ACV Auctions (NASDAQ:ACVA) Raised to “Overweight” at Piper Sandler

ACV Auctions (NASDAQ:ACVA) was upgraded by Piper Sandler from a “neutral” rating to an “overweight” rating in a research report issued on Thursday, MarketBeat Ratings reports. The brokerage currently has a $20.00 price objective on the stock, up from their previous price objective of $18.00. Piper Sandler’s price target would indicate a potential upside of 30.63% from the company’s previous close.

A number of other research firms also recently commented on ACVA. B. Riley increased their price objective 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. Bank of America upgraded shares of ACV Auctions from a “neutral” rating to a “buy” rating and cut their price objective for the company from $22.00 to $20.00 in a report on Wednesday, March 12th. Citigroup increased their price objective 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. JMP Securities reiterated a “market outperform” rating and issued a $25.00 price objective on shares of ACV Auctions in a report on Monday, December 16th. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $25.00 price objective on shares of ACV Auctions in a report on Wednesday, March 12th. Two equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. Based on data from MarketBeat, ACV Auctions currently has an average rating of “Moderate Buy” and a consensus price target of $23.23.

ACV Auctions Stock Down 2.4 %

ACVA opened at $15.31 on Thursday. ACV Auctions has a twelve month low of $12.77 and a twelve month high of $23.46. The company has a quick ratio of 1.56, a current ratio of 1.56 and a debt-to-equity ratio of 0.28. The company has a 50-day moving average price of $18.65 and a 200 day moving average price of $19.70. The company has a market cap of $2.58 billion, a PE ratio of -31.24 and a beta of 1.73.

ACV Auctions (NASDAQ:ACVA) last released its quarterly earnings results on Wednesday, February 19th. The company reported ($0.14) earnings per share 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 the consensus estimate of $156.77 million. Sell-side analysts expect that ACV Auctions will post -0.07 earnings per share for the current fiscal year.

Insider Buying and Selling at ACV Auctions

In other ACV Auctions news, CEO George Chamoun sold 348,249 shares of the firm’s stock in a transaction that occurred on Thursday, March 20th. The shares were sold at an average price of $15.34, for a total value of $5,342,139.66. Following the completion of the transaction, the chief executive officer now owns 2,821,193 shares of the company’s stock, valued at $43,277,100.62. This trade represents a 10.99 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CFO William Zerella sold 32,500 shares of the firm’s stock in a transaction that occurred on Monday, December 30th. The shares were sold at an average price of $21.65, for a total transaction of $703,625.00. Following the completion of the transaction, the chief financial officer now directly owns 490,482 shares of the company’s stock, valued at $10,618,935.30. This represents a 6.21 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 455,911 shares of company stock valued at $7,480,541 in the last 90 days. Company insiders own 8.50% of the company’s stock.

Institutional Investors Weigh In On ACV Auctions

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Blue Trust Inc. raised its holdings in shares of ACV Auctions by 65.8% in the 4th quarter. Blue Trust Inc. now owns 2,352 shares of the company’s stock valued at $48,000 after purchasing an additional 933 shares in the last quarter. Icon Wealth Advisors LLC raised its holdings in shares of ACV Auctions by 13.5% in the 3rd quarter. Icon Wealth Advisors LLC now owns 11,048 shares of the company’s stock valued at $225,000 after purchasing an additional 1,317 shares in the last quarter. Arizona State Retirement System raised its stake in ACV Auctions by 3.6% during the 4th quarter. Arizona State Retirement System now owns 44,126 shares of the company’s stock worth $953,000 after acquiring an additional 1,520 shares in the last quarter. California State Teachers Retirement System raised its stake in ACV Auctions by 1.4% during the 4th quarter. California State Teachers Retirement System now owns 141,873 shares of the company’s stock worth $3,064,000 after acquiring an additional 1,906 shares in the last quarter. Finally, Franklin Resources Inc. raised its stake in ACV Auctions by 5.3% during the 3rd quarter. Franklin Resources Inc. now owns 40,935 shares of the company’s stock worth $768,000 after acquiring an additional 2,057 shares in the last quarter. 88.55% of the stock is currently owned by institutional investors and hedge funds.

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.