ACV Auctions Inc. (NASDAQ:ACVA) Receives Consensus Rating of “Moderate Buy” from Analysts

Shares of ACV Auctions Inc. (NASDAQ:ACVA) have earned an average recommendation of “Moderate Buy” from the seven brokerages that are currently covering the company, MarketBeat Ratings reports. One analyst has rated the stock with a hold recommendation and six have assigned a buy recommendation to the company. The average 12-month price objective among analysts that have issued a report on the stock in the last year is $21.00.

A number of equities analysts have commented on ACVA shares. Barrington Research reaffirmed an “outperform” rating and issued a $23.00 price objective on shares of ACV Auctions in a report on Monday. Piper Sandler boosted their price target on shares of ACV Auctions from $15.00 to $16.00 and gave the company a “neutral” rating in a report on Thursday, May 9th. JPMorgan Chase & Co. raised shares of ACV Auctions from a “neutral” rating to an “overweight” rating and set a $21.00 price target for the company in a report on Monday, June 10th. JMP Securities reissued a “market outperform” rating and set a $21.00 price target on shares of ACV Auctions in a report on Wednesday, July 10th. Finally, Needham & Company LLC reissued a “buy” rating and set a $23.00 price target on shares of ACV Auctions in a report on Monday, June 3rd.

ACV Auctions Stock Performance

ACV Auctions stock opened at $14.83 on Thursday. The company has a market cap of $2.45 billion, a PE ratio of -30.90 and a beta of 1.54. The company has a fifty day moving average price of $17.63 and a two-hundred day moving average price of $17.23. The company has a debt-to-equity ratio of 0.27, a current ratio of 1.62 and a quick ratio of 1.62. ACV Auctions has a 12 month low of $12.84 and a 12 month high of $19.63.

ACV Auctions (NASDAQ:ACVA) last released its quarterly earnings data on Wednesday, May 8th. The company reported ($0.09) EPS for the quarter, missing analysts’ consensus estimates of ($0.08) by ($0.01). The business had revenue of $145.69 million during the quarter, compared to analyst estimates of $144.14 million. ACV Auctions had a negative return on equity of 13.50% and a negative net margin of 15.28%. Research analysts expect that ACV Auctions will post -0.37 earnings per share for the current year.

Insiders Place Their Bets

In other ACV Auctions news, Director Brian Hirsch sold 8,221 shares of the business’s stock in a transaction dated Wednesday, May 29th. The shares were sold at an average price of $18.29, for a total value of $150,362.09. Following the sale, the director now directly owns 95,520 shares in the company, valued at $1,747,060.80. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In other ACV Auctions news, Director Brian Hirsch sold 8,221 shares of the business’s stock in a transaction dated Wednesday, May 29th. The stock was sold at an average price of $18.29, for a total transaction of $150,362.09. Following the sale, the director now owns 95,520 shares in the company, valued at approximately $1,747,060.80. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CFO William Zerella sold 32,500 shares of the business’s stock in a transaction dated Tuesday, July 9th. The stock was sold at an average price of $17.51, for a total value of $569,075.00. Following the sale, the chief financial officer now owns 503,077 shares in the company, valued at approximately $8,808,878.27. The disclosure for this sale can be found here. Over the last three months, insiders have sold 679,369 shares of company stock worth $12,178,292. 8.50% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On ACV Auctions

Large investors have recently made changes to their positions in the business. Dimensional Fund Advisors LP increased its holdings in shares of ACV Auctions by 21.7% in the 4th quarter. Dimensional Fund Advisors LP now owns 1,846,726 shares of the company’s stock valued at $27,979,000 after purchasing an additional 329,854 shares during the period. Jennison Associates LLC grew its stake in shares of ACV Auctions by 11.0% in the 1st quarter. Jennison Associates LLC now owns 3,954,432 shares of the company’s stock valued at $74,225,000 after buying an additional 393,423 shares in the last quarter. Congress Asset Management Co. MA grew its stake in shares of ACV Auctions by 21.8% in the 1st quarter. Congress Asset Management Co. MA now owns 482,881 shares of the company’s stock valued at $9,064,000 after buying an additional 86,525 shares in the last quarter. Charles Schwab Investment Management Inc. grew its stake in shares of ACV Auctions by 1.8% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,044,415 shares of the company’s stock valued at $15,823,000 after buying an additional 18,626 shares in the last quarter. Finally, TimesSquare Capital Management LLC grew its stake in shares of ACV Auctions by 45.6% in the 1st quarter. TimesSquare Capital Management LLC now owns 1,765,822 shares of the company’s stock valued at $33,144,000 after buying an additional 552,719 shares in the last quarter. Institutional investors and hedge funds 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.