Needham & Company LLC Reiterates Buy Rating for ACV Auctions (NASDAQ:ACVA)

ACV Auctions (NASDAQ:ACVA)‘s stock had its “buy” rating reiterated by stock analysts at Needham & Company LLC in a report released on Wednesday,Benzinga reports. They currently have a $25.00 target price on the stock. Needham & Company LLC’s price objective would indicate a potential upside of 81.42% from the stock’s current price.

A number of other analysts have also recently commented on ACVA. Stephens upgraded ACV Auctions to a “hold” rating in a research report on Saturday, February 1st. Citigroup boosted their price target on shares of ACV Auctions from $22.00 to $27.00 and gave the stock a “buy” rating in a report on Wednesday, November 27th. B. Riley increased their price objective on shares of ACV Auctions from $24.00 to $27.00 and gave the company a “buy” rating in a report on Tuesday, November 26th. JMP Securities reiterated a “market outperform” rating and issued a $25.00 target price on shares of ACV Auctions in a research report on Monday, December 16th. Finally, Bank of America upgraded shares of ACV Auctions from a “neutral” rating to a “buy” rating and reduced their price target for the stock from $22.00 to $20.00 in a research report on Wednesday. Three equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat, ACV Auctions has an average rating of “Moderate Buy” and a consensus price target of $23.05.

ACV Auctions Price Performance

NASDAQ:ACVA opened at $13.78 on Wednesday. The company has a 50 day moving average price of $19.67 and a 200-day moving average price of $19.94. ACV Auctions has a 1-year low of $12.77 and a 1-year high of $23.46. The firm has a market cap of $2.33 billion, a price-to-earnings ratio of -28.12 and a beta of 1.73. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.56 and a quick ratio of 1.56.

ACV Auctions (NASDAQ:ACVA) last posted its earnings results on Wednesday, February 19th. The company reported ($0.14) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.15) by $0.01. ACV Auctions had a negative net margin of 12.51% and a negative return on equity of 12.94%. The business had revenue of $159.51 million for the quarter, compared to analyst estimates of $156.77 million. Equities research analysts forecast that ACV Auctions will post -0.07 EPS for the current year.

Insider Buying and Selling at ACV Auctions

In other news, insider Michael Waterman sold 30,162 shares of the firm’s stock in a transaction that occurred on Tuesday, January 7th. The shares were sold at an average price of $20.53, for a total transaction of $619,225.86. Following the completion of the sale, the insider now owns 314,738 shares in the company, valued at $6,461,571.14. This trade represents a 8.75 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO William Zerella sold 32,500 shares of the company’s stock in a transaction that occurred on Monday, December 30th. The shares were sold at an average price of $21.65, for a total value of $703,625.00. Following the completion of the transaction, the chief financial officer now owns 490,482 shares in the company, valued at $10,618,935.30. This represents a 6.21 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 92,662 shares of company stock worth $1,935,451. Insiders own 8.50% of the company’s stock.

Institutional Investors Weigh In On ACV Auctions

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Principal Financial Group Inc. grew its holdings in shares of ACV Auctions by 4.9% during the 3rd quarter. Principal Financial Group Inc. now owns 64,925 shares of the company’s stock worth $1,320,000 after purchasing an additional 3,022 shares during the period. Verdence Capital Advisors LLC acquired a new position in ACV Auctions in the third quarter valued at about $206,000. Los Angeles Capital Management LLC boosted its stake in ACV Auctions by 6.6% during the third quarter. Los Angeles Capital Management LLC now owns 26,958 shares of the company’s stock worth $548,000 after buying an additional 1,670 shares during the period. GSA Capital Partners LLP acquired a new stake in shares of ACV Auctions during the third quarter valued at about $562,000. Finally, Aigen Investment Management LP purchased a new stake in shares of ACV Auctions in the 3rd quarter valued at approximately $287,000. Hedge funds and other 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.