Brokerages Set ACV Auctions Inc. (NASDAQ:ACVA) Price Target at $11.75

ACV Auctions Inc. (NASDAQ:ACVA) has earned an average recommendation of “Hold” from the eleven analysts that are covering the company, MarketBeat.com reports. One equities research analyst has rated the stock with a sell recommendation, four have assigned a hold recommendation and six have given a buy recommendation to the company. The average 12 month price objective among brokers that have issued a report on the stock in the last year is $11.75.

ACVA has been the subject of several recent research reports. JPMorgan Chase & Co. dropped their target price on shares of ACV Auctions from $18.00 to $11.00 and set an “overweight” rating for the company in a report on Thursday, November 6th. Bank of America reiterated an “underperform” rating and issued a $6.00 price target (down from $16.50) on shares of ACV Auctions in a research report on Thursday, November 6th. Needham & Company LLC cut their price objective on ACV Auctions from $14.00 to $9.00 and set a “buy” rating for the company in a research report on Thursday, November 6th. Barrington Research lowered ACV Auctions from an “outperform” rating to a “market perform” rating in a research note on Thursday, November 6th. Finally, Citigroup dropped their price target on ACV Auctions from $17.00 to $13.00 and set a “buy” rating for the company in a research report on Friday, November 21st.

Insider Activity

In other news, Director Brian Hirsch acquired 80,571 shares of ACV Auctions stock in a transaction that occurred on Friday, November 14th. The shares were acquired at an average price of $6.21 per share, with a total value of $500,345.91. Following the completion of the purchase, the director owned 99,678 shares of the company’s stock, valued at approximately $619,000.38. This represents a 421.68% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Robert P. Goodman bought 912,408 shares of the stock in a transaction on Monday, November 10th. The stock was purchased at an average cost of $5.61 per share, with a total value of $5,118,608.88. Following the completion of the purchase, the director directly owned 912,408 shares in the company, valued at $5,118,608.88. This trade represents a ∞ increase in their position. The disclosure for this purchase is available in the SEC filing. Insiders own 2.90% of the company’s stock.

Institutional Investors Weigh In On ACV Auctions

Hedge funds have recently made changes to their positions in the business. Wasatch Advisors LP grew its position in shares of ACV Auctions by 301.0% in the second quarter. Wasatch Advisors LP now owns 7,295,400 shares of the company’s stock valued at $118,331,000 after purchasing an additional 5,475,874 shares during the period. Nuveen LLC acquired a new stake in ACV Auctions in the 1st quarter worth about $25,078,000. SG Capital Management LLC purchased a new stake in ACV Auctions in the 3rd quarter valued at about $17,103,000. ArrowMark Colorado Holdings LLC increased its stake in shares of ACV Auctions by 30.4% during the 3rd quarter. ArrowMark Colorado Holdings LLC now owns 6,337,335 shares of the company’s stock valued at $62,803,000 after acquiring an additional 1,475,932 shares during the last quarter. Finally, Hawk Ridge Capital Management LP purchased a new position in shares of ACV Auctions during the 3rd quarter worth about $14,502,000. Institutional investors and hedge funds own 88.55% of the company’s stock.

ACV Auctions Stock Up 2.4%

ACVA opened at $8.00 on Friday. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.56 and a current ratio of 1.56. The company has a market cap of $1.38 billion, a price-to-earnings ratio of -16.32 and a beta of 1.64. ACV Auctions has a one year low of $4.95 and a one year high of $22.47. The business’s fifty day moving average is $7.91 and its two-hundred day moving average is $11.47.

ACV Auctions (NASDAQ:ACVA) last announced its quarterly earnings results on Wednesday, November 5th. The company reported $0.07 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.07. The business had revenue of $199.56 million during the quarter, compared to analysts’ expectations of $200.26 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 16.5% on a year-over-year basis. During the same quarter last year, the business posted $0.04 earnings per share. Analysts anticipate that ACV Auctions will post -0.07 EPS for the current fiscal year.

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.