Piper Sandler Forecasts Strong Price Appreciation for ACV Auctions (NASDAQ:ACVA) Stock

ACV Auctions (NASDAQ:ACVA - Get Free Report) had its price target hoisted by equities research analysts at Piper Sandler from $16.00 to $18.00 in a research note issued on Friday,Benzinga reports. The brokerage presently has a "neutral" rating on the stock. Piper Sandler's price target would suggest a potential downside of 10.27% from the company's previous close.

Several other analysts have also recently commented on the stock. Jefferies Financial Group increased their price target on shares of ACV Auctions from $22.00 to $25.00 and gave the company a "buy" rating in a research note on Tuesday, October 22nd. JMP Securities upped their price target on ACV Auctions from $21.00 to $24.00 and gave the company a "market outperform" rating in a research note on Tuesday, September 17th. Raymond James initiated coverage on ACV Auctions in a research report on Friday, September 27th. They issued a "market perform" rating and a $22.00 price objective for the company. Finally, Barrington Research reissued an "outperform" rating and set a $23.00 price target on shares of ACV Auctions in a research note on Monday. Two analysts have rated the stock with a hold rating and six have assigned a buy rating to the company's stock. According to MarketBeat.com, ACV Auctions currently has a consensus rating of "Moderate Buy" and an average price target of $22.63.

ACV Auctions Stock Performance

ACVA traded up $0.56 on Friday, hitting $20.06. 2,323,426 shares of the stock traded hands, compared to its average volume of 1,206,864. ACV Auctions has a 52 week low of $12.84 and a 52 week high of $21.22. The company has a current ratio of 1.49, a quick ratio of 1.49 and a debt-to-equity ratio of 0.24. The business has a fifty day moving average price of $19.03 and a two-hundred day moving average price of $18.29. The firm has a market capitalization of $3.34 billion, a PE ratio of -41.48 and a beta of 1.59.

ACV Auctions (NASDAQ:ACVA - Get Free Report) last announced 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. The company had revenue of $160.62 million during the quarter, compared to analyst estimates of $156.33 million. ACV Auctions had a negative return on equity of 13.20% and a negative net margin of 14.53%. On average, research analysts predict that ACV Auctions will post -0.35 EPS for the current fiscal year.

Insider Transactions at ACV Auctions

In related news, Director Brian Hirsch sold 61,666 shares of the stock in a transaction that occurred on Friday, August 23rd. The stock was sold at an average price of $18.63, for a total transaction of $1,148,837.58. Following the sale, the director now owns 9,239 shares of the company's stock, valued at $172,122.57. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In related news, Director Brian Hirsch sold 61,666 shares of the firm's stock in a transaction on Friday, August 23rd. The stock was sold at an average price of $18.63, for a total value of $1,148,837.58. Following the transaction, the director now owns 9,239 shares in the company, valued at approximately $172,122.57. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, COO Vikas Mehta sold 145,928 shares of the company's stock in a transaction dated Friday, August 23rd. The stock was sold at an average price of $18.71, for a total transaction of $2,730,312.88. Following the sale, the chief operating officer now directly owns 468,505 shares of the company's stock, valued at $8,765,728.55. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 709,426 shares of company stock valued at $13,792,090. 8.50% of the stock is currently owned by company insiders.

Institutional Trading of ACV Auctions

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Blue Trust Inc. boosted its position in shares of ACV Auctions by 165.2% during the third quarter. Blue Trust Inc. now owns 1,419 shares of the company's stock valued at $29,000 after buying an additional 884 shares during the last quarter. MCF Advisors LLC boosted 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 worth $30,000 after acquiring an additional 765 shares during the last quarter. Park Place Capital Corp raised its holdings in shares of ACV Auctions by 34.1% in the third quarter. Park Place Capital Corp now owns 2,779 shares of the company's stock valued at $56,000 after purchasing an additional 706 shares during the last quarter. 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 valued at $93,000 after purchasing an additional 782 shares in the last quarter. Finally, Verdence Capital Advisors LLC purchased a new position in ACV Auctions during the third quarter worth about $206,000. 88.55% of the stock is owned by institutional investors.

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.