ACV Auctions (NASDAQ:ACVA) Earns Buy Rating from Needham & Company LLC

ACV Auctions (NASDAQ:ACVA)‘s stock had its “buy” rating reaffirmed by research analysts at Needham & Company LLC in a research note issued on Wednesday,Benzinga reports. They presently have a $25.00 price objective on the stock. Needham & Company LLC’s price objective suggests a potential upside of 78.57% from the company’s current price.

Other analysts have also issued research reports about the stock. Citigroup raised their price target 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. Stephens upgraded shares of ACV Auctions to a “hold” rating in a research report on Saturday, February 1st. JMP Securities restated a “market outperform” rating and set a $25.00 price target on shares of ACV Auctions in a research report on Monday, December 16th. B. Riley lifted their target price on shares of ACV Auctions from $24.00 to $27.00 and gave the stock a “buy” rating in a research note on Tuesday, November 26th. Finally, Bank of America raised shares of ACV Auctions from a “neutral” rating to a “buy” rating and reduced their target price for the stock from $22.00 to $20.00 in a research note on Wednesday. Three investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $23.05.

ACV Auctions Trading Down 2.0 %

NASDAQ ACVA opened at $14.00 on Wednesday. The company has a current ratio of 1.56, a quick ratio of 1.56 and a debt-to-equity ratio of 0.28. The company has a fifty day simple moving average of $19.39 and a two-hundred day simple moving average of $19.86. ACV Auctions has a 12-month low of $12.77 and a 12-month high of $23.46. The stock has a market cap of $2.36 billion, a P/E ratio of -28.57 and a beta of 1.73.

ACV Auctions (NASDAQ:ACVA) last issued its earnings results on Wednesday, February 19th. The company reported ($0.14) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.15) by $0.01. ACV Auctions had a negative net margin of 12.51% and a negative return on equity of 12.94%. The firm had revenue of $159.51 million during the quarter, compared to analysts’ expectations of $156.77 million. On average, analysts forecast that ACV Auctions will post -0.07 earnings per share for the current year.

Insider Activity at ACV Auctions

In related news, CFO William Zerella sold 15,000 shares of ACV Auctions stock in a transaction that occurred on Tuesday, January 7th. The shares were sold at an average price of $20.57, for a total value of $308,550.00. Following the completion of the transaction, the chief financial officer now owns 462,452 shares in the company, valued at approximately $9,512,637.64. The trade was a 3.14 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Michael Waterman sold 30,162 shares of the business’s stock in a transaction that occurred 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 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. Over the last quarter, insiders sold 107,662 shares of company stock worth $2,138,401. Corporate insiders own 8.50% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Moody National Bank Trust Division grew its holdings in ACV Auctions by 64.6% during the 4th quarter. Moody National Bank Trust Division now owns 79,199 shares of the company’s stock worth $1,711,000 after acquiring an additional 31,094 shares in the last quarter. Quadrature Capital Ltd acquired a new position in ACV Auctions during the 3rd quarter worth approximately $566,000. TimesSquare Capital Management LLC grew its holdings in ACV Auctions by 6.7% during the 4th quarter. TimesSquare Capital Management LLC now owns 1,891,627 shares of the company’s stock worth $40,859,000 after acquiring an additional 118,421 shares in the last quarter. JPMorgan Chase & Co. boosted its holdings in shares of ACV Auctions by 10.9% in the 3rd quarter. JPMorgan Chase & Co. now owns 3,167,615 shares of the company’s stock valued at $64,398,000 after buying an additional 311,465 shares in the last quarter. Finally, Quantbot Technologies LP acquired a new position in shares of ACV Auctions in the 3rd quarter valued at $2,035,000. Institutional investors and hedge funds own 88.55% of the company’s stock.

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.