Brokerages Set ACV Auctions Inc. (NASDAQ:ACVA) PT at $23.65

Shares of ACV Auctions Inc. (NASDAQ:ACVA) have been assigned a consensus rating of “Moderate Buy” from the ten ratings firms that are covering the company, Marketbeat Ratings reports. Three research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. The average 1-year price target among analysts that have issued a report on the stock in the last year is $23.35.

Several equities analysts have weighed in on the stock. Barrington Research reiterated an “outperform” rating and set a $23.00 price objective on shares of ACV Auctions in a research report on Monday, November 4th. JMP Securities reiterated a “market outperform” rating and set a $25.00 price target on shares of ACV Auctions in a report on Monday, December 16th. Piper Sandler increased their price objective on ACV Auctions from $16.00 to $18.00 and gave the stock a “neutral” rating in a research note on Friday, November 8th. Needham & Company LLC lowered their target price on ACV Auctions from $28.00 to $25.00 and set a “buy” rating on the stock in a research note on Thursday. Finally, Citigroup increased their price target 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.

ACV Auctions Stock Down 5.2 %

Shares of ACV Auctions stock opened at $17.63 on Monday. The company has a quick ratio of 1.51, a current ratio of 1.56 and a debt-to-equity ratio of 0.28. ACV Auctions has a 12-month low of $14.76 and a 12-month high of $23.46. The firm has a market capitalization of $2.96 billion, a PE ratio of -35.98 and a beta of 1.69. The stock’s fifty day moving average is $21.17 and its 200-day moving average is $20.21.

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

Insider Activity

In other news, CFO William Zerella sold 32,500 shares of the stock in a transaction on Monday, December 30th. The shares were sold at an average price of $21.65, for a total transaction of $703,625.00. Following 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 position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Michael Waterman sold 30,162 shares of the firm’s stock in a transaction 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 transaction, the insider now owns 314,738 shares in the company, valued at $6,461,571.14. This represents a 8.75 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 125,162 shares of company stock worth $2,663,776 in the last three months. 8.50% of the stock is owned by insiders.

Hedge Funds Weigh In On ACV Auctions

Hedge funds have recently bought and sold shares of the business. William Blair Investment Management LLC boosted its stake in shares of ACV Auctions by 43.2% during the 4th quarter. William Blair Investment Management LLC now owns 12,099,686 shares of the company’s stock worth $261,353,000 after acquiring an additional 3,652,871 shares in the last quarter. Driehaus Capital Management LLC lifted its holdings in ACV Auctions by 128.5% in the 4th quarter. Driehaus Capital Management LLC now owns 2,837,165 shares of the company’s stock worth $61,283,000 after purchasing an additional 1,595,657 shares during the last quarter. Spyglass Capital Management LLC boosted its position in ACV Auctions by 69.1% during the third quarter. Spyglass Capital Management LLC now owns 2,614,245 shares of the company’s stock worth $53,148,000 after purchasing an additional 1,068,356 shares during the period. Wellington Management Group LLP acquired a new position in ACV Auctions during the third quarter valued at approximately $21,540,000. Finally, Franklin Resources Inc. raised its position in shares of ACV Auctions by 2,346.2% in the fourth quarter. Franklin Resources Inc. now owns 1,001,365 shares of the company’s stock valued at $21,629,000 after purchasing an additional 960,430 shares during the period. 88.55% of the stock is owned by institutional investors and hedge funds.

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.