ACV Auctions Inc. (NASDAQ:ACVA) Given Consensus Recommendation of “Moderate Buy” by Brokerages

Shares of ACV Auctions Inc. (NASDAQ:ACVA) have received an average recommendation of “Moderate Buy” from the thirteen brokerages that are covering the firm, MarketBeat Ratings reports. One research analyst has rated the stock with a sell recommendation, four have assigned a hold recommendation and eight have issued a buy recommendation on the company. The average 1-year target price among brokers that have covered the stock in the last year is $11.4091.

A number of analysts have commented on ACVA shares. Barrington Research upgraded ACV Auctions from a “market perform” rating to an “outperform” rating in a research report on Tuesday. Bank of America reaffirmed an “underperform” rating and set a $6.00 price objective (down from $16.50) on shares of ACV Auctions in a report on Thursday, November 6th. Citigroup cut shares of ACV Auctions from a “buy” rating to a “neutral” rating and lowered their target price for the company from $13.00 to $7.00 in a research note on Tuesday. Royal Bank Of Canada raised shares of ACV Auctions to an “outperform” rating in a research report on Tuesday. Finally, Barclays lifted their price objective on ACV Auctions to $8.00 and gave the company an “equal weight” rating in a report on Wednesday, January 21st.

ACV Auctions Trading Up 4.1%

Shares of ACVA stock opened at $4.70 on Friday. The firm has a market capitalization of $808.34 million, a P/E ratio of -9.58 and a beta of 1.63. ACV Auctions has a 1 year low of $4.45 and a 1 year high of $17.54. The firm’s fifty day simple moving average is $7.70 and its 200 day simple moving average is $8.70. The company has a current ratio of 1.56, a quick ratio of 1.56 and a debt-to-equity ratio of 0.28.

ACV Auctions (NASDAQ:ACVA) last posted its quarterly earnings results on Monday, February 23rd. The company reported ($0.11) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.01) by ($0.10). The company had revenue of $183.65 million during the quarter, compared to analyst estimates of $181.96 million. ACV Auctions had a negative return on equity of 12.94% and a negative net margin of 12.51%.The business’s revenue for the quarter was up 15.2% on a year-over-year basis. During the same quarter in the prior year, the business earned ($0.16) earnings per share. As a group, sell-side analysts predict that ACV Auctions will post -0.07 EPS for the current year.

Insider Buying and Selling

In related news, CEO George Chamoun purchased 14,286 shares of the stock in a transaction on Monday, January 12th. The shares were purchased at an average cost of $8.81 per share, for a total transaction of $125,859.66. Following the completion of the transaction, the chief executive officer directly owned 2,598,383 shares of the company’s stock, valued at approximately $22,891,754.23. The trade was a 0.55% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 2.90% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in ACVA. Alpine Global Management LLC bought a new stake in shares of ACV Auctions in the 4th quarter worth about $88,000. Virtu Financial LLC acquired a new position in ACV Auctions in the fourth quarter valued at about $96,000. Invesco Ltd. boosted its position in ACV Auctions by 11.3% in the fourth quarter. Invesco Ltd. now owns 182,256 shares of the company’s stock valued at $1,462,000 after buying an additional 18,573 shares in the last quarter. Corient Private Wealth LLC bought a new stake in ACV Auctions during the fourth quarter worth about $89,000. Finally, Mercer Global Advisors Inc. ADV acquired a new stake in shares of ACV Auctions during the fourth quarter worth approximately $221,000. 88.55% of the stock is owned by institutional investors.

About ACV Auctions

ACV Auctions operates a digital marketplace that connects automotive dealers through a mobile-first platform for wholesale vehicle auctions. The company’s software enables dealers to list, inspect and bid on used vehicles in real time, leveraging smartphone-based condition reporting, high-resolution imagery and data analytics to streamline the buying and selling process. ACV Auctions also offers subscription-based access to its auction platform, supplemental reconditioning services and financing tools designed to help dealers optimize inventory turn and reduce risk.

Since its founding in 2014, ACV Auctions has expanded its technology offerings beyond core auction services to include dealer management integrations, transportation logistics coordination and title management solutions.