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

ACV Auctions (NASDAQ:ACVA) had its price objective boosted by research analysts at Piper Sandler from $16.00 to $18.00 in a report released on Friday,Benzinga reports. The brokerage currently has a “neutral” rating on the stock. Piper Sandler’s price objective would indicate a potential downside of 10.58% from the stock’s previous close.

Several other equities research analysts have also issued reports on ACVA. Raymond James began coverage on shares of ACV Auctions in a research report on Friday, September 27th. They set a “market perform” rating and a $22.00 target price for the company. Jefferies Financial Group raised their price objective on ACV Auctions from $22.00 to $25.00 and gave the company a “buy” rating in a report on Tuesday, October 22nd. Barrington Research reissued an “outperform” rating and set a $23.00 price target on shares of ACV Auctions in a research note on Monday, November 4th. Finally, JMP Securities increased their target price on shares of ACV Auctions from $21.00 to $24.00 and gave the company a “market outperform” rating in a report on Tuesday, September 17th. Two equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $22.63.

ACV Auctions Stock Up 3.2 %

ACVA opened at $20.13 on Friday. The company has a 50 day moving average of $19.06 and a 200 day moving average of $18.31. The company has a current ratio of 1.49, a quick ratio of 1.49 and a debt-to-equity ratio of 0.24. ACV Auctions has a 12 month low of $12.84 and a 12 month high of $21.22. The company has a market cap of $3.35 billion, a PE ratio of -41.94 and a beta of 1.59.

ACV Auctions (NASDAQ:ACVA) last released its quarterly earnings data on Wednesday, August 7th. The company reported ($0.07) EPS 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 net margin of 14.53% and a negative return on equity of 13.20%. On average, sell-side analysts expect that ACV Auctions will post -0.35 EPS for the current year.

Insider Buying and Selling at ACV Auctions

In other news, CEO George Chamoun sold 111,363 shares of the firm’s stock in a transaction dated Tuesday, September 17th. The shares were sold at an average price of $20.27, for a total value of $2,257,328.01. Following the completion of the sale, the chief executive officer now directly owns 928,166 shares of the company’s stock, valued at approximately $18,813,924.82. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In related news, CFO William Zerella sold 32,500 shares of the company’s stock in a transaction on Tuesday, October 15th. The stock was sold at an average price of $18.79, for a total value of $610,675.00. Following the sale, the chief financial officer now directly owns 490,482 shares of the company’s stock, valued at $9,216,156.78. This 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 available at this link. Also, CEO George Chamoun sold 111,363 shares of the stock in a transaction on Tuesday, September 17th. The stock was sold at an average price of $20.27, for a total value of $2,257,328.01. Following the completion of the transaction, the chief executive officer now owns 928,166 shares of the company’s stock, valued at approximately $18,813,924.82. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In 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

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Blue Trust Inc. lifted its position in ACV Auctions by 165.2% during the 3rd quarter. Blue Trust Inc. now owns 1,419 shares of the company’s stock valued at $29,000 after acquiring an additional 884 shares during the period. MCF Advisors LLC increased its stake in shares of ACV Auctions by 107.0% during the third quarter. MCF Advisors LLC now owns 1,480 shares of the company’s stock valued at $30,000 after purchasing an additional 765 shares in the last quarter. Park Place Capital Corp increased its position in ACV Auctions by 34.1% during the 3rd quarter. Park Place Capital Corp now owns 2,779 shares of the company’s stock valued at $56,000 after buying an additional 706 shares in the last quarter. Amalgamated Bank raised its stake in 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 buying an additional 782 shares during the last quarter. Finally, Verdence Capital Advisors LLC bought a new stake in ACV Auctions in the third quarter worth $206,000. 88.55% of the stock is owned by hedge funds and other 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.