ACV Auctions (NASDAQ:ACVA) Sets New 1-Year High on Analyst Upgrade

Posted by Defense World Staff on May 19th, 2023

ACV Auctions Inc. (NASDAQ:ACVA – Get Rating) hit a new 52-week high on Thursday after Barrington Research raised their price target on the stock from $14.00 to $18.00. The stock traded as high as $17.23 and last traded at $17.07, with a volume of 338438 shares changing hands. The stock had previously closed at $16.86.

Several other brokerages have also recently weighed in on ACVA. Piper Jaffray Companies cut ACV Auctions to a “neutral” rating and set a $11.00 price objective for the company. in a report on Thursday, February 16th. JMP Securities boosted their price target on ACV Auctions from $14.00 to $18.00 in a report on Thursday, May 11th. Citigroup boosted their price target on ACV Auctions from $14.00 to $19.00 in a report on Friday, May 12th. Guggenheim boosted their price target on ACV Auctions from $15.00 to $18.00 in a report on Monday. Finally, Needham & Company LLC reissued a “buy” rating and set a $14.00 price target on shares of ACV Auctions in a report on Thursday, February 23rd. Two investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat.com, ACV Auctions currently has a consensus rating of “Moderate Buy” and an average price target of $14.80.

Insiders Place Their Bets

In other ACV Auctions news, COO Vikas Mehta sold 82,748 shares of the company’s stock in a transaction dated Monday, April 10th. The stock was sold at an average price of $12.08, for a total value of $999,595.84. Following the completion of the transaction, the chief operating officer now owns 354,429 shares of the company’s stock, valued at approximately $4,281,502.32. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. In other ACV Auctions news, COO Vikas Mehta sold 82,748 shares of the company’s stock in a transaction dated Monday, April 10th. The stock was sold at an average price of $12.08, for a total value of $999,595.84. Following the completion of the transaction, the chief operating officer now owns 354,429 shares of the company’s stock, valued at approximately $4,281,502.32. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CFO William Zerella sold 67,500 shares of the company’s stock in a transaction dated Tuesday, May 16th. The stock was sold at an average price of $16.25, for a total value of $1,096,875.00. Following the completion of the transaction, the chief financial officer now directly owns 333,567 shares of the company’s stock, valued at approximately $5,420,463.75. The disclosure for this sale can be found here. Insiders sold a total of 5,629,683 shares of company stock valued at $81,386,858 in the last 90 days. Corporate insiders own 11.64% of the company’s stock.

Institutional Investors Weigh In On ACV Auctions

Institutional investors and hedge funds have recently made changes to their positions in the stock. EVR Research LP acquired a new stake in shares of ACV Auctions in the third quarter valued at about $6,291,000. Victory Capital Management Inc. acquired a new stake in shares of ACV Auctions in the third quarter valued at about $120,000. Brandywine Global Investment Management LLC increased its stake in shares of ACV Auctions by 455.9% in the third quarter. Brandywine Global Investment Management LLC now owns 728,188 shares of the company’s stock valued at $5,236,000 after buying an additional 597,188 shares during the period. Parian Global Management LP acquired a new stake in shares of ACV Auctions in the third quarter valued at about $629,000. Finally, Blue Grotto Capital LLC increased its stake in shares of ACV Auctions by 33.6% in the fourth quarter. Blue Grotto Capital LLC now owns 1,960,803 shares of the company’s stock valued at $16,098,000 after buying an additional 493,002 shares during the period. Institutional investors and hedge funds own 69.75% of the company’s stock.

ACV Auctions Trading Up 2.5 %

The firm has a 50 day moving average price of $13.08 and a two-hundred day moving average price of $10.62. The company has a market cap of $2.74 billion, a price-to-earnings ratio of -29.79 and a beta of 1.41. The company has a quick ratio of 2.01, a current ratio of 2.01 and a debt-to-equity ratio of 0.20.

ACV Auctions (NASDAQ:ACVA – Get Rating) last released its earnings results on Wednesday, February 22nd. The company reported ($0.16) EPS for the quarter, topping the consensus estimate of ($0.18) by $0.02. ACV Auctions had a negative return on equity of 16.03% and a negative net margin of 20.75%. The business had revenue of $97.97 million during the quarter, compared to analysts’ expectations of $99.08 million. As a group, equities analysts forecast that ACV Auctions Inc. will post -0.62 earnings per share for the current year.

About ACV Auctions

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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.