ACV Auctions (NASDAQ:ACVA) Receives New Coverage from Analysts at Raymond James

Raymond James began coverage on shares of ACV Auctions (NASDAQ:ACVA) in a report issued on Friday, StockNewsAPI reports. The firm issued a market perform rating and a $22.00 price target on the stock.

A number of other brokerages have also recently weighed in on ACVA. Barrington Research reaffirmed an outperform rating and set a $23.00 price target on shares of ACV Auctions in a research report on Friday, August 16th. Needham & Company LLC reaffirmed a buy rating and issued a $23.00 target price on shares of ACV Auctions in a research report on Monday, June 3rd. JMP Securities raised their target price on ACV Auctions from $21.00 to $24.00 and gave the company a market outperform rating in a report on Tuesday, September 17th. Finally, JPMorgan Chase & Co. raised ACV Auctions from a neutral rating to an overweight rating and set a $21.00 price target on the stock in a research report on Monday, June 10th. Two research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of Moderate Buy and an average target price of $21.57.

ACV Auctions Stock Performance

NASDAQ ACVA opened at $20.46 on Friday. 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 has a 1-year low of $12.84 and a 1-year high of $21.10. The firm has a market capitalization of $3.41 billion, a P/E ratio of -42.63 and a beta of 1.55. The business’s 50-day simple moving average is $18.55 and its 200-day simple moving average is $18.22.

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

Insider Buying and Selling at ACV Auctions

In other ACV Auctions news, VP Andrew Peer sold 1,795 shares of ACV Auctions stock in a transaction that occurred on Thursday, September 19th. The stock was 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 in the company, valued at approximately $1,322,076. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other ACV Auctions news, VP Andrew Peer sold 1,795 shares of the firm’s 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 completion of the transaction, the vice president now directly owns 62,956 shares of the company’s stock, valued at approximately $1,322,076. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Craig Eric Anderson sold 7,500 shares of the business’s stock in a transaction dated Tuesday, July 2nd. The stock was sold at an average price of $17.81, for a total transaction of $133,575.00. Following the completion of the sale, the insider now directly owns 328,167 shares of the company’s stock, valued at approximately $5,844,654.27. The disclosure for this sale can be found here. Insiders sold a total of 741,663 shares of company stock worth $14,179,490 in the last 90 days. 8.50% of the stock is owned by corporate insiders.

Institutional Trading of ACV Auctions

Several institutional investors and hedge funds have recently bought and sold shares of ACVA. Amalgamated Bank raised its holdings in shares of ACV Auctions by 18.0% during the second quarter. Amalgamated Bank now owns 5,120 shares of the company’s stock worth $93,000 after purchasing an additional 782 shares during the period. UMB Bank n.a. acquired a new stake in ACV Auctions during the first quarter worth about $114,000. Penn Mutual Asset Management LLC bought a new position in ACV Auctions in the fourth quarter worth about $153,000. Public Employees Retirement Association of Colorado acquired a new position in ACV Auctions in the second quarter valued at approximately $225,000. Finally, Blair William & Co. IL grew its holdings in shares of ACV Auctions by 14.7% during the first quarter. Blair William & Co. IL now owns 12,691 shares of the company’s stock valued at $238,000 after purchasing an additional 1,626 shares during the last quarter. 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.