ACV Auctions (NASDAQ:ACVA) Stock Rating Reaffirmed by JMP Securities

ACV Auctions (NASDAQ:ACVA)‘s stock had its “market outperform” rating reiterated by investment analysts at JMP Securities in a report issued on Wednesday, Benzinga reports. They currently have a $19.00 price objective on the stock. JMP Securities’ price target points to a potential upside of 9.83% from the stock’s previous close.

A number of other analysts also recently issued reports on ACVA. Needham & Company LLC reissued a “buy” rating and set a $23.00 price objective on shares of ACV Auctions in a research report on Thursday, February 22nd. Northcoast Research upgraded ACV Auctions from a “neutral” rating to a “buy” rating and set a $22.00 target price for the company in a report on Wednesday, January 10th. Two investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $20.21.

ACV Auctions Stock Down 2.8 %

Shares of NASDAQ:ACVA opened at $17.30 on Wednesday. The business has a 50-day moving average price of $17.33 and a 200 day moving average price of $15.44. The company has a current ratio of 2.12, a quick ratio of 2.12 and a debt-to-equity ratio of 0.25. The company has a market capitalization of $2.84 billion, a price-to-earnings ratio of -37.61 and a beta of 1.57. ACV Auctions has a 12-month low of $11.58 and a 12-month high of $19.54.

ACV Auctions (NASDAQ:ACVA) last issued its quarterly earnings data on Wednesday, February 21st. The company reported ($0.12) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.13) by $0.01. The firm had revenue of $118.38 million during the quarter, compared to the consensus estimate of $117.62 million. ACV Auctions had a negative return on equity of 13.97% and a negative net margin of 15.64%. Sell-side analysts expect that ACV Auctions will post -0.29 EPS for the current year.

Insider Activity

In other news, CEO George Chamoun sold 124,999 shares of ACV Auctions stock in a transaction dated Tuesday, March 19th. The stock was sold at an average price of $18.42, for a total value of $2,302,481.58. Following the completion of the transaction, the chief executive officer now owns 597,921 shares in the company, valued at approximately $11,013,704.82. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other news, CEO George Chamoun sold 124,999 shares of ACV Auctions stock in a transaction dated Tuesday, March 19th. The stock was sold at an average price of $18.42, for a total value of $2,302,481.58. Following the completion of the transaction, the chief executive officer now owns 597,921 shares in the company, valued at approximately $11,013,704.82. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Brian Hirsch sold 38,763 shares of ACV Auctions stock in a transaction dated Wednesday, March 6th. The shares were sold at an average price of $18.24, for a total value of $707,037.12. Following the completion of the transaction, the director now owns 378,390 shares of the company’s stock, valued at approximately $6,901,833.60. The disclosure for this sale can be found here. In the last quarter, insiders sold 1,507,708 shares of company stock worth $27,126,374. 13.67% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On ACV Auctions

Several hedge funds and other institutional investors have recently made changes to their positions in ACVA. Envestnet Asset Management Inc. acquired a new stake in shares of ACV Auctions during the 1st quarter worth about $181,000. Advisor Group Holdings Inc. raised its position in shares of ACV Auctions by 18.6% during the 1st quarter. Advisor Group Holdings Inc. now owns 10,397 shares of the company’s stock worth $153,000 after acquiring an additional 1,627 shares in the last quarter. Bank of New York Mellon Corp raised its position in shares of ACV Auctions by 3.2% during the 1st quarter. Bank of New York Mellon Corp now owns 49,679 shares of the company’s stock worth $736,000 after acquiring an additional 1,547 shares in the last quarter. Citigroup Inc. raised its position in shares of ACV Auctions by 359.1% during the 1st quarter. Citigroup Inc. now owns 3,641 shares of the company’s stock worth $54,000 after acquiring an additional 2,848 shares in the last quarter. Finally, Bank of Montreal Can acquired a new stake in shares of ACV Auctions during the 1st quarter worth about $2,195,000. Institutional investors and hedge funds own 88.55% of the company’s stock.

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.