ACV Auctions Inc. (NASDAQ:ACVA) Receives Average Recommendation of “Moderate Buy” from Analysts

ACV Auctions Inc. (NASDAQ:ACVA) has received an average recommendation of “Moderate Buy” from the eleven research firms that are 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 12-month price target among brokerages that have issued ratings on the stock in the last year is $22.14.

A number of research firms have issued reports on ACVA. Citigroup cut their target price on shares of ACV Auctions from $22.00 to $21.00 and set a “buy” rating on the stock in a research report on Monday, July 7th. Piper Sandler upgraded shares of ACV Auctions from a “neutral” rating to an “overweight” rating and increased their price objective for the company from $18.00 to $20.00 in a report on Thursday, March 20th. JMP Securities raised their price objective on shares of ACV Auctions from $18.00 to $20.00 and gave the company a “market outperform” rating in a research note on Wednesday, July 2nd. Needham & Company LLC reiterated a “buy” rating and set a $25.00 target price on shares of ACV Auctions in a research report on Thursday, May 8th. Finally, JPMorgan Chase & Co. reduced their price target on ACV Auctions from $24.00 to $20.00 and set an “overweight” rating on the stock in a research report on Thursday, March 27th.

ACV Auctions Stock Performance

ACVA stock opened at $15.32 on Thursday. The company has a 50 day moving average price of $16.33 and a 200 day moving average price of $17.03. ACV Auctions has a fifty-two week low of $11.88 and a fifty-two week high of $23.46. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.56 and a quick ratio of 1.56. The stock has a market capitalization of $2.62 billion, a PE ratio of -31.27 and a beta of 1.71.

ACV Auctions (NASDAQ:ACVA) last released its earnings results on Wednesday, May 7th. The company reported ($0.09) earnings per share for the quarter, missing analysts’ consensus estimates of $0.04 by ($0.13). ACV Auctions had a negative return on equity of 12.94% and a negative net margin of 12.51%. During the same period in the prior year, the company posted ($0.13) EPS. The firm’s revenue was up 25.4% compared to the same quarter last year. Analysts forecast that ACV Auctions will post -0.07 EPS for the current year.

Insider Activity at ACV Auctions

In related news, insider Michael Waterman sold 34,339 shares of the firm’s stock in a transaction on Tuesday, July 8th. The stock was sold at an average price of $16.05, for a total transaction of $551,140.95. Following the sale, the insider owned 379,957 shares of the company’s stock, valued at approximately $6,098,309.85. This trade represents a 8.29% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. 2.90% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On ACV Auctions

Hedge funds have recently modified their holdings of the business. Vanguard Group Inc. grew its position in shares of ACV Auctions by 7.4% in the 1st quarter. Vanguard Group Inc. now owns 15,301,225 shares of the company’s stock valued at $215,594,000 after purchasing an additional 1,055,310 shares during the period. Massachusetts Financial Services Co. MA boosted its holdings in shares of ACV Auctions by 6.0% in the first quarter. Massachusetts Financial Services Co. MA now owns 9,084,830 shares of the company’s stock valued at $128,005,000 after buying an additional 510,680 shares during the period. Alliancebernstein L.P. boosted its holdings in shares of ACV Auctions by 10.5% in the first quarter. Alliancebernstein L.P. now owns 6,214,362 shares of the company’s stock valued at $87,560,000 after buying an additional 592,107 shares during the period. Jennison Associates LLC increased its position in shares of ACV Auctions by 9.0% during the first quarter. Jennison Associates LLC now owns 5,427,521 shares of the company’s stock worth $76,474,000 after acquiring an additional 447,167 shares in the last quarter. Finally, Geode Capital Management LLC raised its holdings in shares of ACV Auctions by 1.7% during the fourth quarter. Geode Capital Management LLC now owns 3,575,347 shares of the company’s stock worth $77,246,000 after acquiring an additional 58,259 shares during the period. Institutional investors and hedge funds 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.