ACV Auctions Inc. (NASDAQ:ACVA) Receives $21.50 Consensus PT from Analysts

ACV Auctions Inc. (NASDAQ:ACVA) has received a consensus recommendation of “Moderate Buy” from the six brokerages that are presently covering the stock, MarketBeat Ratings reports. One research analyst has rated the stock with a hold rating and five have assigned a buy rating to the company. The average 1-year price objective among brokerages that have covered the stock in the last year is $21.50.

ACVA has been the topic of a number of recent analyst reports. JMP Securities upped their price target 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. Barrington Research restated an “outperform” rating and set a $23.00 price target on shares of ACV Auctions in a research note on Friday, August 16th. Needham & Company LLC restated a “buy” rating and set a $23.00 price target on shares of ACV Auctions in a research note on Monday, June 3rd. Finally, JPMorgan Chase & Co. upgraded shares of ACV Auctions from a “neutral” rating to an “overweight” rating and set a $21.00 price target on the stock in a research note on Monday, June 10th.

ACV Auctions Trading Up 0.9 %

NASDAQ ACVA opened at $20.92 on Friday. The company has a quick ratio of 1.49, a current ratio of 1.49 and a debt-to-equity ratio of 0.24. The firm has a market cap of $3.45 billion, a PE ratio of -43.58 and a beta of 1.55. The company has a 50 day moving average price of $18.42 and a 200 day moving average price of $18.16. ACV Auctions has a 52 week low of $12.84 and a 52 week high of $21.09.

ACV Auctions (NASDAQ:ACVA) last issued its quarterly earnings results on Wednesday, August 7th. The company reported ($0.07) earnings per share (EPS) for the quarter, beating 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 business had revenue of $160.62 million for the quarter, compared to analyst estimates of $156.33 million. As a group, sell-side analysts forecast that ACV Auctions will post -0.36 EPS for the current fiscal year.

Insider Activity

In other news, COO Vikas Mehta sold 154,324 shares of the company’s stock in a transaction on Tuesday, September 10th. The shares were sold at an average price of $19.19, for a total value of $2,961,477.56. Following the sale, the chief operating officer now directly owns 432,457 shares of the company’s stock, valued at approximately $8,298,849.83. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, COO Vikas Mehta sold 154,324 shares of the stock in a transaction on Tuesday, September 10th. The shares were sold at an average price of $19.19, for a total transaction of $2,961,477.56. Following the sale, the chief operating officer now directly owns 432,457 shares of the company’s stock, valued at $8,298,849.83. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Craig Eric Anderson sold 7,500 shares of the stock in a transaction on Tuesday, July 2nd. The stock was sold at an average price of $17.81, for a total transaction of $133,575.00. Following the sale, the insider now directly owns 328,167 shares in the company, valued at $5,844,654.27. The disclosure for this sale can be found here. Insiders have sold 741,663 shares of company stock valued at $14,179,490 in the last ninety days. Insiders own 8.50% of the company’s stock.

Hedge Funds Weigh In On ACV Auctions

A number of large investors have recently added to or reduced their stakes in ACVA. Massachusetts Financial Services Co. MA raised its position in ACV Auctions by 47.6% during the second quarter. Massachusetts Financial Services Co. MA now owns 7,758,163 shares of the company’s stock worth $141,586,000 after acquiring an additional 2,502,064 shares during the period. Bank of New York Mellon Corp raised its position in ACV Auctions by 217.5% during the second quarter. Bank of New York Mellon Corp now owns 1,391,070 shares of the company’s stock worth $25,387,000 after acquiring an additional 952,929 shares during the period. Swedbank AB acquired a new position in ACV Auctions during the first quarter worth $15,016,000. TimesSquare Capital Management LLC raised its position in shares of ACV Auctions by 45.6% in the first quarter. TimesSquare Capital Management LLC now owns 1,765,822 shares of the company’s stock valued at $33,144,000 after buying an additional 552,719 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC acquired a new stake in shares of ACV Auctions in the second quarter valued at about $8,567,000. 88.55% of the stock is currently 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.