ACV Auctions (NASDAQ:ACVA) Given New $18.00 Price Target at JMP Securities

ACV Auctions (NASDAQ:ACVA - Free Report) had its price objective lowered by JMP Securities from $22.00 to $18.00 in a research report released on Wednesday morning,Benzinga reports. The brokerage currently has a market outperform rating on the stock.

A number of other equities analysts have also weighed in on ACVA. Piper Sandler raised ACV Auctions from a "neutral" rating to an "overweight" rating and boosted their price objective for the stock from $18.00 to $20.00 in a research note on Thursday, March 20th. JPMorgan Chase & Co. lowered their price objective on shares of ACV Auctions from $24.00 to $20.00 and set an "overweight" rating for the company in a research report on Thursday, March 27th. Stephens upgraded ACV Auctions to a "hold" rating in a research report on Saturday, February 1st. Needham & Company LLC reissued a "buy" rating and issued a $25.00 price objective on shares of ACV Auctions in a research note on Wednesday, March 12th. Finally, Bank of America upgraded ACV Auctions from a "neutral" rating to a "buy" rating and reduced their price objective for the company from $22.00 to $20.00 in a research note on Wednesday, March 12th. Two equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. According to MarketBeat, ACV Auctions has an average rating of "Moderate Buy" and a consensus price target of $22.50.

ACV Auctions Stock Performance

NASDAQ ACVA traded down $0.14 on Wednesday, reaching $14.13. 1,086,677 shares of the company's stock traded hands, compared to its average volume of 1,558,184. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.56 and a current ratio of 1.56. ACV Auctions has a fifty-two week low of $11.88 and a fifty-two week high of $23.46. The stock has a 50 day moving average price of $16.27 and a 200-day moving average price of $19.05. The firm has a market cap of $2.38 billion, a price-to-earnings ratio of -28.84 and a beta of 1.74.

ACV Auctions (NASDAQ:ACVA - Get Free Report) last issued its quarterly earnings data on Wednesday, February 19th. The company reported ($0.14) EPS for the quarter, beating the consensus estimate of ($0.15) by $0.01. The company had revenue of $159.51 million for 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%. Equities research analysts predict that ACV Auctions will post -0.07 EPS for the current fiscal year.

Insider Buying and Selling

In other ACV Auctions news, CEO George Chamoun sold 348,249 shares of the firm's stock in a transaction on Thursday, March 20th. The shares were sold at an average price of $15.34, for a total transaction of $5,342,139.66. Following the transaction, 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 sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CFO William Zerella sold 15,000 shares of the 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 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. Insiders have sold 378,249 shares of company stock worth $5,849,140 in the last quarter. 8.50% of the stock is owned by insiders.

Hedge Funds Weigh In On ACV Auctions

A number of hedge funds and other institutional investors have recently bought and sold shares of ACVA. William Blair Investment Management LLC boosted its holdings 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. Driehaus Capital Management LLC increased its holdings in ACV Auctions by 128.5% in the fourth quarter. Driehaus Capital Management LLC now owns 2,837,165 shares of the company's stock valued at $61,283,000 after buying an additional 1,595,657 shares in the last quarter. Wellington Management Group LLP purchased a new position in ACV Auctions in the 3rd quarter valued at approximately $21,540,000. Franklin Resources Inc. boosted its position in ACV Auctions by 2,346.2% during the fourth quarter. Franklin Resources Inc. now owns 1,001,365 shares of the company's stock worth $21,629,000 after purchasing an additional 960,430 shares in the last quarter. Finally, Frontier Capital Management Co. LLC grew its holdings in ACV Auctions by 59.7% in the fourth quarter. Frontier Capital Management Co. LLC now owns 2,061,028 shares of the company's stock valued at $44,518,000 after purchasing an additional 770,828 shares during the last quarter. 88.55% of the stock is currently owned by hedge funds and other institutional investors.

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.