ACV Auctions (NASDAQ:ACVA) PT Raised to $20.00 at JMP Securities

ACV Auctions (NASDAQ:ACVA) had its target price increased by equities research analysts at JMP Securities from $19.00 to $20.00 in a report issued on Thursday, Benzinga reports. The firm presently has a “market outperform” rating on the stock. JMP Securities’ target price indicates a potential upside of 14.48% from the company’s current price.

Several other brokerages also recently issued reports on ACVA. Piper Sandler raised their price objective on shares of ACV Auctions from $15.00 to $16.00 and gave the stock a “neutral” rating in a research report on Thursday. Northcoast Research raised shares of ACV Auctions from a “neutral” rating to a “buy” rating and set a $22.00 price target on the stock in a report on Wednesday, January 10th. Barrington Research reissued an “outperform” rating and issued a $23.00 price objective on shares of ACV Auctions in a research report on Monday. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $23.00 price target on shares of ACV Auctions in a research report on Thursday. Three equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. According to MarketBeat.com, ACV Auctions presently has an average rating of “Moderate Buy” and an average target price of $20.36.

ACV Auctions Price Performance

Shares of ACV Auctions stock traded up $0.15 on Thursday, hitting $17.47. The company’s stock had a trading volume of 1,807,176 shares, compared to its average volume of 1,161,292. The company has a market capitalization of $2.86 billion, a price-to-earnings ratio of -37.50 and a beta of 1.56. The firm has a fifty day moving average price of $18.03 and a 200-day moving average price of $15.75. The company has a debt-to-equity ratio of 0.25, a quick ratio of 2.12 and a current ratio of 2.12. ACV Auctions has a 1 year low of $12.84 and a 1 year high of $19.54.

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

Insider Buying and Selling

In other ACV Auctions news, CFO William Zerella sold 32,500 shares of the business’s stock in a transaction dated 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 owns 314,151 shares of the company’s stock, valued at approximately $5,393,972.67. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other ACV Auctions news, CFO William Zerella sold 32,500 shares of the company’s stock in a transaction dated Tuesday, April 16th. The stock was sold at an average price of $17.17, for a total value of $558,025.00. Following the sale, the chief financial officer now owns 314,151 shares in the company, valued at approximately $5,393,972.67. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, COO Vikas Mehta sold 200,000 shares of ACV Auctions stock in a transaction that occurred on Thursday, February 22nd. The stock was 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 owns 319,036 shares of the company’s stock, valued at $5,257,713.28. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 1,475,208 shares of company stock worth $26,669,099. Corporate insiders own 8.50% of the company’s stock.

Institutional Investors Weigh In On ACV Auctions

Hedge funds and other institutional investors have recently modified their holdings of the company. Zurcher Kantonalbank Zurich Cantonalbank boosted its position in shares of ACV Auctions by 28.9% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 26,337 shares of the company’s stock valued at $400,000 after buying an additional 5,901 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. boosted its position in shares of ACV Auctions by 292.6% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 202,088 shares of the company’s stock valued at $3,068,000 after buying an additional 150,619 shares during the last quarter. Allspring Global Investments Holdings LLC purchased a new position in shares of ACV Auctions during the third quarter valued at approximately $72,000. Jennison Associates LLC boosted its position in shares of ACV Auctions by 93.9% during the third quarter. Jennison Associates LLC now owns 3,247,153 shares of the company’s stock valued at $49,292,000 after buying an additional 1,572,793 shares during the last quarter. Finally, Congress Asset Management Co. MA purchased a new position in shares of ACV Auctions during the third quarter valued at approximately $5,608,000. Institutional investors own 88.55% of the company’s stock.

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.