ACV Auctions (NASDAQ:ACVA) Given “Outperform” Rating at Barrington Research

Barrington Research reaffirmed their outperform rating on shares of ACV Auctions (NASDAQ:ACVA) in a report issued on Monday morning, Benzinga reports. They currently have a $23.00 price objective on the stock.

Other analysts also recently issued reports about the company. JMP Securities restated a market outperform rating and issued a $19.00 price objective on shares of ACV Auctions in a research report on Wednesday, April 17th. Northcoast Research raised shares of ACV Auctions from a neutral rating to a buy rating and set a $22.00 price target on the stock in a research note on Wednesday, January 10th. Finally, Needham & Company LLC reissued a buy rating and issued a $23.00 price objective on shares of ACV Auctions in a research report on Thursday, February 22nd. Two equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of Moderate Buy and an average price target of $20.21.

ACV Auctions Stock Performance

NASDAQ:ACVA opened at $18.10 on Monday. The company has a current ratio of 2.12, a quick ratio of 2.12 and a debt-to-equity ratio of 0.25. The company has a market capitalization of $2.97 billion, a P/E ratio of -39.35 and a beta of 1.56. The firm has a 50-day moving average price of $18.00 and a two-hundred day moving average price of $15.68. ACV Auctions has a twelve month low of $12.84 and a twelve month high of $19.54.

ACV Auctions (NASDAQ:ACVA) last issued its quarterly earnings data on Wednesday, February 21st. The company reported ($0.12) earnings per share for the quarter, topping analysts’ consensus estimates 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 business had revenue of $118.38 million during the quarter, compared to analysts’ expectations of $117.62 million. As a group, research analysts expect that ACV Auctions will post -0.29 earnings per share for the current fiscal year.

Insider Buying and Selling at ACV Auctions

In related news, COO Vikas Mehta sold 200,000 shares of ACV Auctions stock in a transaction on Thursday, February 22nd. The stock was sold at an average price of $16.48, for a total value of $3,296,000.00. Following the transaction, the chief operating officer now owns 319,036 shares in the company, valued at $5,257,713.28. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, COO Vikas Mehta sold 200,000 shares of the stock in a transaction that occurred on Thursday, February 22nd. The shares were sold at an average price of $16.48, for a total transaction of $3,296,000.00. Following the completion of the sale, the chief operating officer now owns 319,036 shares of the company’s stock, valued at approximately $5,257,713.28. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Brian Hirsch sold 241,455 shares of ACV Auctions stock in a transaction that occurred on Friday, March 8th. The shares were sold at an average price of $18.31, for a total transaction of $4,421,041.05. Following the transaction, the director now directly owns 301,258 shares in the company, valued at $5,516,033.98. The disclosure for this sale can be found here. Insiders have sold a total of 1,475,208 shares of company stock worth $26,669,099 in the last quarter. 13.67% of the stock is owned by insiders.

Institutional Trading of ACV Auctions

Several large investors have recently added to or reduced their stakes in the stock. Parkside Financial Bank & Trust acquired a new position in shares of ACV Auctions during the third quarter worth $66,000. Allspring Global Investments Holdings LLC acquired a new position in ACV Auctions in the 3rd quarter worth $72,000. UMB Bank n.a. purchased a new position in ACV Auctions in the 1st quarter valued at about $114,000. Penn Mutual Asset Management LLC acquired a new stake in shares of ACV Auctions during the fourth quarter valued at about $153,000. Finally, Versor Investments LP increased its position in shares of ACV Auctions by 19.5% during the third quarter. Versor Investments LP now owns 11,974 shares of the company’s stock worth $182,000 after acquiring an additional 1,950 shares during the last quarter. 88.55% of the stock is currently owned by institutional investors and hedge funds.

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.