ACV Auctions (NASDAQ:ACVA) Now Covered by Raymond James

Raymond James started coverage on shares of ACV Auctions (NASDAQ:ACVA) in a report released on Friday, StockNewsAPI reports. The firm issued a market perform rating and a $22.00 price target on the stock.

A number of other brokerages have also recently weighed in on ACVA. JMP Securities increased their price target on shares of ACV Auctions from $21.00 to $24.00 and gave the stock a market outperform rating in a research note on Tuesday, September 17th. Needham & Company LLC reiterated a buy rating and set a $23.00 target price on shares of ACV Auctions in a research note on Monday, June 3rd. JPMorgan Chase & Co. upgraded ACV Auctions from a neutral rating to an overweight rating and set a $21.00 price target on the stock in a research report on Monday, June 10th. Finally, Barrington Research reaffirmed an outperform rating and set a $23.00 price objective on shares of ACV Auctions in a research note on Friday, August 16th. Two research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of Moderate Buy and an average price target of $21.57.

ACV Auctions Stock Down 0.6 %

ACV Auctions stock opened at $20.33 on Friday. The company has a market capitalization of $3.36 billion, a P/E ratio of -42.35 and a beta of 1.55. The company has a debt-to-equity ratio of 0.24, a quick ratio of 1.49 and a current ratio of 1.49. ACV Auctions has a fifty-two week low of $12.84 and a fifty-two week high of $21.10. The stock has a 50-day simple moving average of $18.59 and a 200-day simple moving average of $18.25.

ACV Auctions (NASDAQ:ACVA) last issued its quarterly earnings data on Wednesday, August 7th. The company reported ($0.07) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.09) by $0.02. The company had revenue of $160.62 million during the quarter, compared to analysts’ expectations of $156.33 million. ACV Auctions had a negative return on equity of 13.20% and a negative net margin of 14.53%. Equities research analysts expect that ACV Auctions will post -0.36 earnings per share for the current year.

Insider Buying and Selling

In other ACV Auctions news, VP Andrew Peer sold 1,795 shares of ACV Auctions stock in a transaction that occurred on Thursday, September 19th. The stock was sold at an average price of $21.00, for a total value of $37,695.00. Following the sale, the vice president now owns 62,956 shares of the company’s stock, valued at approximately $1,322,076. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, insider Michael Waterman sold 26,336 shares of the stock in a transaction dated Tuesday, July 9th. The shares were sold at an average price of $17.51, for a total value of $461,143.36. Following the completion of the transaction, the insider now owns 366,710 shares in the company, valued at approximately $6,421,092.10. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Andrew Peer sold 1,795 shares of the business’s stock in a transaction dated Thursday, September 19th. The stock was sold at an average price of $21.00, for a total transaction of $37,695.00. Following the sale, the vice president now directly owns 62,956 shares in the company, valued at approximately $1,322,076. The disclosure for this sale can be found here. Insiders sold 734,163 shares of company stock valued at $14,045,915 over the last ninety days. Corporate insiders own 8.50% of the company’s stock.

Institutional Investors Weigh In On ACV Auctions

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Amalgamated Bank grew its holdings in ACV Auctions by 18.0% in the second quarter. Amalgamated Bank now owns 5,120 shares of the company’s stock valued at $93,000 after purchasing an additional 782 shares during the last quarter. UMB Bank n.a. acquired a new position in shares of ACV Auctions during the 1st quarter worth $114,000. Penn Mutual Asset Management LLC purchased a new stake in shares of ACV Auctions in the fourth quarter valued at about $153,000. Public Employees Retirement Association of Colorado acquired a new stake in ACV Auctions during the 2nd quarter valued at $225,000. Finally, Blair William & Co. IL increased its position in ACV Auctions by 14.7% during the first quarter. Blair William & Co. IL now owns 12,691 shares of the company’s stock worth $238,000 after buying an additional 1,626 shares in the last quarter. 88.55% of the stock is currently owned by institutional investors and hedge funds.

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.