ACV Auctions (NASDAQ:ACVA) Stock Price Expected to Rise, Needham & Company LLC Analyst Says

ACV Auctions (NASDAQ:ACVA) had its target price boosted by research analysts at Needham & Company LLC from $23.00 to $26.00 in a note issued to investors on Friday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. Needham & Company LLC’s price target indicates a potential upside of 29.16% from the company’s current price.

A number of other brokerages have also recently issued reports on ACVA. Piper Sandler lifted their price objective on shares of ACV Auctions from $16.00 to $18.00 and gave the company a “neutral” rating in a report on Friday. Raymond James started coverage on ACV Auctions in a research note on Friday, September 27th. They issued a “market perform” rating and a $22.00 target price on the stock. Jefferies Financial Group upped their price target on shares of ACV Auctions from $22.00 to $25.00 and gave the company a “buy” rating in a report on Tuesday, October 22nd. 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 research note on Tuesday, September 17th. Finally, Barrington Research restated an “outperform” rating and issued a $23.00 price objective on shares of ACV Auctions in a report on Monday, November 4th. Two investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $22.63.

ACV Auctions Stock Performance

Shares of ACVA stock opened at $20.13 on Friday. The company has a debt-to-equity ratio of 0.24, a quick ratio of 1.49 and a current ratio of 1.49. The company has a market capitalization of $3.35 billion, a P/E ratio of -41.94 and a beta of 1.59. The company’s 50 day moving average price is $19.06 and its two-hundred day moving average price is $18.31. ACV Auctions has a 52 week low of $12.84 and a 52 week high of $21.22.

ACV Auctions (NASDAQ:ACVA) last posted its earnings results on Wednesday, August 7th. The company reported ($0.07) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.09) by $0.02. The company had revenue of $160.62 million during the quarter, compared to analysts’ expectations of $156.33 million. ACV Auctions had a negative net margin of 14.53% and a negative return on equity of 13.20%. On average, analysts expect that ACV Auctions will post -0.35 earnings per share for the current fiscal year.

Insider Activity

In other news, VP Andrew Peer sold 1,795 shares of the stock in a transaction dated 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 sale, the vice president now owns 62,956 shares in the company, valued at approximately $1,322,076. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, VP Andrew Peer sold 1,795 shares of the firm’s stock in a transaction on Thursday, September 19th. The shares were sold at an average price of $21.00, for a total transaction of $37,695.00. Following the completion of the sale, the vice president now directly owns 62,956 shares of the company’s stock, valued at approximately $1,322,076. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Brian Hirsch sold 61,666 shares of the business’s stock in a transaction 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 completion of the transaction, the director now owns 9,239 shares in the company, valued at $172,122.57. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 709,426 shares of company stock valued at $13,792,090 in the last ninety days. Company insiders own 8.50% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the stock. Massachusetts Financial Services Co. MA grew its position 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 worth $141,586,000 after acquiring an additional 2,502,064 shares in the last quarter. William Blair Investment Management LLC lifted its stake in ACV Auctions by 4.1% during the second quarter. William Blair Investment Management LLC now owns 5,013,642 shares of the company’s stock worth $91,499,000 after purchasing an additional 198,228 shares during the last quarter. Jennison Associates LLC boosted its holdings in ACV Auctions by 6.8% in the third quarter. Jennison Associates LLC now owns 4,247,932 shares of the company’s stock worth $86,360,000 after purchasing an additional 271,970 shares during the period. Dimensional Fund Advisors LP increased its stake in ACV Auctions by 8.4% during the second quarter. Dimensional Fund Advisors LP now owns 2,103,770 shares of the company’s stock valued at $38,394,000 after purchasing an additional 163,380 shares during the last quarter. Finally, TimesSquare Capital Management LLC raised its holdings in shares of ACV Auctions by 2.6% during the third quarter. TimesSquare Capital Management LLC now owns 1,773,206 shares of the company’s stock worth $36,049,000 after purchasing an additional 45,004 shares during the period. 88.55% of the stock is currently owned by 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.