ACV Auctions (NASDAQ:ACVA) Shares Gap Up After Analyst Upgrade

ACV Auctions Inc. (NASDAQ:ACVA) shares gapped up before the market opened on Friday after Needham & Company LLC raised their price target on the stock from $23.00 to $26.00. The stock had previously closed at $19.50, but opened at $20.45. Needham & Company LLC currently has a buy rating on the stock. ACV Auctions shares last traded at $20.78, with a volume of 47,596 shares changing hands.

ACVA has been the subject of a number of other research reports. Raymond James assumed coverage on ACV Auctions in a report on Friday, September 27th. They issued a “market perform” rating and a $22.00 price target for the company. Barrington Research reissued an “outperform” rating and set a $23.00 price target on shares of ACV Auctions in a research report on Monday, November 4th. JMP Securities raised their price target on ACV Auctions from $21.00 to $24.00 and gave the company a “market outperform” rating in a research note on Tuesday, September 17th. Piper Sandler upped their price objective on shares of ACV Auctions from $16.00 to $18.00 and gave the stock a “neutral” rating in a research note on Friday. Finally, Jefferies Financial Group raised their target price on shares of ACV Auctions from $22.00 to $25.00 and gave the company a “buy” rating in a research report on Tuesday, October 22nd. Two analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $22.63.

Insider Activity

In other news, VP Andrew Peer sold 1,795 shares of ACV Auctions stock in a transaction on Thursday, September 19th. The shares were sold at an average price of $21.00, for a total transaction of $37,695.00. Following the completion of the sale, the vice president now directly owns 62,956 shares in the company, valued at approximately $1,322,076. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. In related news, Director Brian Hirsch sold 61,666 shares of the firm’s stock in a transaction on Friday, August 23rd. The shares were sold at an average price of $18.63, for a total transaction of $1,148,837.58. Following the sale, the director now owns 9,239 shares in the company, valued at approximately $172,122.57. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Andrew Peer sold 1,795 shares of the firm’s stock in a transaction dated Thursday, September 19th. The shares were sold at an average price of $21.00, for a total value of $37,695.00. Following the sale, the vice president now owns 62,956 shares in the company, valued at $1,322,076. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 709,426 shares of company stock worth $13,792,090 over the last 90 days. 8.50% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On ACV Auctions

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Quantbot Technologies LP purchased a new stake in shares of ACV Auctions during the first quarter worth approximately $519,000. Oppenheimer Asset Management Inc. boosted its holdings in shares of ACV Auctions by 6.0% during the 1st quarter. Oppenheimer Asset Management Inc. now owns 111,890 shares of the company’s stock worth $2,100,000 after purchasing an additional 6,325 shares during the last quarter. ProShare Advisors LLC boosted its holdings in shares of ACV Auctions by 8.5% during the 1st quarter. ProShare Advisors LLC now owns 22,843 shares of the company’s stock worth $429,000 after purchasing an additional 1,798 shares during the last quarter. Blair William & Co. IL grew its position in shares of ACV Auctions by 14.7% in the first quarter. Blair William & Co. IL now owns 12,691 shares of the company’s stock valued at $238,000 after purchasing an additional 1,626 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD increased its holdings in shares of ACV Auctions by 6.3% in the first quarter. Price T Rowe Associates Inc. MD now owns 77,547 shares of the company’s stock valued at $1,456,000 after purchasing an additional 4,621 shares during the last quarter. Hedge funds and other institutional investors own 88.55% of the company’s stock.

ACV Auctions Stock Performance

The stock has a 50-day moving average of $19.03 and a 200 day moving average of $18.29. The stock has a market cap of $3.35 billion, a PE ratio of -41.48 and a beta of 1.59. The company has a quick ratio of 1.49, a current ratio of 1.49 and a debt-to-equity ratio of 0.24.

ACV Auctions (NASDAQ:ACVA) last posted its earnings results on Wednesday, August 7th. The company reported ($0.07) earnings per share for the quarter, beating the consensus estimate of ($0.09) by $0.02. The company had revenue of $160.62 million for the quarter, compared to analyst estimates of $156.33 million. ACV Auctions had a negative net margin of 14.53% and a negative return on equity of 13.20%. Equities analysts predict that ACV Auctions Inc. will post -0.35 EPS for the current fiscal year.

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.