ACV Auctions Inc. (NASDAQ:ACVA) Given Consensus Recommendation of "Moderate Buy" by Brokerages

Shares of ACV Auctions Inc. (NASDAQ:ACVA - Get Free Report) have been assigned an average rating of "Moderate Buy" from the eleven analysts that are currently covering the firm, Marketbeat.com reports. Two investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. The average twelve-month price target among brokerages that have covered the stock in the last year is $22.50.

ACVA has been the subject of several research reports. Piper Sandler upgraded shares of ACV Auctions from a "neutral" rating to an "overweight" rating and lifted their target price for the company from $18.00 to $20.00 in a report on Thursday, March 20th. Bank of America raised ACV Auctions from a "neutral" rating to a "buy" rating and cut their price objective for the stock from $22.00 to $20.00 in a research report on Wednesday, March 12th. Needham & Company LLC reissued a "buy" rating and set a $25.00 price objective on shares of ACV Auctions in a research report on Wednesday, March 12th. Stephens raised shares of ACV Auctions to a "hold" rating in a research report on Saturday, February 1st. Finally, JMP Securities cut their price target on ACV Auctions from $22.00 to $18.00 and set a "market outperform" rating on the stock in a research note on Wednesday.

ACV Auctions Price Performance

ACVA stock traded up $0.29 during mid-day trading on Tuesday, reaching $14.28. The company's stock had a trading volume of 3,085,893 shares, compared to its average volume of 1,557,103. The company has a current ratio of 1.56, a quick ratio of 1.56 and a debt-to-equity ratio of 0.28. The company's 50 day moving average is $16.27 and its two-hundred day moving average is $19.06. The stock has a market cap of $2.41 billion, a PE ratio of -29.13 and a beta of 1.74. ACV Auctions has a fifty-two week low of $11.88 and a fifty-two week high of $23.46.

ACV Auctions (NASDAQ:ACVA - Get Free Report) last posted its earnings results on Wednesday, February 19th. The company reported ($0.14) earnings per share for the quarter, beating the consensus estimate of ($0.15) by $0.01. ACV Auctions had a negative net margin of 12.51% and a negative return on equity of 12.94%. The company had revenue of $159.51 million for the quarter, compared to analyst estimates of $156.77 million. Equities research analysts expect that ACV Auctions will post -0.07 EPS for the current year.

Insider Activity

In other ACV Auctions news, CEO George Chamoun sold 348,249 shares of the stock in a transaction that occurred on Thursday, March 20th. The stock was sold at an average price of $15.34, for a total transaction of $5,342,139.66. Following the completion of the sale, the chief executive officer now directly owns 2,821,193 shares of the company's stock, valued at approximately $43,277,100.62. This trade represents a 10.99 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO William Zerella sold 15,000 shares of the company's stock in a transaction that occurred on Tuesday, March 11th. The stock was sold at an average price of $13.53, for a total value of $202,950.00. Following the sale, the chief financial officer now owns 766,266 shares of the company's stock, valued at $10,367,578.98. This trade represents a 1.92 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 378,249 shares of company stock valued at $5,849,140. 8.50% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On ACV Auctions

A number of institutional investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. raised its position in ACV Auctions by 5.5% in the fourth quarter. Vanguard Group Inc. now owns 14,245,915 shares of the company's stock worth $307,712,000 after acquiring an additional 738,391 shares in the last quarter. William Blair Investment Management LLC increased its stake in ACV Auctions by 43.2% in the 4th quarter. William Blair Investment Management LLC now owns 12,099,686 shares of the company's stock valued at $261,353,000 after purchasing an additional 3,652,871 shares in the last quarter. Alliancebernstein L.P. grew 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 purchasing an additional 284,880 shares during the last quarter. Jennison Associates LLC raised its stake in shares of ACV Auctions by 17.2% during the 4th quarter. Jennison Associates LLC now owns 4,980,354 shares of the company's stock worth $107,576,000 after buying an additional 732,422 shares during the last quarter. Finally, Geode Capital Management LLC increased its holdings in ACV Auctions by 1.7% during the 4th quarter. Geode Capital Management LLC now owns 3,575,347 shares of the company's stock valued at $77,246,000 after acquiring an additional 58,259 shares in the last quarter. Hedge funds and other 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.