ACV Auctions (NASDAQ:ACVA) Shares Gap Up Following Analyst Upgrade

ACV Auctions Inc. (NASDAQ:ACVA - Get Free Report) shares gapped up prior to trading on Friday after Needham & Company LLC raised their price target on the stock from $23.00 to $26.00. The stock had previously closed at $19.50, but opened at $20.45. Needham & Company LLC currently has a buy rating on the stock. ACV Auctions shares last traded at $20.78, with a volume of 47,596 shares traded.

Other research analysts have also issued reports about the stock. Barrington Research reaffirmed an "outperform" rating and issued a $23.00 price objective on shares of ACV Auctions in a research note on Monday. Raymond James began coverage on shares of ACV Auctions in a report on Friday, September 27th. They issued a "market perform" rating and a $22.00 target price on the stock. Jefferies Financial Group lifted their price target on ACV Auctions from $22.00 to $25.00 and gave the company a "buy" rating in a research note on Tuesday, October 22nd. Piper Sandler increased their price objective on ACV Auctions from $16.00 to $18.00 and gave the stock a "neutral" rating in a research note on Friday. Finally, JMP Securities raised their target price on ACV Auctions from $21.00 to $24.00 and gave the company a "market outperform" rating in a report on Tuesday, September 17th. Two equities research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat.com, ACV Auctions currently has a consensus rating of "Moderate Buy" and a consensus price target of $22.63.

Insider Activity at ACV Auctions

In other ACV Auctions news, VP Andrew Peer sold 1,795 shares of the company's stock in a transaction on Thursday, September 19th. The stock was sold at an average price of $21.00, for a total value of $37,695.00. Following the completion of the transaction, the vice president now owns 62,956 shares in the company, valued at $1,322,076. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In related news, insider Michael Waterman sold 18,001 shares of the company's stock in a transaction that occurred on Tuesday, October 15th. The stock was sold at an average price of $18.79, for a total value of $338,238.79. Following the transaction, the insider now owns 337,190 shares in the company, valued at approximately $6,335,800.10. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, VP Andrew Peer sold 1,795 shares of the company's stock in a transaction 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 transaction, the vice president now directly owns 62,956 shares in the company, valued at $1,322,076. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 709,426 shares of company stock valued at $13,792,090. 8.50% of the stock is owned by insiders.

Institutional Investors Weigh In On ACV Auctions

Several institutional investors have recently added to or reduced their stakes in ACVA. Blue Trust Inc. raised its position in shares of ACV Auctions by 165.2% in the third quarter. Blue Trust Inc. now owns 1,419 shares of the company's stock valued at $29,000 after purchasing an additional 884 shares during the period. MCF Advisors LLC raised its holdings in ACV Auctions by 107.0% during the 3rd quarter. MCF Advisors LLC now owns 1,480 shares of the company's stock valued at $30,000 after acquiring an additional 765 shares during the period. Park Place Capital Corp raised its holdings in ACV Auctions by 34.1% during the 3rd quarter. Park Place Capital Corp now owns 2,779 shares of the company's stock valued at $56,000 after acquiring an additional 706 shares during the period. Amalgamated Bank lifted its position in shares of ACV Auctions by 18.0% during the second quarter. Amalgamated Bank now owns 5,120 shares of the company's stock worth $93,000 after acquiring an additional 782 shares in the last quarter. Finally, Verdence Capital Advisors LLC bought a new position in shares of ACV Auctions in the third quarter worth $206,000. 88.55% of the stock is owned by hedge funds and other institutional investors.

ACV Auctions Stock Performance

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 capitalization of $3.35 billion, a PE ratio of -41.48 and a beta of 1.59. The company has a 50-day moving average price of $19.03 and a two-hundred day moving average price of $18.29.

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