ACV Auctions (NASDAQ:ACVA) Earns Buy Rating from Needham & Company LLC

Needham & Company LLC reaffirmed their buy rating on shares of ACV Auctions (NASDAQ:ACVA) in a research report released on Wednesday morning,Benzinga reports. They currently have a $25.00 target price on the stock.

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

ACV Auctions Trading Up 3.6 %

Shares of ACV Auctions stock opened at $14.28 on Wednesday. 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 has a 1 year low of $12.77 and a 1 year high of $23.46. The company has a market capitalization of $2.41 billion, a P/E ratio of -29.14 and a beta of 1.73. The business has a 50 day moving average price of $19.53 and a 200 day moving average price of $19.90.

ACV Auctions (NASDAQ:ACVA) last issued its quarterly earnings data 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 return on equity of 12.94% and a negative net margin of 12.51%. The firm had revenue of $159.51 million during the quarter, compared to the consensus estimate of $156.77 million. Sell-side analysts anticipate that ACV Auctions will post -0.07 EPS for the current fiscal year.

Insider Transactions at ACV Auctions

In related news, insider Michael Waterman sold 15,000 shares of the company’s stock in a transaction on Tuesday, February 4th. The shares were sold at an average price of $20.27, for a total transaction of $304,050.00. Following the completion of the sale, the insider now directly owns 311,354 shares of the company’s stock, valued at approximately $6,311,145.58. This represents a 4.60 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO William Zerella sold 32,500 shares of the company’s stock in a transaction on Monday, December 30th. The stock was sold at an average price of $21.65, for a total transaction of $703,625.00. Following the sale, the chief financial officer now directly owns 490,482 shares of the company’s stock, valued at approximately $10,618,935.30. This trade represents a 6.21 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 92,662 shares of company stock worth $1,935,451 in the last ninety days. Insiders own 8.50% of the company’s stock.

Institutional Trading of ACV Auctions

A number of institutional investors have recently added to or reduced their stakes in ACVA. Vanguard Group Inc. boosted its position in ACV Auctions by 5.5% in the 4th quarter. Vanguard Group Inc. now owns 14,245,915 shares of the company’s stock valued at $307,712,000 after buying an additional 738,391 shares during the last quarter. William Blair Investment Management LLC lifted its position in shares of ACV Auctions by 43.2% during the fourth quarter. William Blair Investment Management LLC now owns 12,099,686 shares of the company’s stock worth $261,353,000 after purchasing an additional 3,652,871 shares during the last quarter. Massachusetts Financial Services Co. MA lifted its position in shares of ACV Auctions by 11.6% during the third quarter. Massachusetts Financial Services Co. MA now owns 8,655,640 shares of the company’s stock worth $175,969,000 after purchasing an additional 897,477 shares during the last quarter. Alliancebernstein L.P. raised its stake in ACV Auctions by 5.3% during the fourth quarter. Alliancebernstein L.P. now owns 5,622,255 shares of the company’s stock worth $121,441,000 after acquiring an additional 284,880 shares during the period. Finally, Jennison Associates LLC raised its stake in ACV Auctions by 17.2% during the fourth quarter. Jennison Associates LLC now owns 4,980,354 shares of the company’s stock worth $107,576,000 after acquiring an additional 732,422 shares during the period. 88.55% of the stock is owned by hedge funds and other institutional investors.

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.