ACV Auctions (NASDAQ:ACVA) Stock Rating Upgraded by Piper Sandler

ACV Auctions (NASDAQ:ACVA - Get Free Report) was upgraded by equities research analysts at Piper Sandler from a "neutral" rating to an "overweight" rating in a note issued to investors on Thursday, MarketBeat.com reports. The brokerage presently has a $20.00 target price on the stock, up from their prior target price of $18.00. Piper Sandler's target price indicates a potential upside of 24.73% from the company's current price.

A number of other brokerages also recently weighed in on ACVA. Citigroup boosted their price target on shares of ACV Auctions from $22.00 to $27.00 and gave the stock a "buy" rating in a report on Wednesday, November 27th. Bank of America upgraded shares of ACV Auctions from a "neutral" rating to a "buy" rating and dropped their target price for the company from $22.00 to $20.00 in a research note on Wednesday, March 12th. Stephens upgraded shares of ACV Auctions to a "hold" rating in a research note on Saturday, February 1st. Needham & Company LLC reiterated a "buy" rating and issued a $25.00 price objective on shares of ACV Auctions in a research note on Wednesday, March 12th. Finally, JMP Securities reissued a "market outperform" rating and issued a $25.00 target price on shares of ACV Auctions in a research report on Monday, December 16th. Two research analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $23.23.

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ACV Auctions Stock Up 4.7 %

ACV Auctions stock traded up $0.72 during midday trading on Thursday, hitting $16.03. 1,890,401 shares of the stock were exchanged, compared to its average volume of 1,393,683. The company has a quick ratio of 1.56, a current ratio of 1.56 and a debt-to-equity ratio of 0.28. The stock has a market capitalization of $2.71 billion, a price-to-earnings ratio of -32.72 and a beta of 1.73. ACV Auctions has a 52-week low of $12.77 and a 52-week high of $23.46. The business's 50-day moving average price is $18.56 and its 200-day moving average price is $19.70.

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

Insider Transactions at ACV Auctions

In other news, CFO William Zerella sold 15,000 shares of the company's stock in a transaction dated Tuesday, March 11th. The stock was sold at an average price of $13.53, for a total transaction of $202,950.00. Following the sale, the chief financial officer now directly owns 766,266 shares in the company, valued at $10,367,578.98. This represents a 1.92 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CEO George Chamoun sold 348,249 shares of the stock in a transaction dated 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 in the company, valued at approximately $43,277,100.62. The trade was a 10.99 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 455,911 shares of company stock valued at $7,480,541 over the last three months. Company insiders own 8.50% of the company's stock.

Hedge Funds Weigh In On ACV Auctions

Several hedge funds have recently bought and sold shares of ACVA. Wellington Management Group LLP boosted its holdings in ACV Auctions by 61.3% in the 4th quarter. Wellington Management Group LLP now owns 1,708,551 shares of the company's stock valued at $36,905,000 after purchasing an additional 649,039 shares during the period. California State Teachers Retirement System raised its position in shares of ACV Auctions by 1.4% in the fourth quarter. California State Teachers Retirement System now owns 141,873 shares of the company's stock worth $3,064,000 after buying an additional 1,906 shares in the last quarter. Universal Beteiligungs und Servicegesellschaft mbH bought a new stake in ACV Auctions during the fourth quarter valued at $4,026,000. Integrated Advisors Network LLC purchased a new position in ACV Auctions during the fourth quarter worth about $200,000. Finally, Mackenzie Financial Corp bought a new position in ACV Auctions in the 4th quarter worth about $206,000. 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.