Raymond James Initiates Coverage on ACV Auctions (NASDAQ:ACVA)

Stock analysts at Raymond James began coverage on shares of ACV Auctions (NASDAQ:ACVA) in a research report issued to clients and investors on Friday, StockNewsAPI reports. The brokerage set a “market perform” rating and a $22.00 price target on the stock. Raymond James’ target price would indicate a potential upside of 7.53% from the company’s current price.

ACVA has been the topic of several other reports. Needham & Company LLC restated a “buy” rating and set a $23.00 price target on shares of ACV Auctions in a report on Monday, June 3rd. 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 report on Monday, June 10th. Barrington Research restated an “outperform” rating and set a $23.00 price target on shares of ACV Auctions in a report on Friday, August 16th. Finally, JMP Securities boosted their price target on shares of ACV Auctions from $21.00 to $24.00 and gave the stock a “market outperform” rating in a report on Tuesday, September 17th. Two research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $21.57.

ACV Auctions Stock Down 1.4 %

Shares of NASDAQ ACVA opened at $20.46 on Friday. The stock has a market capitalization of $3.41 billion, a P/E ratio of -42.63 and a beta of 1.55. The company has a 50-day moving average price of $18.55 and a 200-day moving average price of $18.22. ACV Auctions has a 1 year low of $12.84 and a 1 year high of $21.10. The company has a debt-to-equity ratio of 0.24, a current ratio of 1.49 and a quick ratio of 1.49.

ACV Auctions (NASDAQ:ACVA) last issued its quarterly earnings data 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. The firm had revenue of $160.62 million during the quarter, compared to analysts’ expectations of $156.33 million. ACV Auctions had a negative net margin of 14.53% and a negative return on equity of 13.20%. On average, equities research analysts forecast that ACV Auctions will post -0.36 EPS for the current fiscal year.

Insider Buying and Selling at ACV Auctions

In other ACV Auctions news, VP Andrew Peer sold 1,795 shares of the business’s stock in a transaction dated Thursday, September 19th. The shares were sold at an average price of $21.00, for a total value of $37,695.00. Following the transaction, the vice president now directly owns 62,956 shares in the company, valued at $1,322,076. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In other news, insider Craig Eric Anderson sold 7,500 shares of the business’s stock in a transaction that occurred on Tuesday, July 2nd. The shares were sold at an average price of $17.81, for a total value of $133,575.00. Following the sale, the insider now owns 328,167 shares of the company’s stock, valued at $5,844,654.27. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, VP Andrew Peer sold 1,795 shares of the business’s stock in a transaction that occurred on Thursday, September 19th. The shares were sold at an average price of $21.00, for a total transaction of $37,695.00. Following the completion of 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 have sold a total of 741,663 shares of company stock worth $14,179,490 over the last three months. 8.50% of the stock is currently owned by insiders.

Institutional Trading of ACV Auctions

Several hedge funds and other institutional investors have recently modified their holdings of the business. Massachusetts Financial Services Co. MA raised its position in shares of ACV Auctions by 47.6% in the second quarter. Massachusetts Financial Services Co. MA now owns 7,758,163 shares of the company’s stock valued at $141,586,000 after purchasing an additional 2,502,064 shares during the period. William Blair Investment Management LLC increased its holdings in ACV Auctions by 4.1% during the 2nd quarter. William Blair Investment Management LLC now owns 5,013,642 shares of the company’s stock worth $91,499,000 after acquiring an additional 198,228 shares during the period. Jennison Associates LLC increased its holdings in ACV Auctions by 11.0% during the 1st quarter. Jennison Associates LLC now owns 3,954,432 shares of the company’s stock worth $74,225,000 after acquiring an additional 393,423 shares during the period. Dimensional Fund Advisors LP increased its holdings in ACV Auctions by 8.4% during the 2nd quarter. Dimensional Fund Advisors LP now owns 2,103,770 shares of the company’s stock worth $38,394,000 after acquiring an additional 163,380 shares during the period. Finally, TimesSquare Capital Management LLC increased its holdings in ACV Auctions by 45.6% during the 1st quarter. TimesSquare Capital Management LLC now owns 1,765,822 shares of the company’s stock worth $33,144,000 after acquiring an additional 552,719 shares during the period. Institutional investors own 88.55% of the company’s stock.

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.