ACV Auctions Inc. (NASDAQ:ACVA) Given Consensus Rating of “Moderate Buy” by Brokerages

Shares of ACV Auctions Inc. (NASDAQ:ACVA) have received a consensus rating of “Moderate Buy” from the six brokerages that are currently covering the company, Marketbeat.com reports. One research analyst has rated the stock with a hold recommendation and five have assigned a buy recommendation to the company. The average 1 year price objective among analysts that have covered the stock in the last year is $21.00.

Several research analysts recently weighed in on the stock. Needham & Company LLC restated a “buy” rating and issued a $23.00 price objective on shares of ACV Auctions in a research report on Monday, June 3rd. Piper Sandler increased their target price on shares of ACV Auctions from $15.00 to $16.00 and gave the stock a “neutral” rating in a report on Thursday, May 9th. JPMorgan Chase & Co. upgraded ACV Auctions from a “neutral” rating to an “overweight” rating and set a $21.00 target price for the company in a research note on Monday, June 10th. JMP Securities reiterated a “market outperform” rating and issued a $21.00 price target on shares of ACV Auctions in a research note on Wednesday, July 10th. Finally, Barrington Research reaffirmed an “outperform” rating and set a $23.00 target price on shares of ACV Auctions in a research note on Friday, August 16th.

Insider Activity

In related news, insider Craig Eric Anderson sold 7,500 shares of ACV Auctions 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 transaction, the insider now directly owns 328,167 shares in the company, valued at $5,844,654.27. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other news, CFO William Zerella sold 276,900 shares of the business’s stock in a transaction dated Tuesday, June 11th. The stock was sold at an average price of $18.13, for a total value of $5,020,197.00. Following the transaction, the chief financial officer now directly owns 515,671 shares in the company, valued at $9,349,115.23. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Craig Eric Anderson sold 7,500 shares of the business’s stock in a transaction dated Tuesday, July 2nd. The shares were sold at an average price of $17.81, for a total value of $133,575.00. Following the completion of the transaction, the insider now owns 328,167 shares in the company, valued at $5,844,654.27. The disclosure for this sale can be found here. Insiders sold a total of 873,411 shares of company stock valued at $15,729,930 in the last 90 days. Company insiders own 8.50% of the company’s stock.

Institutional Investors Weigh In On ACV Auctions

A number of hedge funds have recently made changes to their positions in the company. Massachusetts Financial Services Co. MA increased its stake 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 last quarter. Bank of New York Mellon Corp boosted its holdings in shares of ACV Auctions by 217.5% in the second quarter. Bank of New York Mellon Corp now owns 1,391,070 shares of the company’s stock valued at $25,387,000 after purchasing an additional 952,929 shares during the period. Swedbank AB purchased a new stake in ACV Auctions during the first quarter worth $15,016,000. TimesSquare Capital Management LLC lifted its holdings in shares of ACV Auctions by 45.6% during the 1st quarter. TimesSquare Capital Management LLC now owns 1,765,822 shares of the company’s stock valued at $33,144,000 after purchasing an additional 552,719 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC purchased a new stake in shares of ACV Auctions during the 2nd quarter valued at $8,567,000. 88.55% of the stock is currently owned by hedge funds and other institutional investors.

ACV Auctions Price Performance

Shares of NASDAQ:ACVA opened at $18.71 on Monday. The company has a market capitalization of $3.09 billion, a P/E ratio of -38.98 and a beta of 1.54. ACV Auctions has a fifty-two week low of $12.84 and a fifty-two week high of $19.86. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.62 and a current ratio of 1.62. The company’s 50-day moving average is $17.83 and its 200 day moving average is $17.75.

ACV Auctions (NASDAQ:ACVA) last released its quarterly earnings data on Wednesday, August 7th. The company reported ($0.07) EPS for the quarter, beating the consensus estimate of ($0.09) by $0.02. ACV Auctions had a negative net margin of 15.28% and a negative return on equity of 13.50%. The business had revenue of $160.62 million for the quarter, compared to the consensus estimate of $156.33 million. On average, equities research analysts forecast that ACV Auctions will post -0.37 earnings per share for the current year.

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.