ACV Auctions (NASDAQ:ACVA) Upgraded by Bank of America to Buy Rating

Bank of America upgraded shares of ACV Auctions (NASDAQ:ACVA) from a neutral rating to a buy rating in a report issued on Wednesday, MarketBeat Ratings reports. They currently have $20.00 price objective on the stock, down from their prior price objective of $22.00.

Other equities research analysts have also issued research reports about the stock. B. Riley lifted their price objective on shares of ACV Auctions from $24.00 to $27.00 and gave the company a “buy” rating in a research note on Tuesday, November 26th. Citigroup boosted their target price on shares of ACV Auctions from $22.00 to $27.00 and gave the stock a “buy” rating in a research report on Wednesday, November 27th. JMP Securities reissued a “market outperform” rating and set a $25.00 target price on shares of ACV Auctions in a research report on Monday, December 16th. Stephens raised shares of ACV Auctions to a “hold” rating in a research report on Saturday, February 1st. Finally, Needham & Company LLC cut their target price on shares of ACV Auctions from $28.00 to $25.00 and set a “buy” rating for the company in a research report on Thursday, February 20th. Three investment analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $23.05.

ACV Auctions Trading Up 3.6 %

ACV Auctions stock opened at $14.28 on Wednesday. The company’s fifty day simple moving average is $19.53 and its 200-day simple moving average is $19.90. The company has a quick ratio of 1.56, a current ratio of 1.56 and a debt-to-equity ratio of 0.28. ACV Auctions has a 12 month low of $12.77 and a 12 month high of $23.46. The stock has a market cap of $2.41 billion, a P/E ratio of -29.14 and a beta of 1.73.

ACV Auctions (NASDAQ:ACVA) last posted its quarterly earnings results on Wednesday, February 19th. The company reported ($0.14) EPS for the quarter, beating 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 analysts’ expectations of $156.77 million. As a group, sell-side analysts forecast that ACV Auctions will post -0.07 EPS for the current fiscal year.

Insider Transactions at ACV Auctions

In other news, insider Michael Waterman sold 30,162 shares of the business’s stock in a transaction dated Tuesday, January 7th. The shares were sold at an average price of $20.53, for a total transaction of $619,225.86. Following the transaction, the insider now owns 314,738 shares in the company, valued at approximately $6,461,571.14. The trade was a 8.75 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CFO William Zerella sold 15,000 shares of the business’s stock in a transaction dated Tuesday, January 7th. The stock was sold at an average price of $20.57, for a total transaction of $308,550.00. Following the transaction, the chief financial officer now owns 462,452 shares in the company, valued at approximately $9,512,637.64. The trade was a 3.14 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 92,662 shares of company stock worth $1,935,451. 8.50% of the stock is currently owned by company insiders.

Institutional Trading of ACV Auctions

A number of institutional investors and hedge funds have recently added to or reduced their stakes in ACVA. Principal Financial Group Inc. increased its stake in ACV Auctions by 4.9% in the third quarter. Principal Financial Group Inc. now owns 64,925 shares of the company’s stock valued at $1,320,000 after acquiring an additional 3,022 shares during the period. Verdence Capital Advisors LLC bought a new stake in ACV Auctions in the third quarter valued at about $206,000. Los Angeles Capital Management LLC increased its stake in ACV Auctions by 6.6% in the third quarter. Los Angeles Capital Management LLC now owns 26,958 shares of the company’s stock valued at $548,000 after acquiring an additional 1,670 shares during the period. GSA Capital Partners LLP bought a new stake in ACV Auctions in the third quarter valued at about $562,000. Finally, Aigen Investment Management LP bought a new stake in ACV Auctions in the third quarter valued at about $287,000. 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.