JPMorgan Chase & Co. Issues Pessimistic Forecast for ACV Auctions (NASDAQ:ACVA) Stock Price

ACV Auctions (NASDAQ:ACVA) had its target price lowered by JPMorgan Chase & Co. from $24.00 to $20.00 in a research note issued on Thursday,Benzinga reports. The brokerage currently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s price target suggests a potential upside of 41.70% from the company’s current price.

Several other equities analysts have also issued reports on the stock. Stephens raised shares of ACV Auctions to a “hold” rating in a research report on Saturday, February 1st. Piper Sandler raised ACV Auctions from a “neutral” rating to an “overweight” rating and raised their target price for the stock from $18.00 to $20.00 in a research note on Thursday, March 20th. Needham & Company LLC reissued a “buy” rating and issued a $25.00 price target on shares of ACV Auctions in a research note on Wednesday, March 12th. JMP Securities reaffirmed a “market outperform” rating and set a $25.00 price objective on shares of ACV Auctions in a research report on Monday, December 16th. Finally, 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 research report on Wednesday, November 27th. Two equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $23.14.

ACV Auctions Stock Performance

Shares of ACV Auctions stock opened at $14.11 on Thursday. The stock has a market cap of $2.38 billion, a price-to-earnings ratio of -28.80 and a beta of 1.73. The company has a quick ratio of 1.56, a current ratio of 1.56 and a debt-to-equity ratio of 0.28. ACV Auctions has a twelve month low of $12.77 and a twelve month high of $23.46. The company’s fifty day moving average is $18.06 and its 200 day moving average is $19.59.

ACV Auctions (NASDAQ:ACVA) last issued its quarterly earnings data on Wednesday, February 19th. The company reported ($0.14) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 company had revenue of $159.51 million during the quarter, compared to the consensus estimate of $156.77 million. Sell-side analysts forecast that ACV Auctions will post -0.07 EPS for the current year.

Insider Activity

In related news, CFO William Zerella sold 32,500 shares of ACV Auctions stock in a transaction on Monday, December 30th. The stock was sold at an average price of $21.65, for a total transaction of $703,625.00. Following the sale, the chief financial officer now directly owns 490,482 shares in the company, valued at approximately $10,618,935.30. This trade represents a 6.21 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Michael Waterman sold 30,162 shares of the company’s stock in a transaction on Tuesday, January 7th. The shares were sold at an average price of $20.53, for a total value 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 position. The disclosure for this sale can be found here. Insiders sold a total of 455,911 shares of company stock worth $7,480,541 over the last quarter. Insiders own 8.50% of the company’s stock.

Institutional Trading of ACV Auctions

Several hedge funds have recently added to or reduced their stakes in ACVA. Blue Trust Inc. increased its stake in shares of ACV Auctions by 65.8% during the 4th quarter. Blue Trust Inc. now owns 2,352 shares of the company’s stock worth $48,000 after purchasing an additional 933 shares during the last quarter. KBC Group NV increased 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 buying an additional 3,300 shares during the last quarter. Integrated Advisors Network LLC bought a new stake in shares of ACV Auctions in the fourth quarter valued at $200,000. Mackenzie Financial Corp purchased a new position in shares of ACV Auctions during the 4th quarter valued at $206,000. Finally, Icon Wealth Advisors LLC grew its stake in shares of ACV Auctions by 13.5% during the 3rd quarter. Icon Wealth Advisors LLC now owns 11,048 shares of the company’s stock worth $225,000 after acquiring an additional 1,317 shares during the period. Institutional investors 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.