ACV Auctions (NASDAQ:ACVA) Upgraded at Piper Sandler

ACV Auctions (NASDAQ:ACVA) was upgraded by investment analysts at Piper Sandler from a “neutral” rating to an “overweight” rating in a research note issued on Thursday, MarketBeat Ratings reports. The firm presently has a $20.00 price objective on the stock, up from their prior price objective of $18.00. Piper Sandler’s target price points to a potential upside of 36.89% from the stock’s previous close.

Other analysts have also recently issued research reports about the stock. Citigroup increased their price target on shares of ACV Auctions from $22.00 to $27.00 and gave the stock a “buy” rating in a research report on Wednesday, November 27th. Needham & Company LLC reiterated a “buy” rating and issued a $25.00 price objective on shares of ACV Auctions in a research note on Wednesday, March 12th. Stephens raised ACV Auctions to a “hold” rating in a research note on Saturday, February 1st. B. Riley increased their price target on ACV Auctions from $24.00 to $27.00 and gave the company a “buy” rating in a research report on Tuesday, November 26th. Finally, JMP Securities reissued a “market outperform” rating and set a $25.00 price objective on shares of ACV Auctions in a research report on Monday, December 16th. 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, ACV Auctions currently has a consensus rating of “Moderate Buy” and a consensus target price of $23.23.

ACV Auctions Stock Performance

ACVA opened at $14.61 on Thursday. ACV Auctions has a twelve month low of $12.77 and a twelve month high of $23.46. The company has a current ratio of 1.56, a quick ratio of 1.56 and a debt-to-equity ratio of 0.28. The firm has a market capitalization of $2.47 billion, a PE ratio of -29.82 and a beta of 1.73. The firm’s 50-day moving average price is $18.87 and its 200 day moving average price is $19.75.

ACV Auctions (NASDAQ:ACVA) last issued its earnings results on Wednesday, February 19th. The company reported ($0.14) EPS for the quarter, topping analysts’ consensus estimates of ($0.15) by $0.01. The company had revenue of $159.51 million for the quarter, compared to the consensus estimate of $156.77 million. ACV Auctions had a negative net margin of 12.51% and a negative return on equity of 12.94%. As a group, sell-side analysts expect that ACV Auctions will post -0.07 EPS for the current fiscal year.

Insider Buying and Selling

In related news, CFO William Zerella sold 15,000 shares of the firm’s stock in a transaction that occurred on Tuesday, March 11th. The stock was sold at an average price of $13.53, for a total transaction of $202,950.00. Following the transaction, the chief financial officer now owns 766,266 shares in the company, valued at $10,367,578.98. This trade represents a 1.92 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Michael Waterman sold 30,162 shares of ACV Auctions stock in a transaction that occurred on Tuesday, January 7th. The stock was sold at an average price of $20.53, for a total value of $619,225.86. Following the transaction, the insider now directly owns 314,738 shares in the company, valued at approximately $6,461,571.14. This trade represents a 8.75 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 107,662 shares of company stock worth $2,138,401 in the last ninety days. 8.50% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On ACV Auctions

A number of institutional investors have recently modified their holdings of the business. Principal Financial Group Inc. boosted its stake in ACV Auctions by 4.9% during the 3rd quarter. Principal Financial Group Inc. now owns 64,925 shares of the company’s stock worth $1,320,000 after purchasing an additional 3,022 shares during the period. Jennison Associates LLC grew its holdings in shares of ACV Auctions by 6.8% during the third quarter. Jennison Associates LLC now owns 4,247,932 shares of the company’s stock worth $86,360,000 after buying an additional 271,970 shares during the last quarter. Intech Investment Management LLC acquired a new position in ACV Auctions in the 3rd quarter valued at about $815,000. Massachusetts Financial Services Co. MA raised its stake in ACV Auctions by 11.6% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 8,655,640 shares of the company’s stock valued at $175,969,000 after acquiring an additional 897,477 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its position in ACV Auctions by 3.3% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,241,341 shares of the company’s stock worth $25,236,000 after acquiring an additional 39,812 shares during the period. 88.55% of the stock is owned by institutional investors and hedge funds.

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.