Piper Sandler Raises ACV Auctions (NASDAQ:ACVA) Price Target to $18.00

ACV Auctions (NASDAQ:ACVA) had its price target upped by equities research analysts at Piper Sandler from $16.00 to $18.00 in a research report issued to clients and investors on Friday,Benzinga reports. The brokerage currently has a “neutral” rating on the stock. Piper Sandler’s target price suggests a potential downside of 7.69% from the company’s previous close.

A number of other equities research analysts also recently weighed in on ACVA. Raymond James started coverage on shares of ACV Auctions in a research note on Friday, September 27th. They issued a “market perform” rating and a $22.00 target price on the stock. Barrington Research reaffirmed an “outperform” rating and issued a $23.00 target price on shares of ACV Auctions in a research note on Monday. Jefferies Financial Group raised their target price on shares of ACV Auctions from $22.00 to $25.00 and gave the company a “buy” rating in a research note on Tuesday, October 22nd. Finally, JMP Securities raised their target price on shares of ACV Auctions from $21.00 to $24.00 and gave the company a “market outperform” rating in a research note on Tuesday, September 17th. Two analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $22.25.

ACV Auctions Trading Up 1.9 %

Shares of ACV Auctions stock opened at $19.50 on Friday. ACV Auctions has a 12-month low of $12.84 and a 12-month high of $21.10. The company has a market cap of $3.25 billion, a price-to-earnings ratio of -40.62 and a beta of 1.59. The company has a current ratio of 1.49, a quick ratio of 1.49 and a debt-to-equity ratio of 0.24. The company’s 50-day moving average price is $19.03 and its 200-day moving average price is $18.29.

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

Insider Buying and Selling at ACV Auctions

In other news, COO Vikas Mehta sold 145,928 shares of the firm’s stock in a transaction that occurred on Friday, August 23rd. The shares were sold at an average price of $18.71, for a total value of $2,730,312.88. Following the transaction, the chief operating officer now owns 468,505 shares in the company, valued at approximately $8,765,728.55. 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 is accessible through this hyperlink. In related news, VP Andrew Peer sold 1,795 shares of the firm’s stock in a transaction on Thursday, September 19th. The stock was sold at an average price of $21.00, for a total value of $37,695.00. Following the completion of the sale, the vice president now owns 62,956 shares of the company’s stock, valued at $1,322,076. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, COO Vikas Mehta sold 145,928 shares of the firm’s stock in a transaction on Friday, August 23rd. The stock was sold at an average price of $18.71, for a total value of $2,730,312.88. Following the completion of the sale, the chief operating officer now directly owns 468,505 shares of the company’s stock, valued at $8,765,728.55. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 709,426 shares of company stock worth $13,792,090 over the last ninety days. Insiders own 8.50% of the company’s stock.

Institutional Trading of ACV Auctions

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Blue Trust Inc. lifted its position in ACV Auctions by 165.2% during the third quarter. Blue Trust Inc. now owns 1,419 shares of the company’s stock valued at $29,000 after buying an additional 884 shares during the period. MCF Advisors LLC lifted its position in ACV Auctions by 107.0% during the third quarter. MCF Advisors LLC now owns 1,480 shares of the company’s stock valued at $30,000 after buying an additional 765 shares during the period. Park Place Capital Corp lifted its position in ACV Auctions by 34.1% during the third quarter. Park Place Capital Corp now owns 2,779 shares of the company’s stock valued at $56,000 after buying an additional 706 shares during the period. Amalgamated Bank lifted its position in ACV Auctions by 18.0% during the second quarter. Amalgamated Bank now owns 5,120 shares of the company’s stock valued at $93,000 after buying an additional 782 shares during the period. Finally, Verdence Capital Advisors LLC purchased a new position in shares of ACV Auctions in the 3rd quarter worth about $206,000. Hedge funds and other institutional investors 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.