Needham & Company LLC Issues Positive Forecast for ACV Auctions (NASDAQ:ACVA) Stock Price

ACV Auctions (NASDAQ:ACVA) had its target price boosted by investment analysts at Needham & Company LLC from $23.00 to $26.00 in a research report issued on Friday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. Needham & Company LLC’s price objective suggests a potential upside of 31.85% from the company’s current price.

A number of other research firms have also weighed in on ACVA. Jefferies Financial Group boosted their target price on shares of ACV Auctions from $22.00 to $25.00 and gave the stock a “buy” rating in a report on Tuesday, October 22nd. JMP Securities boosted their price objective 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. Piper Sandler increased their price objective on ACV Auctions from $16.00 to $18.00 and gave the company a “neutral” rating in a report on Friday. Raymond James started coverage on ACV Auctions in a report on Friday, September 27th. They set a “market perform” rating and a $22.00 target price on the stock. Finally, Barrington Research reissued an “outperform” rating and issued a $23.00 price target on shares of ACV Auctions in a research note on Monday. Two research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $22.63.

ACV Auctions Price Performance

ACVA traded up $0.22 on Friday, reaching $19.72. The stock had a trading volume of 1,534,352 shares, compared to its average volume of 1,203,227. The company has a current ratio of 1.49, a quick ratio of 1.49 and a debt-to-equity ratio of 0.24. The company has a market capitalization of $3.29 billion, a price-to-earnings ratio of -41.23 and a beta of 1.59. ACV Auctions has a fifty-two week low of $12.84 and a fifty-two week high of $21.22. The firm has a 50-day moving average of $19.03 and a 200-day moving average of $18.29.

ACV Auctions (NASDAQ:ACVA) last released its quarterly 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 company had revenue of $160.62 million for 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%. As a group, sell-side analysts anticipate that ACV Auctions will post -0.35 EPS for the current year.

Insider Activity

In related news, CEO George Chamoun sold 111,363 shares of the firm’s stock in a transaction that occurred on Tuesday, September 17th. The stock was sold at an average price of $20.27, for a total transaction of $2,257,328.01. Following the completion of the sale, the chief executive officer now owns 928,166 shares of the company’s stock, valued at $18,813,924.82. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In related news, CFO William Zerella sold 76,856 shares of the company’s stock in a transaction that occurred on Tuesday, September 17th. The stock was sold at an average price of $20.26, for a total transaction of $1,557,102.56. Following the transaction, the chief financial officer now directly owns 503,077 shares of the company’s stock, valued at approximately $10,192,340.02. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO George Chamoun sold 111,363 shares of the company’s stock in a transaction on Tuesday, September 17th. The stock was sold at an average price of $20.27, for a total value of $2,257,328.01. Following the sale, the chief executive officer now owns 928,166 shares of the company’s stock, valued at $18,813,924.82. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 709,426 shares of company stock valued at $13,792,090 in the last ninety days. 8.50% of the stock is owned by company insiders.

Hedge Funds Weigh In On ACV Auctions

Hedge funds have recently bought and sold shares of the company. Comerica Bank boosted its holdings in ACV Auctions by 5,045.7% during the first quarter. Comerica Bank now owns 63,550 shares of the company’s stock worth $1,193,000 after purchasing an additional 62,315 shares during the last quarter. William Blair Investment Management LLC grew its holdings 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 valued at $91,499,000 after acquiring an additional 198,228 shares in the last quarter. Swedbank AB purchased a new stake in shares of ACV Auctions during the first quarter valued at approximately $15,016,000. Essex Investment Management Co. LLC bought a new stake in ACV Auctions during the third quarter worth $2,915,000. Finally, Harbor Capital Advisors Inc. boosted its position in ACV Auctions by 383.7% in the third quarter. Harbor Capital Advisors Inc. now owns 153,050 shares of the company’s stock worth $3,112,000 after purchasing an additional 121,411 shares during the last quarter. 88.55% of the stock is owned by hedge funds and other institutional investors.

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.