Barrington Research Reaffirms Outperform Rating for ACV Auctions (NASDAQ:ACVA)

ACV Auctions (NASDAQ:ACVA)‘s stock had its “outperform” rating reissued by research analysts at Barrington Research in a research report issued to clients and investors on Monday, Benzinga reports. They currently have a $23.00 target price on the stock. Barrington Research’s target price would indicate a potential upside of 29.50% from the stock’s previous close.

Several other equities research analysts also recently issued reports on ACVA. Northcoast Research raised shares of 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. Needham & Company LLC reissued a “buy” rating and issued a $23.00 price target on shares of ACV Auctions in a research note on Thursday, February 22nd. Finally, JMP Securities reaffirmed a “market outperform” rating and set a $19.00 price objective on shares of ACV Auctions in a research report on Wednesday, April 17th. Two research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $20.21.

ACV Auctions Stock Performance

ACVA stock opened at $17.76 on Monday. ACV Auctions has a 1-year low of $12.84 and a 1-year high of $19.54. The company has a current ratio of 2.12, a quick ratio of 2.12 and a debt-to-equity ratio of 0.25. The firm has a market cap of $2.91 billion, a PE ratio of -38.61 and a beta of 1.56. The business’s 50-day moving average price is $18.04 and its two-hundred day moving average price is $15.71.

ACV Auctions (NASDAQ:ACVA) last released its quarterly earnings data on Wednesday, February 21st. The company reported ($0.12) earnings per share for the quarter, beating 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 business had revenue of $118.38 million for the quarter, compared to analysts’ expectations of $117.62 million. As a group, research analysts forecast that ACV Auctions will post -0.29 earnings per share for the current year.

Insiders Place Their Bets

In other ACV Auctions news, CFO William Zerella sold 50,000 shares of the business’s stock in a transaction that occurred on Tuesday, March 5th. The stock was sold at an average price of $18.72, for a total transaction of $936,000.00. Following the transaction, the chief financial officer now owns 323,286 shares of the company’s stock, valued at $6,051,913.92. The sale was disclosed in a document filed with the SEC, which is available through this link. In related news, COO Vikas Mehta sold 200,000 shares of ACV Auctions stock in a transaction dated Thursday, February 22nd. The shares were sold at an average price of $16.48, for a total transaction of $3,296,000.00. Following the completion of the sale, the chief operating officer now owns 319,036 shares of the company’s stock, valued at approximately $5,257,713.28. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO William Zerella sold 50,000 shares of the company’s stock in a transaction dated Tuesday, March 5th. The shares were sold at an average price of $18.72, for a total transaction of $936,000.00. Following the completion of the transaction, the chief financial officer now owns 323,286 shares in the company, valued at approximately $6,051,913.92. The disclosure for this sale can be found here. Over the last three months, insiders have sold 1,475,208 shares of company stock valued at $26,669,099. 8.50% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On ACV Auctions

Institutional investors have recently made changes to their positions in the company. TimesSquare Capital Management LLC boosted its stake in ACV Auctions by 45.6% in the 1st quarter. TimesSquare Capital Management LLC now owns 1,765,822 shares of the company’s stock valued at $33,144,000 after purchasing an additional 552,719 shares during the period. Oppenheimer Asset Management Inc. boosted its position in shares of ACV Auctions by 6.0% in the first quarter. Oppenheimer Asset Management Inc. now owns 111,890 shares of the company’s stock valued at $2,100,000 after acquiring an additional 6,325 shares during the period. Quantbot Technologies LP acquired a new position in shares of ACV Auctions in the first quarter valued at about $519,000. Jennison Associates LLC increased its position in ACV Auctions by 11.0% during the first quarter. Jennison Associates LLC now owns 3,954,432 shares of the company’s stock worth $74,225,000 after acquiring an additional 393,423 shares during the period. Finally, Principal Financial Group Inc. raised its stake in ACV Auctions by 216.7% in the 1st quarter. Principal Financial Group Inc. now owns 46,513 shares of the company’s stock worth $873,000 after purchasing an additional 31,827 shares in the last quarter. Institutional investors own 88.55% of the company’s stock.

About ACV Auctions

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.