ACV Auctions (NASDAQ:ACVA) Sets New 1-Year High at $21.09

ACV Auctions Inc. (NASDAQ:ACVA) hit a new 52-week high on Tuesday . The company traded as high as $21.09 and last traded at $20.96, with a volume of 378369 shares. The stock had previously closed at $20.74.

Wall Street Analyst Weigh In

ACVA has been the subject of several recent research reports. JMP Securities boosted their price objective on ACV Auctions from $21.00 to $24.00 and gave the stock a “market outperform” rating in a report on Tuesday, September 17th. JPMorgan Chase & Co. raised ACV Auctions from a “neutral” rating to an “overweight” rating and set a $21.00 price objective for the company in a research report on Monday, June 10th. Barrington Research reissued an “outperform” rating and set a $23.00 price target on shares of ACV Auctions in a research report on Friday, August 16th. Finally, Needham & Company LLC reiterated a “buy” rating and set a $23.00 price objective on shares of ACV Auctions in a research note on Monday, June 3rd. One research analyst has rated the stock with a hold rating and five have issued a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $21.50.

ACV Auctions Trading Up 0.9 %

The company has a debt-to-equity ratio of 0.24, a current ratio of 1.49 and a quick ratio of 1.49. The business’s 50-day moving average is $18.39 and its 200 day moving average is $18.14. The firm has a market capitalization of $3.45 billion, a P/E ratio of -43.77 and a beta of 1.55.

ACV Auctions (NASDAQ:ACVA) last released its earnings results on Wednesday, August 7th. The company reported ($0.07) earnings per share (EPS) for the quarter, topping the consensus estimate 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 company had revenue of $160.62 million for the quarter, compared to analyst estimates of $156.33 million. As a group, analysts anticipate that ACV Auctions Inc. will post -0.36 EPS for the current fiscal year.

Insider Transactions at ACV Auctions

In related news, 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 transaction, the vice president now directly owns 62,956 shares of the company’s stock, valued at $1,322,076. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, VP Andrew Peer sold 1,795 shares of the stock in a transaction dated Thursday, September 19th. The shares were 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 of the company’s stock, valued at $1,322,076. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, COO Vikas Mehta sold 154,324 shares of the stock in a transaction on Tuesday, September 10th. The shares were sold at an average price of $19.19, for a total value of $2,961,477.56. Following the completion of the transaction, the chief operating officer now owns 432,457 shares of the company’s stock, valued at $8,298,849.83. The disclosure for this sale can be found here. In the last 90 days, insiders sold 741,663 shares of company stock valued at $14,179,490. Company insiders own 8.50% of the company’s stock.

Institutional Investors Weigh In On ACV Auctions

Several institutional investors and hedge funds have recently made changes to their positions in ACVA. Massachusetts Financial Services Co. MA lifted its stake in shares of ACV Auctions by 47.6% in the 2nd quarter. Massachusetts Financial Services Co. MA now owns 7,758,163 shares of the company’s stock valued at $141,586,000 after purchasing an additional 2,502,064 shares during the period. Bank of New York Mellon Corp lifted its stake in ACV Auctions by 217.5% in the second quarter. Bank of New York Mellon Corp now owns 1,391,070 shares of the company’s stock valued at $25,387,000 after buying an additional 952,929 shares during the period. Swedbank AB bought a new position in shares of ACV Auctions during the 1st quarter worth approximately $15,016,000. TimesSquare Capital Management LLC grew its position in shares of ACV Auctions by 45.6% during the 1st quarter. TimesSquare Capital Management LLC now owns 1,765,822 shares of the company’s stock worth $33,144,000 after buying an additional 552,719 shares during the period. Finally, Allspring Global Investments Holdings LLC bought a new stake in shares of ACV Auctions in the 2nd quarter valued at $8,567,000. Institutional investors and hedge funds 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.