ACV Auctions (NASDAQ:ACVA) Price Target Raised to $16.00 at Piper Sandler

ACV Auctions (NASDAQ:ACVA) had its target price boosted by analysts at Piper Sandler from $15.00 to $16.00 in a research report issued on Thursday, Benzinga reports. The brokerage presently has a “neutral” rating on the stock. Piper Sandler’s price target would suggest a potential downside of 7.62% from the stock’s current price.

ACVA has been the topic of several other research reports. Northcoast Research raised ACV Auctions from a “neutral” rating to a “buy” rating and set a $22.00 target price on the stock in a report on Wednesday, January 10th. Needham & Company LLC reissued a “buy” rating and issued a $23.00 target price on shares of ACV Auctions in a report on Thursday, February 22nd. Barrington Research reissued an “outperform” rating and issued a $23.00 target price on shares of ACV Auctions in a report on Monday. Finally, JMP Securities reissued a “market outperform” rating and issued a $19.00 target price on shares of ACV Auctions in a report on Wednesday, April 17th. Three investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $20.29.

ACV Auctions Trading Down 2.5 %

Shares of ACVA stock opened at $17.32 on Thursday. The business’s fifty day moving average price is $18.03 and its 200 day moving average price is $15.75. ACV Auctions has a 1-year low of $12.84 and a 1-year high of $19.54. The firm has a market capitalization of $2.84 billion, a PE ratio of -37.65 and a beta of 1.56. The company has a debt-to-equity ratio of 0.25, a current ratio of 2.12 and a quick ratio of 2.12.

ACV Auctions (NASDAQ:ACVA) last announced its quarterly earnings data on Wednesday, February 21st. The company reported ($0.12) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.13) by $0.01. ACV Auctions had a negative return on equity of 13.97% and a negative net margin of 15.64%. The firm had revenue of $118.38 million for the quarter, compared to analyst estimates of $117.62 million. As a group, sell-side analysts forecast that ACV Auctions will post -0.29 EPS for the current fiscal year.

Insider Activity

In other news, insider Craig Eric Anderson sold 5,000 shares of the company’s stock in a transaction on Wednesday, February 28th. The stock was sold at an average price of $18.00, for a total value of $90,000.00. Following the sale, the insider now directly owns 202,797 shares in the company, valued at $3,650,346. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, insider Craig Eric Anderson sold 5,000 shares of the company’s stock in a transaction on Wednesday, February 28th. The stock was sold at an average price of $18.00, for a total value of $90,000.00. Following the sale, the insider now directly owns 202,797 shares in the company, valued at $3,650,346. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Brian Hirsch sold 38,763 shares of the stock in a transaction dated Wednesday, March 6th. The stock was sold at an average price of $18.24, for a total value of $707,037.12. Following the transaction, the director now owns 378,390 shares in the company, valued at $6,901,833.60. The disclosure for this sale can be found here. Insiders have sold 1,475,208 shares of company stock worth $26,669,099 over the last three months. 8.50% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On ACV Auctions

Several large investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. lifted its position in ACV Auctions by 8.6% during the third quarter. Vanguard Group Inc. now owns 12,809,266 shares of the company’s stock worth $194,445,000 after buying an additional 1,010,941 shares during the period. FMR LLC lifted its position in ACV Auctions by 9.4% during the third quarter. FMR LLC now owns 11,763,945 shares of the company’s stock worth $178,577,000 after buying an additional 1,011,236 shares during the period. Atreides Management LP raised its holdings in shares of ACV Auctions by 5.8% in the 3rd quarter. Atreides Management LP now owns 10,829,070 shares of the company’s stock worth $164,385,000 after purchasing an additional 594,347 shares during the period. William Blair Investment Management LLC raised its holdings in shares of ACV Auctions by 8.7% in the 3rd quarter. William Blair Investment Management LLC now owns 4,369,867 shares of the company’s stock worth $66,335,000 after purchasing an additional 350,865 shares during the period. Finally, Jennison Associates LLC raised its holdings in shares of ACV Auctions by 11.0% in the 1st quarter. Jennison Associates LLC now owns 3,954,432 shares of the company’s stock worth $74,225,000 after purchasing an additional 393,423 shares during the period. 88.55% of the stock is currently owned by hedge funds and other institutional investors.

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.