock valued at $736,000 after acquiring an additional 1,547 shares during the period. Finally, Advisor Group Holdings Inc. boosted its holdings in ACV Auctions by 18.6% during the first quarter. Advisor Group Holdings Inc. now owns 10,397 shares of the company’s stock valued at $153,000 after acquiring an additional 1,627 shares during the period. Institutional investors and hedge funds own 75.75% of the company’s stock.

About ACV Auctions (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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