ACV Auctions (NASDAQ:ACVA) Coverage Initiated at Raymond James

Investment analysts at Raymond James started coverage on shares of ACV Auctions (NASDAQ:ACVA) in a research note issued to investors on Friday, StockNewsAPI reports. The brokerage set a “market perform” rating and a $22.00 price target on the stock. Raymond James’ price objective indicates a potential upside of 7.53% from the company’s previous close.

ACVA has been the topic of a number of other research reports. JMP Securities increased their price target on shares of ACV Auctions from $21.00 to $24.00 and gave the stock a “market outperform” rating in a report on Tuesday, September 17th. Barrington Research reissued an “outperform” rating and issued a $23.00 price target on shares of ACV Auctions in a report on Friday, August 16th. JPMorgan Chase & Co. raised shares of ACV Auctions from a “neutral” rating to an “overweight” rating and set a $21.00 price target on the stock in a report on Monday, June 10th. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $23.00 price objective on shares of ACV Auctions in a research note on Monday, June 3rd. Two analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat, ACV Auctions presently has an average rating of “Moderate Buy” and a consensus target price of $21.57.

ACV Auctions Price Performance

Shares of NASDAQ:ACVA opened at $20.46 on Friday. The company’s fifty day moving average price is $18.55 and its 200-day moving average price is $18.22. The firm has a market capitalization of $3.41 billion, a price-to-earnings ratio of -42.63 and a beta of 1.55. ACV Auctions has a one year low of $12.84 and a one year high of $21.10. The company has a debt-to-equity ratio of 0.24, a current ratio of 1.49 and a quick ratio of 1.49.

ACV Auctions (NASDAQ:ACVA) last issued its quarterly earnings results on Wednesday, August 7th. The company reported ($0.07) EPS for the quarter, topping analysts’ consensus estimates of ($0.09) by $0.02. The firm had revenue of $160.62 million for the quarter, compared to analyst estimates of $156.33 million. ACV Auctions had a negative net margin of 14.53% and a negative return on equity of 13.20%. On average, equities research analysts anticipate that ACV Auctions will post -0.36 earnings per share for the current fiscal year.

Insider Activity

In other news, VP Andrew Peer sold 1,795 shares of the company’s stock in a transaction on Thursday, September 19th. The shares were sold at an average price of $21.00, for a total value of $37,695.00. Following the completion of the sale, the vice president now owns 62,956 shares of the company’s stock, valued at approximately $1,322,076. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other ACV Auctions news, CFO William Zerella sold 32,500 shares of the stock in a transaction on Tuesday, July 9th. The shares were sold at an average price of $17.51, for a total transaction of $569,075.00. Following the completion of the sale, the chief financial officer now owns 503,077 shares of the company’s stock, valued at approximately $8,808,878.27. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, VP Andrew Peer sold 1,795 shares of the stock in a transaction on Thursday, September 19th. The shares were sold at an average price of $21.00, for a total transaction of $37,695.00. Following the sale, the vice president now directly owns 62,956 shares of the company’s stock, valued at approximately $1,322,076. The disclosure for this sale can be found here. In the last 90 days, insiders sold 741,663 shares of company stock valued at $14,179,490. Corporate insiders own 8.50% of the company’s stock.

Institutional Investors Weigh In On ACV Auctions

Several institutional investors have recently added to or reduced their stakes in ACVA. Dimensional Fund Advisors LP boosted its position in ACV Auctions by 21.7% during the 4th quarter. Dimensional Fund Advisors LP now owns 1,846,726 shares of the company’s stock valued at $27,979,000 after buying an additional 329,854 shares during the period. Greycroft LP raised its holdings in ACV Auctions by 117.1% in the 4th quarter. Greycroft LP now owns 33,000 shares of the company’s stock worth $500,000 after purchasing an additional 17,802 shares in the last quarter. CIBC Private Wealth Group LLC raised its holdings in ACV Auctions by 9.7% in the 4th quarter. CIBC Private Wealth Group LLC now owns 199,470 shares of the company’s stock worth $3,022,000 after purchasing an additional 17,659 shares in the last quarter. Penn Mutual Asset Management LLC bought a new position in ACV Auctions in the 4th quarter worth $153,000. Finally, Grizzlyrock Capital LLC bought a new position in ACV Auctions in the 4th quarter worth $4,953,000. 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.