ACV Auctions (NASDAQ:ACVA) Shares Gap Up – Still a Buy?

ACV Auctions Inc. (NASDAQ:ACVA) gapped up before the market opened on Wednesday . The stock had previously closed at $13.78, but opened at $14.66. ACV Auctions shares last traded at $14.21, with a volume of 398,163 shares trading hands.

Analyst Ratings Changes

Several research firms recently issued reports on ACVA. JMP Securities reissued a “market outperform” rating and issued a $25.00 target price on shares of ACV Auctions in a report on Monday, December 16th. Bank of America raised shares of ACV Auctions from a “neutral” rating to a “buy” rating and dropped their target price for the stock from $22.00 to $20.00 in a report on Wednesday. Needham & Company LLC reissued a “buy” rating and set a $25.00 price target on shares of ACV Auctions in a report on Wednesday. Stephens raised ACV Auctions to a “hold” rating in a research note on Saturday, February 1st. Finally, B. Riley raised their target price on shares of ACV Auctions from $24.00 to $27.00 and gave the company a “buy” rating in a research note on Tuesday, November 26th. Three investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $23.05.

ACV Auctions Stock Down 2.0 %

The company has a market cap of $2.36 billion, a P/E ratio of -28.57 and a beta of 1.73. The business’s fifty day moving average is $19.39 and its two-hundred day moving average is $19.86. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.56 and a current ratio of 1.56.

ACV Auctions (NASDAQ:ACVA) last released its quarterly earnings data on Wednesday, February 19th. The company reported ($0.14) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.15) by $0.01. The firm had revenue of $159.51 million for the quarter, compared to the consensus estimate 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 predict that ACV Auctions Inc. will post -0.07 EPS for the current year.

Insider Transactions at ACV Auctions

In other ACV Auctions news, CFO William Zerella sold 32,500 shares of the stock in a transaction dated Monday, December 30th. The stock was sold at an average price of $21.65, for a total value of $703,625.00. Following the completion of the sale, the chief financial officer now directly owns 490,482 shares in the company, valued at approximately $10,618,935.30. This trade represents a 6.21 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Michael Waterman sold 15,000 shares of the company’s stock in a transaction dated Tuesday, February 4th. The shares were sold at an average price of $20.27, for a total transaction of $304,050.00. Following the transaction, the insider now owns 311,354 shares in the company, valued at approximately $6,311,145.58. This trade represents a 4.60 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 107,662 shares of company stock valued at $2,138,401. Corporate insiders own 8.50% of the company’s stock.

Institutional Trading of ACV Auctions

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. 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 worth $307,712,000 after purchasing an additional 738,391 shares in the last quarter. William Blair Investment Management LLC boosted its holdings in 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 buying an additional 3,652,871 shares in the last quarter. Massachusetts Financial Services Co. MA grew its position in 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 valued at $175,969,000 after buying an additional 897,477 shares during the period. Alliancebernstein L.P. increased its holdings in ACV Auctions by 5.3% in the fourth quarter. Alliancebernstein L.P. now owns 5,622,255 shares of the company’s stock valued at $121,441,000 after buying an additional 284,880 shares in the last quarter. Finally, Jennison Associates LLC raised its position in shares of ACV Auctions by 17.2% in 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 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.