ACV Auctions (NASDAQ:ACVA) Price Target Raised to $26.00

ACV Auctions (NASDAQ:ACVA - Get Free Report) had its price target upped by investment analysts at Needham & Company LLC from $23.00 to $26.00 in a note issued to investors on Friday,Benzinga reports. The firm currently has a "buy" rating on the stock. Needham & Company LLC's target price suggests a potential upside of 29.16% from the stock's previous close.

Several other research firms have also recently commented on ACVA. Jefferies Financial Group boosted their target price on ACV Auctions from $22.00 to $25.00 and gave the stock a "buy" rating in a research report on Tuesday, October 22nd. Barrington Research reissued an "outperform" rating and issued a $23.00 price target on shares of ACV Auctions in a research note on Monday, November 4th. Raymond James started coverage on ACV Auctions in a report on Friday, September 27th. They issued a "market perform" rating and a $22.00 price objective for the company. Piper Sandler raised their price objective on ACV Auctions from $16.00 to $18.00 and gave the company a "neutral" rating in a report on Friday. Finally, JMP Securities boosted their target price 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. Two investment analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $22.63.

ACV Auctions Price Performance

NASDAQ:ACVA traded up $0.63 during mid-day trading on Friday, hitting $20.13. 3,406,375 shares of the stock traded hands, compared to its average volume of 1,211,854. The business's 50-day moving average price is $19.06 and its 200 day moving average price is $18.31. The company has a quick ratio of 1.49, a current ratio of 1.49 and a debt-to-equity ratio of 0.24. The company has a market cap of $3.35 billion, a PE ratio of -41.94 and a beta of 1.59. ACV Auctions has a 12-month low of $12.84 and a 12-month high of $21.22.

ACV Auctions (NASDAQ:ACVA - Get Free Report) last released its quarterly earnings results on Wednesday, August 7th. The company reported ($0.07) EPS for the quarter, beating analysts' consensus estimates of ($0.09) by $0.02. The firm had revenue of $160.62 million during the quarter, compared to analyst estimates of $156.33 million. ACV Auctions had a negative net margin of 14.53% and a negative return on equity of 13.20%. On average, analysts expect that ACV Auctions will post -0.35 EPS for the current fiscal year.

Insider Buying and Selling at ACV Auctions

In related news, VP Andrew Peer sold 1,795 shares of the business's stock in a transaction dated Thursday, September 19th. The stock was sold at an average price of $21.00, for a total transaction of $37,695.00. Following the transaction, the vice president now owns 62,956 shares in the company, valued at $1,322,076. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In related news, CEO George Chamoun sold 111,363 shares of the business's stock in a transaction dated Tuesday, September 17th. The shares were sold at an average price of $20.27, for a total transaction of $2,257,328.01. Following the transaction, the chief executive officer now owns 928,166 shares in the company, valued at $18,813,924.82. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP Andrew Peer sold 1,795 shares of ACV Auctions stock in a transaction that occurred on Thursday, September 19th. The shares were sold at an average price of $21.00, for a total value of $37,695.00. Following the sale, the vice president now directly owns 62,956 shares in the company, valued at approximately $1,322,076. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 709,426 shares of company stock worth $13,792,090. 8.50% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the company. Massachusetts Financial Services Co. MA grew its stake in ACV Auctions by 47.6% in the second quarter. Massachusetts Financial Services Co. MA now owns 7,758,163 shares of the company's stock worth $141,586,000 after purchasing an additional 2,502,064 shares during the period. William Blair Investment Management LLC grew its position in shares of ACV Auctions by 4.1% in the 2nd 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 period. Jennison Associates LLC grew its position in shares of ACV Auctions by 6.8% in the 3rd quarter. Jennison Associates LLC now owns 4,247,932 shares of the company's stock worth $86,360,000 after buying an additional 271,970 shares during the period. Dimensional Fund Advisors LP increased its stake in shares of ACV Auctions by 8.4% in the 2nd quarter. Dimensional Fund Advisors LP now owns 2,103,770 shares of the company's stock worth $38,394,000 after acquiring an additional 163,380 shares in the last quarter. Finally, TimesSquare Capital Management LLC lifted its position in ACV Auctions by 2.6% during the 3rd quarter. TimesSquare Capital Management LLC now owns 1,773,206 shares of the company's stock valued at $36,049,000 after acquiring an additional 45,004 shares during the period. Institutional investors own 88.55% of the company's stock.

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.