ACV Auctions (NASDAQ:ACVA) Receives Market Outperform Rating from JMP Securities

JMP Securities reissued their market outperform rating on shares of ACV Auctions (NASDAQ:ACVAFree Report) in a research report released on Wednesday morning, Benzinga reports. They currently have a $21.00 price target on the stock.

Other research analysts have also recently issued research reports about the stock. Piper Sandler lifted their target price on shares of ACV Auctions from $15.00 to $16.00 and gave the company a neutral rating in a research note on Thursday, May 9th. Needham & Company LLC reiterated a buy rating and issued a $23.00 target price on shares of ACV Auctions in a research note on Monday, June 3rd. Barrington Research reiterated an outperform rating and issued a $23.00 target price on shares of ACV Auctions in a research note on Monday, May 13th. Finally, JPMorgan Chase & Co. upgraded shares of ACV Auctions from a neutral rating to an overweight rating and set a $21.00 price objective for the company in a research report on Monday, June 10th. One analyst has rated the stock with a hold rating and ten have given a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of Moderate Buy and an average price target of $21.18.

Read Our Latest Report on ACVA

ACV Auctions Stock Down 3.8 %

NASDAQ ACVA opened at $16.80 on Wednesday. ACV Auctions has a 1-year low of $12.84 and a 1-year high of $19.62. The stock’s 50 day moving average is $18.00 and its two-hundred day moving average is $16.82. The company has a current ratio of 1.62, a quick ratio of 1.62 and a debt-to-equity ratio of 0.27. The company has a market capitalization of $2.77 billion, a price-to-earnings ratio of -35.00 and a beta of 1.54.

ACV Auctions (NASDAQ:ACVAGet Free Report) last posted its earnings results on Wednesday, May 8th. The company reported ($0.09) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.08) by ($0.01). ACV Auctions had a negative net margin of 15.28% and a negative return on equity of 13.50%. The firm had revenue of $145.69 million during the quarter, compared to the consensus estimate of $144.14 million. Equities analysts forecast that ACV Auctions will post -0.37 earnings per share for the current fiscal year.

Insider Buying and Selling at ACV Auctions

In other ACV Auctions news, CFO William Zerella sold 32,500 shares of the company’s stock in a transaction on Tuesday, April 16th. The shares were sold at an average price of $17.17, for a total transaction of $558,025.00. Following the completion of the sale, the chief financial officer now owns 314,151 shares in the company, valued at approximately $5,393,972.67. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other ACV Auctions news, Director Brian Hirsch sold 8,221 shares of the company’s stock in a transaction on Wednesday, May 29th. The shares were sold at an average price of $18.29, for a total transaction of $150,362.09. Following the completion of the sale, the director now owns 95,520 shares in the company, valued at approximately $1,747,060.80. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO William Zerella sold 32,500 shares of the company’s stock in a transaction on Tuesday, April 16th. The shares were sold at an average price of $17.17, for a total transaction of $558,025.00. Following the sale, the chief financial officer now owns 314,151 shares of the company’s stock, valued at approximately $5,393,972.67. The disclosure for this sale can be found here. In the last 90 days, insiders sold 653,033 shares of company stock worth $11,706,099. Insiders own 8.50% of the company’s stock.

Institutional Trading of ACV Auctions

Several institutional investors and hedge funds have recently made changes to their positions in the business. Harbor Capital Advisors Inc. acquired a new position in shares of ACV Auctions in the 2nd quarter valued at $577,000. Swedbank AB acquired a new position in shares of ACV Auctions in the 1st quarter valued at $15,016,000. Comerica Bank grew its holdings in shares of ACV Auctions by 5,045.7% in the 1st quarter. Comerica Bank now owns 63,550 shares of the company’s stock valued at $1,193,000 after buying an additional 62,315 shares during the period. Bayesian Capital Management LP grew its holdings in shares of ACV Auctions by 220.9% in the 1st quarter. Bayesian Capital Management LP now owns 33,411 shares of the company’s stock valued at $627,000 after buying an additional 23,000 shares during the period. Finally, Price T Rowe Associates Inc. MD grew its holdings in shares of ACV Auctions by 6.3% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 77,547 shares of the company’s stock valued at $1,456,000 after buying an additional 4,621 shares during the period. Institutional investors own 88.55% of the company’s stock.

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. 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.

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