ACV Auctions’ (ACVA) “Outperform” Rating Reaffirmed at Barrington Research

ACV Auctions (NASDAQ:ACVA)‘s stock had its “outperform” rating reissued by investment analysts at Barrington Research in a report released on Monday, Benzinga reports. They presently have a $23.00 price objective on the stock. Barrington Research’s price target would indicate a potential upside of 32.72% from the company’s current price.

Several other research analysts have also commented on ACVA. Jefferies Financial Group boosted their price target on ACV Auctions from $22.00 to $25.00 and gave the stock a “buy” rating in a research report on Tuesday, October 22nd. JMP Securities boosted their price target on ACV Auctions from $21.00 to $24.00 and gave the stock a “market outperform” rating in a research report on Tuesday, September 17th. Finally, Raymond James began coverage on ACV Auctions in a research report on Friday, September 27th. They issued a “market perform” rating and a $22.00 price target for the company. Two investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $22.00.

ACV Auctions Stock Up 1.7 %

Shares of ACVA stock traded up $0.29 during mid-day trading on Monday, hitting $17.33. The stock had a trading volume of 259,076 shares, compared to its average volume of 1,187,795. ACV Auctions has a 12-month low of $12.84 and a 12-month high of $21.10. The firm has a market capitalization of $2.89 billion, a P/E ratio of -36.12 and a beta of 1.59. The firm’s 50-day moving average is $19.05 and its two-hundred day moving average is $18.28. 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 earnings results on Wednesday, August 7th. The company reported ($0.07) earnings per share for the quarter, topping the consensus estimate of ($0.09) by $0.02. The business 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%. On average, analysts predict that ACV Auctions will post -0.35 earnings per share for the current fiscal year.

Insider Activity at ACV Auctions

In related news, CFO William Zerella sold 32,500 shares of the company’s stock in a transaction dated Tuesday, August 6th. The stock was sold at an average price of $15.19, for a total transaction of $493,675.00. Following the transaction, the chief financial officer now directly owns 503,077 shares of the company’s stock, valued at $7,641,739.63. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. In other news, COO Vikas Mehta sold 145,928 shares of the stock in a transaction dated Friday, August 23rd. The stock was sold at an average price of $18.71, for a total value of $2,730,312.88. Following the transaction, the chief operating officer now directly owns 468,505 shares of the company’s stock, valued at approximately $8,765,728.55. This represents a 0.00 % decrease in their ownership of the stock. 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 stock in a transaction dated Tuesday, August 6th. The shares were sold at an average price of $15.19, for a total value of $493,675.00. Following the completion of the transaction, the chief financial officer now directly owns 503,077 shares in the company, valued at $7,641,739.63. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 741,926 shares of company stock valued at $14,285,765 in the last ninety days. Corporate insiders own 8.50% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the company. Comerica Bank increased its holdings in shares of ACV Auctions by 5,045.7% in the first quarter. Comerica Bank now owns 63,550 shares of the company’s stock valued at $1,193,000 after purchasing an additional 62,315 shares during the period. William Blair Investment Management LLC boosted its stake in shares of ACV Auctions by 4.1% in the second quarter. William Blair Investment Management LLC now owns 5,013,642 shares of the company’s stock worth $91,499,000 after buying an additional 198,228 shares during the last quarter. TimesSquare Capital Management LLC boosted its stake in shares of ACV Auctions by 45.6% in the first quarter. TimesSquare Capital Management LLC now owns 1,765,822 shares of the company’s stock worth $33,144,000 after buying an additional 552,719 shares during the last quarter. Swedbank AB purchased a new stake in shares of ACV Auctions in the first quarter worth about $15,016,000. Finally, Essex Investment Management Co. LLC purchased a new stake in shares of ACV Auctions in the third quarter worth about $2,915,000. 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.