ACV Auctions Inc. (NASDAQ:ACVA) Receives Average Recommendation of “Moderate Buy” from Analysts

Shares of ACV Auctions Inc. (NASDAQ:ACVA) have received an average rating of “Moderate Buy” from the eleven ratings firms that are currently covering the stock, Marketbeat Ratings reports. Two research analysts have rated the stock with a hold recommendation and nine have given a buy recommendation to the company. The average twelve-month price objective among brokers that have covered the stock in the last year is $20.21.

A number of equities research analysts have recently issued reports on the stock. Needham & Company LLC reaffirmed a “buy” rating and issued a $23.00 price objective on shares of ACV Auctions in a research note on Thursday, February 22nd. JMP Securities cut their price objective on shares of ACV Auctions from $20.00 to $19.00 and set a “market outperform” rating for the company in a research note on Tuesday, January 16th. Finally, Northcoast Research raised shares of ACV Auctions from a “neutral” rating to a “buy” rating and set a $22.00 price objective for the company in a research note on Wednesday, January 10th.

Insiders Place Their Bets

In other ACV Auctions news, CEO George Chamoun sold 124,999 shares of the company’s stock in a transaction on Tuesday, March 19th. The shares were sold at an average price of $18.42, for a total value of $2,302,481.58. Following the completion of the transaction, the chief executive officer now directly owns 597,921 shares in the company, valued at approximately $11,013,704.82. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, insider Michael Waterman sold 4,919 shares of the company’s stock in a transaction dated Tuesday, January 9th. The shares were sold at an average price of $13.54, for a total value of $66,603.26. Following the sale, the insider now directly owns 219,963 shares of the company’s stock, valued at approximately $2,978,299.02. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO George Chamoun sold 124,999 shares of the company’s stock in a transaction dated Tuesday, March 19th. The stock was sold at an average price of $18.42, for a total transaction of $2,302,481.58. Following the completion of the sale, the chief executive officer now directly owns 597,921 shares in the company, valued at $11,013,704.82. The disclosure for this sale can be found here. In the last ninety days, insiders sold 1,538,021 shares of company stock worth $27,115,391. 13.67% of the stock is currently owned by corporate insiders.

Institutional Trading of ACV Auctions

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Congress Asset Management Co. MA grew its position in shares of ACV Auctions by 7.3% in the 4th quarter. Congress Asset Management Co. MA now owns 396,356 shares of the company’s stock worth $6,005,000 after buying an additional 26,915 shares during the period. Price T Rowe Associates Inc. MD grew its position in ACV Auctions by 4.9% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 72,926 shares of the company’s stock valued at $1,105,000 after purchasing an additional 3,427 shares during the last quarter. GSA Capital Partners LLP purchased a new stake in ACV Auctions during the 4th quarter valued at about $479,000. Legal & General Group Plc grew its position in ACV Auctions by 7.9% during the 4th quarter. Legal & General Group Plc now owns 130,640 shares of the company’s stock valued at $1,979,000 after purchasing an additional 9,617 shares during the last quarter. Finally, Barclays PLC grew its position in ACV Auctions by 338.8% during the 4th quarter. Barclays PLC now owns 201,804 shares of the company’s stock valued at $3,057,000 after purchasing an additional 155,817 shares during the last quarter. 88.55% of the stock is owned by hedge funds and other institutional investors.

ACV Auctions Stock Performance

Shares of ACVA stock opened at $18.77 on Friday. The firm’s 50-day simple moving average is $16.04 and its two-hundred day simple moving average is $15.15. ACV Auctions has a 52 week low of $11.58 and a 52 week high of $19.54. The company has a debt-to-equity ratio of 0.25, a quick ratio of 2.12 and a current ratio of 2.12. The firm has a market cap of $3.08 billion, a price-to-earnings ratio of -40.80 and a beta of 1.56.

ACV Auctions (NASDAQ:ACVA) last posted its quarterly earnings results on Wednesday, February 21st. The company reported ($0.12) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.13) by $0.01. ACV Auctions had a negative net margin of 15.64% and a negative return on equity of 13.97%. The company had revenue of $118.38 million for the quarter, compared to analyst estimates of $117.62 million. As a group, equities analysts forecast that ACV Auctions will post -0.29 earnings per share for the current year.

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.