Analysts Set ACV Auctions Inc. (NASDAQ:ACVA) Target Price at $22.50

ACV Auctions Inc. (NASDAQ:ACVA) has been given an average recommendation of “Moderate Buy” by the eleven analysts that are presently covering the stock, Marketbeat Ratings reports. Two investment analysts have rated the stock with a hold recommendation and nine have given a buy recommendation to the company. The average 1 year target price among analysts that have issued a report on the stock in the last year is $22.50.

A number of research firms have issued reports on ACVA. JMP Securities cut their target price on ACV Auctions from $22.00 to $18.00 and set a “market outperform” rating on the stock in a research note on Wednesday, April 9th. Needham & Company LLC reiterated a “buy” rating and issued a $25.00 price objective on shares of ACV Auctions in a research report on Thursday, May 8th. JPMorgan Chase & Co. cut their price objective on shares of ACV Auctions from $24.00 to $20.00 and set an “overweight” rating on the stock in a research report on Thursday, March 27th. Bank of America raised ACV Auctions from a “neutral” rating to a “buy” rating and cut their price target for the company from $22.00 to $20.00 in a report on Wednesday, March 12th. Finally, Piper Sandler raised ACV Auctions from a “neutral” rating to an “overweight” rating and lifted their price target for the company from $18.00 to $20.00 in a report on Thursday, March 20th.

ACV Auctions Stock Performance

Shares of NASDAQ ACVA opened at $16.44 on Wednesday. The company has a quick ratio of 1.56, a current ratio of 1.56 and a debt-to-equity ratio of 0.28. The firm’s 50-day moving average price is $15.19 and its two-hundred day moving average price is $18.27. ACV Auctions has a 52-week low of $11.88 and a 52-week high of $23.46. The stock has a market capitalization of $2.81 billion, a P/E ratio of -33.56 and a beta of 1.72.

ACV Auctions (NASDAQ:ACVA) last announced its quarterly earnings results on Wednesday, May 7th. The company reported ($0.09) earnings per share (EPS) for the quarter, missing the consensus estimate 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%. The business’s revenue for the quarter was up 25.4% on a year-over-year basis. During the same period in the prior year, the company posted ($0.13) earnings per share. As a group, sell-side analysts forecast that ACV Auctions will post -0.07 earnings per share for the current year.

Insiders Place Their Bets

In other news, CFO William Zerella sold 15,000 shares of the business’s 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. The trade was a 1.92% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Michael Waterman sold 223,330 shares of the business’s stock in a transaction dated Tuesday, May 13th. The stock was sold at an average price of $17.00, for a total transaction of $3,796,610.00. Following the completion of the sale, the insider now owns 466,548 shares in the company, valued at approximately $7,931,316. This trade represents a 32.37% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 586,579 shares of company stock worth $9,341,700. 2.90% of the stock is owned by corporate insiders.

Institutional Trading of ACV Auctions

A number of hedge funds and other institutional investors have recently made changes to their positions in ACVA. William Blair Investment Management LLC raised its holdings in shares of ACV Auctions by 43.2% in the 4th quarter. William Blair Investment Management LLC now owns 12,099,686 shares of the company’s stock worth $261,353,000 after purchasing an additional 3,652,871 shares in the last quarter. Nuveen LLC bought a new position in shares of ACV Auctions in the first quarter valued at $25,078,000. Driehaus Capital Management LLC increased its holdings in shares of ACV Auctions by 128.5% in the fourth quarter. Driehaus Capital Management LLC now owns 2,837,165 shares of the company’s stock valued at $61,283,000 after buying an additional 1,595,657 shares in the last quarter. Vanguard Group Inc. raised its position in shares of ACV Auctions by 7.4% during the first quarter. Vanguard Group Inc. now owns 15,301,225 shares of the company’s stock worth $215,594,000 after purchasing an additional 1,055,310 shares during the period. Finally, Philadelphia Financial Management of San Francisco LLC acquired a new stake in shares of ACV Auctions during the first quarter worth $14,426,000. 88.55% of the stock is currently owned by institutional investors.

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.