ACV Auctions (NASDAQ:ACVA) Shares Gap Up After Analyst Upgrade

ACV Auctions Inc. (NASDAQ:ACVA) shares gapped up prior to trading on Friday after Needham & Company LLC raised their price target on the stock from $23.00 to $26.00. The stock had previously closed at $19.50, but opened at $20.45. Needham & Company LLC currently has a buy rating on the stock. ACV Auctions shares last traded at $20.78, with a volume of 47,596 shares trading hands.

A number of other analysts also recently weighed in on ACVA. Barrington Research reissued an “outperform” rating and set a $23.00 price target on shares of ACV Auctions in a research report on Monday, November 4th. Raymond James assumed coverage on shares of ACV Auctions in a report on Friday, September 27th. They set a “market perform” rating and a $22.00 price objective for the company. Jefferies Financial Group increased their price target on shares of ACV Auctions from $22.00 to $25.00 and gave the stock a “buy” rating in a research report on Tuesday, October 22nd. JMP Securities upped their price objective on ACV Auctions from $21.00 to $24.00 and gave the company a “market outperform” rating in a research note on Tuesday, September 17th. Finally, Piper Sandler boosted their price target on ACV Auctions from $16.00 to $18.00 and gave the company a “neutral” rating in a report on Friday. Two research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat, ACV Auctions presently has an average rating of “Moderate Buy” and a consensus target price of $22.63.

Insider Buying and Selling

In other ACV Auctions news, COO Vikas Mehta sold 154,324 shares of the firm’s stock in a transaction that occurred on Tuesday, September 10th. The shares were sold at an average price of $19.19, for a total value of $2,961,477.56. Following the sale, the chief operating officer now owns 432,457 shares in the company, valued at approximately $8,298,849.83. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In related news, CEO George Chamoun sold 111,363 shares of ACV Auctions stock in a transaction dated Tuesday, September 17th. The shares were sold at an average price of $20.27, for a total transaction of $2,257,328.01. Following the sale, the chief executive officer now directly owns 928,166 shares in the company, valued at $18,813,924.82. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, COO Vikas Mehta sold 154,324 shares of the stock in a transaction dated Tuesday, September 10th. The shares were sold at an average price of $19.19, for a total transaction of $2,961,477.56. Following the completion of the transaction, the chief operating officer now owns 432,457 shares of the company’s stock, valued at $8,298,849.83. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 709,426 shares of company stock valued at $13,792,090 in the last quarter. Company insiders own 8.50% of the company’s stock.

Institutional Trading of ACV Auctions

Institutional investors have recently made changes to their positions in the stock. Comerica Bank raised its holdings in ACV Auctions by 5,045.7% during the first quarter. Comerica Bank now owns 63,550 shares of the company’s stock worth $1,193,000 after purchasing an additional 62,315 shares in the last quarter. William Blair Investment Management LLC increased its position in shares of ACV Auctions by 4.1% during the 2nd quarter. William Blair Investment Management LLC now owns 5,013,642 shares of the company’s stock valued at $91,499,000 after purchasing an additional 198,228 shares during the period. Swedbank AB bought a new stake in shares of ACV Auctions in the 1st quarter worth $15,016,000. Harbor Capital Advisors Inc. lifted its holdings in shares of ACV Auctions by 383.7% in the third quarter. Harbor Capital Advisors Inc. now owns 153,050 shares of the company’s stock valued at $3,112,000 after buying an additional 121,411 shares during the period. Finally, Essex Investment Management Co. LLC bought a new position in ACV Auctions during the third quarter valued at about $2,915,000. 88.55% of the stock is owned by institutional investors and hedge funds.

ACV Auctions Trading Up 3.2 %

The company has a debt-to-equity ratio of 0.24, a current ratio of 1.49 and a quick ratio of 1.49. The business has a fifty day moving average of $19.06 and a 200-day moving average of $18.31. The stock has a market capitalization of $3.35 billion, a price-to-earnings ratio of -41.94 and a beta of 1.59.

ACV Auctions (NASDAQ:ACVA) last announced its quarterly earnings data on Wednesday, August 7th. The company reported ($0.07) earnings per share (EPS) for the quarter, topping the consensus estimate 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 company had revenue of $160.62 million for the quarter, compared to analysts’ expectations of $156.33 million. On average, equities analysts anticipate that ACV Auctions Inc. will post -0.35 earnings per share for the current fiscal year.

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.