Brokerages Set ACV Auctions Inc. (NASDAQ:ACVA) Price Target at $23.14

Shares of ACV Auctions Inc. (NASDAQ:ACVA) have earned an average recommendation of “Moderate Buy” from the eleven brokerages that are currently covering the company, MarketBeat reports. Two investment analysts have rated the stock with a hold recommendation and nine have assigned a buy recommendation to the company. The average 12 month price target among brokers that have issued ratings on the stock in the last year is $22.50.

Several brokerages have commented on ACVA. Stephens upgraded shares of ACV Auctions to a “hold” rating in a research report on Saturday, February 1st. JPMorgan Chase & Co. cut their target price on shares of ACV Auctions from $24.00 to $20.00 and set an “overweight” rating for the company in a research note on Thursday, March 27th. JMP Securities decreased their price target on shares of ACV Auctions from $22.00 to $18.00 and set a “market outperform” rating on the stock in a research report on Wednesday. Needham & Company LLC reiterated a “buy” rating and set a $25.00 price objective on shares of ACV Auctions in a research report on Wednesday, March 12th. Finally, Piper Sandler raised ACV Auctions from a “neutral” rating to an “overweight” rating and raised their price objective for the stock from $18.00 to $20.00 in a research note on Thursday, March 20th.

ACV Auctions Stock Up 2.0 %

ACV Auctions stock opened at $14.28 on Tuesday. The company’s 50-day moving average price is $16.27 and its two-hundred day moving average price is $19.06. The stock has a market cap of $2.41 billion, a price-to-earnings ratio of -29.13 and a beta of 1.74. ACV Auctions has a 52 week low of $11.88 and a 52 week 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.

ACV Auctions (NASDAQ:ACVA) last posted its quarterly earnings data on Wednesday, February 19th. The company reported ($0.14) EPS for the quarter, beating analysts’ consensus estimates of ($0.15) by $0.01. The business had revenue of $159.51 million for the quarter, compared to analyst estimates of $156.77 million. ACV Auctions had a negative net margin of 12.51% and a negative return on equity of 12.94%. On average, analysts expect that ACV Auctions will post -0.07 EPS for the current fiscal year.

Insider Buying and Selling

In other news, CEO George Chamoun sold 348,249 shares of the business’s stock in a transaction on Thursday, March 20th. The shares were sold at an average price of $15.34, for a total transaction of $5,342,139.66. Following the transaction, the chief executive officer now directly owns 2,821,193 shares in the company, valued at $43,277,100.62. The trade was a 10.99 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO William Zerella sold 15,000 shares of the stock in a transaction on Tuesday, March 11th. The stock was sold at an average price of $13.53, for a total value of $202,950.00. Following the sale, the chief financial officer now owns 766,266 shares of the company’s stock, valued at approximately $10,367,578.98. This represents a 1.92 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 378,249 shares of company stock valued at $5,849,140. Corporate insiders own 8.50% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of ACVA. Versant Capital Management Inc lifted its holdings in shares of ACV Auctions by 464.4% during the 1st quarter. Versant Capital Management Inc now owns 2,201 shares of the company’s stock valued at $31,000 after buying an additional 1,811 shares during the last quarter. Blue Trust Inc. grew its position in ACV Auctions by 65.8% in the fourth quarter. Blue Trust Inc. now owns 2,352 shares of the company’s stock worth $48,000 after acquiring an additional 933 shares in the last quarter. GAMMA Investing LLC increased its stake in shares of ACV Auctions by 3,005.8% during the 1st quarter. GAMMA Investing LLC now owns 5,932 shares of the company’s stock worth $84,000 after purchasing an additional 5,741 shares during the last quarter. KBC Group NV raised its holdings in shares of ACV Auctions by 80.4% during the 4th quarter. KBC Group NV now owns 7,406 shares of the company’s stock valued at $160,000 after purchasing an additional 3,300 shares in the last quarter. Finally, Integrated Advisors Network LLC acquired a new stake in shares of ACV Auctions in the 4th quarter valued at $200,000. Hedge funds and other institutional investors own 88.55% of the company’s stock.

ACV Auctions Company Profile

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.