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

ACV Auctions (NASDAQ:ACVA)‘s stock had its “market outperform” rating restated by investment analysts at JMP Securities in a research report issued to clients and investors on Wednesday, Benzinga reports. They currently have a $21.00 price target on the stock. JMP Securities’ price objective suggests a potential upside of 23.82% from the company’s current price.

Several other research firms have also issued reports on ACVA. 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 research report on Monday, June 10th. Needham & Company LLC reissued a “buy” rating and issued a $23.00 price target on shares of ACV Auctions in a research report on Monday, June 3rd. Barrington Research reaffirmed an “outperform” rating and set a $23.00 price objective on shares of ACV Auctions in a research note on Monday, May 13th. Finally, Piper Sandler upped their price objective on shares of ACV Auctions from $15.00 to $16.00 and gave the stock a “neutral” rating in a research note on Thursday, May 9th. One investment analyst has rated the stock with a hold rating and ten have assigned a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $21.18.

ACV Auctions Stock Up 1.0 %

Shares of ACVA opened at $16.96 on Wednesday. The company has a 50-day simple moving average of $17.99 and a 200-day simple moving average of $16.82. The firm has a market capitalization of $2.80 billion, a P/E ratio of -35.33 and a beta of 1.54. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.62 and a current ratio of 1.62. ACV Auctions has a 52 week low of $12.84 and a 52 week high of $19.62.

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

Insider Activity

In other ACV Auctions news, CFO William Zerella sold 32,500 shares of the firm’s stock in a transaction that occurred on Tuesday, April 16th. The shares were sold at an average price of $17.17, for a total value of $558,025.00. Following the transaction, the chief financial officer now directly owns 314,151 shares of the company’s stock, valued at $5,393,972.67. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other ACV Auctions news, Director Brian Hirsch sold 8,221 shares of the firm’s stock in a transaction that occurred on Wednesday, May 29th. The shares were sold at an average price of $18.29, for a total value of $150,362.09. Following the transaction, the director now directly owns 95,520 shares of the company’s stock, valued at $1,747,060.80. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CFO William Zerella sold 32,500 shares of the firm’s stock in a transaction that occurred on Tuesday, April 16th. The shares were sold at an average price of $17.17, for a total transaction of $558,025.00. Following the completion of the transaction, the chief financial officer now directly owns 314,151 shares in the company, valued at $5,393,972.67. The disclosure for this sale can be found here. Insiders have sold 711,869 shares of company stock valued at $12,736,317 over the last three months. 8.50% of the stock is owned by insiders.

Institutional Investors Weigh In On ACV Auctions

Hedge funds have recently bought and sold shares of the company. Vanguard Group Inc. raised its holdings in ACV Auctions by 8.6% in the third quarter. Vanguard Group Inc. now owns 12,809,266 shares of the company’s stock worth $194,445,000 after purchasing an additional 1,010,941 shares during the period. Dimensional Fund Advisors LP raised its holdings in ACV Auctions by 21.7% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,846,726 shares of the company’s stock worth $27,979,000 after purchasing an additional 329,854 shares during the period. Jennison Associates LLC raised its holdings in ACV Auctions by 9.7% in the fourth quarter. Jennison Associates LLC now owns 3,561,009 shares of the company’s stock worth $53,949,000 after purchasing an additional 313,856 shares during the period. Congress Asset Management Co. MA raised its holdings in ACV Auctions by 21.8% in the first quarter. Congress Asset Management Co. MA now owns 482,881 shares of the company’s stock worth $9,064,000 after purchasing an additional 86,525 shares during the period. Finally, Deepwater Asset Management LLC raised its holdings in ACV Auctions by 20.1% in the fourth quarter. Deepwater Asset Management LLC now owns 851,819 shares of the company’s stock worth $12,905,000 after purchasing an additional 142,296 shares during the period. 88.55% of the stock is currently owned by institutional investors and hedge funds.

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.