ACV Auctions Inc. (NASDAQ:ACVA) Receives Consensus Rating of “Moderate Buy” from Brokerages

ACV Auctions Inc. (NASDAQ:ACVA) has been assigned a consensus recommendation of “Moderate Buy” from the eleven ratings firms that are currently covering the firm, Marketbeat.com reports. Two equities research analysts have rated the stock with a hold recommendation and nine have given a buy recommendation to the company. The average twelve-month price target among analysts that have issued ratings on the stock in the last year is $20.21.

ACVA has been the topic of several research analyst reports. JMP Securities reissued a “market outperform” rating and issued a $19.00 price objective on shares of ACV Auctions in a research note on Wednesday, April 17th. Northcoast Research raised ACV Auctions from a “neutral” rating to a “buy” rating and set a $22.00 price objective for the company in a research report on Wednesday, January 10th. Finally, Needham & Company LLC restated a “buy” rating and issued a $23.00 target price on shares of ACV Auctions in a research note on Thursday, February 22nd.

Insider Buying and Selling at ACV Auctions

In related news, insider Craig Eric Anderson sold 5,000 shares of ACV Auctions stock in a transaction dated Wednesday, February 28th. The stock was sold at an average price of $18.00, for a total value of $90,000.00. Following the completion of the transaction, the insider now owns 202,797 shares in the company, valued at approximately $3,650,346. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In related news, COO Vikas Mehta sold 333,497 shares of ACV Auctions stock in a transaction dated Tuesday, March 5th. The stock was sold at an average price of $18.62, for a total value of $6,209,714.14. Following the completion of the transaction, the chief operating officer now owns 333,327 shares in the company, valued at approximately $6,206,548.74. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Craig Eric Anderson sold 5,000 shares of ACV Auctions stock in a transaction dated Wednesday, February 28th. The shares were sold at an average price of $18.00, for a total value of $90,000.00. Following the completion of the transaction, the insider now owns 202,797 shares of the company’s stock, valued at approximately $3,650,346. The disclosure for this sale can be found here. In the last quarter, insiders sold 1,507,708 shares of company stock worth $27,126,374. Insiders own 13.67% of the company’s stock.

Hedge Funds Weigh In On ACV Auctions

Several institutional investors and hedge funds have recently modified their holdings of the business. Park Place Capital Corp boosted its holdings in ACV Auctions by 83.2% in the 3rd quarter. Park Place Capital Corp now owns 2,180 shares of the company’s stock worth $33,000 after buying an additional 990 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in ACV Auctions by 28.9% in the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 26,337 shares of the company’s stock worth $400,000 after buying an additional 5,901 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. boosted its holdings in ACV Auctions by 292.6% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 202,088 shares of the company’s stock worth $3,068,000 after buying an additional 150,619 shares during the last quarter. Deepwater Asset Management LLC boosted its holdings in ACV Auctions by 14.3% in the 3rd quarter. Deepwater Asset Management LLC now owns 709,523 shares of the company’s stock worth $10,771,000 after buying an additional 89,022 shares during the last quarter. Finally, Roubaix Capital LLC boosted its holdings in ACV Auctions by 13.6% in the 3rd quarter. Roubaix Capital LLC now owns 243,719 shares of the company’s stock worth $3,700,000 after buying an additional 29,239 shares during the last quarter. Hedge funds and other institutional investors own 88.55% of the company’s stock.

ACV Auctions Trading Up 1.1 %

Shares of ACVA stock opened at $17.50 on Tuesday. The company has a debt-to-equity ratio of 0.25, a current ratio of 2.12 and a quick ratio of 2.12. The stock’s 50 day simple moving average is $17.44 and its two-hundred day simple moving average is $15.49. ACV Auctions has a 1 year low of $11.78 and a 1 year high of $19.54. The company has a market cap of $2.87 billion, a PE ratio of -38.04 and a beta of 1.57.

ACV Auctions (NASDAQ:ACVA) last issued its quarterly earnings results on Wednesday, February 21st. The company reported ($0.12) earnings per share for the quarter, topping the consensus estimate of ($0.13) by $0.01. ACV Auctions had a negative return on equity of 13.97% and a negative net margin of 15.64%. The firm had revenue of $118.38 million for the quarter, compared to the consensus estimate of $117.62 million. Research analysts predict that ACV Auctions will post -0.29 earnings per share for the current year.

ACV Auctions Company Profile

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.