Brokerages Set ACV Auctions Inc. (NASDAQ:ACVA) PT at $20.21

Shares of ACV Auctions Inc. (NASDAQ:ACVA) have earned an average recommendation of “Moderate Buy” from the eleven ratings firms that are presently covering the company, MarketBeat reports. Two equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the company. The average 12 month target price among analysts that have covered the stock in the last year is $20.21.

A number of brokerages have recently weighed in on ACVA. JMP Securities reissued a “market outperform” rating and set a $19.00 price objective on shares of ACV Auctions in a research note on Wednesday, April 17th. Northcoast Research raised shares of ACV Auctions from a “neutral” rating to a “buy” rating and set a $22.00 price objective for the company in a research note on Wednesday, January 10th. Finally, Needham & Company LLC reissued a “buy” rating and set a $23.00 price objective on shares of ACV Auctions in a research note on Thursday, February 22nd.

Insiders Place Their Bets

In other ACV Auctions news, CFO William Zerella sold 32,500 shares of ACV Auctions 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 completion of the sale, the chief financial officer now directly owns 314,151 shares of the company’s stock, valued at approximately $5,393,972.67. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other ACV Auctions news, COO Vikas Mehta sold 200,000 shares of ACV Auctions stock in a transaction that occurred on Thursday, February 22nd. The shares were sold at an average price of $16.48, for a total value of $3,296,000.00. Following the completion of the sale, the chief operating officer now directly owns 319,036 shares of the company’s stock, valued at approximately $5,257,713.28. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO William Zerella sold 32,500 shares of ACV Auctions stock in a transaction that occurred on Tuesday, April 16th. The stock was sold at an average price of $17.17, for a total transaction of $558,025.00. Following the completion of the sale, the chief financial officer now directly owns 314,151 shares of the company’s stock, valued at $5,393,972.67. The disclosure for this sale can be found here. In the last three months, insiders sold 1,507,708 shares of company stock valued at $27,126,374. Company insiders own 13.67% of the company’s stock.

Institutional Trading of ACV Auctions

Hedge funds and other institutional investors have recently bought and sold shares of the company. Keybank National Association OH grew its stake in shares of ACV Auctions by 3.4% during the 3rd quarter. Keybank National Association OH now owns 22,067 shares of the company’s stock valued at $335,000 after buying an additional 725 shares during the period. Park Place Capital Corp grew its stake in shares of ACV Auctions by 83.2% during the 3rd quarter. Park Place Capital Corp now owns 2,180 shares of the company’s stock valued at $33,000 after buying an additional 990 shares during the period. John G Ullman & Associates Inc. grew its stake in shares of ACV Auctions by 1.5% during the 4th quarter. John G Ullman & Associates Inc. now owns 66,284 shares of the company’s stock valued at $1,004,000 after buying an additional 1,000 shares during the period. Moneta Group Investment Advisors LLC grew its stake in shares of ACV Auctions by 4.5% during the 3rd quarter. Moneta Group Investment Advisors LLC now owns 27,248 shares of the company’s stock valued at $414,000 after buying an additional 1,168 shares during the period. Finally, Arizona State Retirement System grew its stake in shares of ACV Auctions by 4.0% during the 3rd quarter. Arizona State Retirement System now owns 36,900 shares of the company’s stock valued at $560,000 after buying an additional 1,413 shares during the period. 88.55% of the stock is owned by hedge funds and other institutional investors.

ACV Auctions Price Performance

ACVA stock opened at $18.09 on Tuesday. The firm has a 50 day moving average of $17.76 and a 200-day moving average of $15.57. ACV Auctions has a 12-month low of $12.15 and a 12-month high of $19.54. The company has a current ratio of 2.12, a quick ratio of 2.12 and a debt-to-equity ratio of 0.25. The company has a market cap of $2.96 billion, a price-to-earnings ratio of -39.33 and a beta of 1.57.

ACV Auctions (NASDAQ:ACVA) last posted its quarterly earnings results on Wednesday, February 21st. The company reported ($0.12) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.13) by $0.01. ACV Auctions had a negative net margin of 15.64% and a negative return on equity of 13.97%. The company had revenue of $118.38 million during the quarter, compared to the consensus estimate of $117.62 million. As a group, equities analysts expect that ACV Auctions will post -0.29 EPS 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.