Bank of America Upgrades ACV Auctions (NASDAQ:ACVA) to “Buy”

ACV Auctions (NASDAQ:ACVA) was upgraded by stock analysts at Bank of America from a “neutral” rating to a “buy” rating in a report released on Wednesday, MarketBeat Ratings reports. The brokerage presently has a $20.00 price objective on the stock, down from their prior price objective of $22.00. Bank of America‘s price objective would suggest a potential upside of 42.86% from the company’s current price.

ACVA has been the topic of several other research reports. Stephens upgraded ACV Auctions to a “hold” rating in a research note on Saturday, February 1st. B. Riley boosted their target price on shares of ACV Auctions from $24.00 to $27.00 and gave the company a “buy” rating in a report on Tuesday, November 26th. Citigroup boosted their target price on shares of ACV Auctions from $22.00 to $27.00 and gave the company a “buy” rating in a report on Wednesday, November 27th. Needham & Company LLC lowered their target price on shares of ACV Auctions from $28.00 to $25.00 and set a “buy” rating on the stock in a report on Thursday, February 20th. Finally, JMP Securities reissued a “market outperform” rating and set a $25.00 target price on shares of ACV Auctions in a report on Monday, December 16th. Three analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $23.05.

ACV Auctions Price Performance

ACVA stock opened at $14.00 on Wednesday. The company has a market capitalization of $2.36 billion, a P/E ratio of -28.57 and a beta of 1.73. 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 52-week low of $12.77 and a 52-week high of $23.46. The business has a 50-day simple moving average of $19.39 and a two-hundred day simple moving average of $19.86.

ACV Auctions (NASDAQ:ACVA) last posted 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. ACV Auctions had a negative return on equity of 12.94% and a negative net margin of 12.51%. The business had revenue of $159.51 million for the quarter, compared to the consensus estimate of $156.77 million. Research analysts expect that ACV Auctions will post -0.07 EPS for the current fiscal year.

Insider Transactions at ACV Auctions

In related news, CFO William Zerella sold 15,000 shares of the company’s stock in a transaction on Tuesday, March 11th. The shares were sold at an average price of $13.53, for a total value of $202,950.00. Following the completion of the transaction, the chief financial officer now directly owns 766,266 shares in the company, valued at approximately $10,367,578.98. The trade was a 1.92 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Michael Waterman sold 30,162 shares of the company’s stock in a transaction on Tuesday, January 7th. The stock was sold at an average price of $20.53, for a total transaction of $619,225.86. Following the completion of the transaction, the insider now owns 314,738 shares of the company’s stock, valued at $6,461,571.14. This trade represents a 8.75 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 107,662 shares of company stock valued at $2,138,401. 8.50% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Blue Trust Inc. grew its position in ACV Auctions by 65.8% in the fourth quarter. Blue Trust Inc. now owns 2,352 shares of the company’s stock worth $48,000 after acquiring an additional 933 shares in the last quarter. KBC Group NV grew its position in ACV Auctions by 80.4% in the fourth quarter. KBC Group NV now owns 7,406 shares of the company’s stock worth $160,000 after acquiring an additional 3,300 shares in the last quarter. Integrated Advisors Network LLC purchased a new stake in ACV Auctions during the fourth quarter valued at about $200,000. Mackenzie Financial Corp purchased a new stake in ACV Auctions during the fourth quarter valued at about $206,000. Finally, Verdence Capital Advisors LLC purchased a new stake in ACV Auctions during the third quarter valued at about $206,000. 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.