Analysts Set ACV Auctions Inc. (NASDAQ:ACVA) PT at $20.21

Shares of ACV Auctions Inc. (NASDAQ:ACVA) have been assigned a consensus recommendation of “Moderate Buy” from the eleven ratings firms that are presently covering the firm, Marketbeat.com reports. Two investment analysts have rated the stock with a hold recommendation and nine have given a buy recommendation to the company. The average 1 year price objective among brokerages that have updated their coverage on the stock in the last year is $20.21.

Several brokerages have recently commented on ACVA. Needham & Company LLC reaffirmed a “buy” rating and set a $23.00 price target on shares of ACV Auctions in a research report on Thursday, February 22nd. JMP Securities reaffirmed a “market outperform” rating and set a $19.00 price target on shares of ACV Auctions in a research report on Wednesday, April 17th. Finally, 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 report on Wednesday, January 10th.

Insider Buying and Selling

In other ACV Auctions news, COO Vikas Mehta sold 333,497 shares of the firm’s stock in a transaction that occurred on Tuesday, March 5th. The shares were sold at an average price of $18.62, for a total value of $6,209,714.14. Following the sale, the chief operating officer now owns 333,327 shares in the company, valued at $6,206,548.74. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other ACV Auctions news, CEO George Chamoun sold 124,999 shares of the firm’s stock in a transaction that occurred 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 sale, the chief executive officer now owns 597,921 shares in the company, valued at $11,013,704.82. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, COO Vikas Mehta sold 333,497 shares of the firm’s stock in a transaction that occurred on Tuesday, March 5th. The shares were sold at an average price of $18.62, for a total transaction of $6,209,714.14. Following the completion of the sale, the chief operating officer now owns 333,327 shares in the company, valued at approximately $6,206,548.74. The disclosure for this sale can be found here. Insiders have sold a total of 1,507,708 shares of company stock worth $27,126,374 over the last quarter. 13.67% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in ACVA. Park Place Capital Corp increased its stake in shares of ACV Auctions by 83.2% during the third quarter. Park Place Capital Corp now owns 2,180 shares of the company’s stock valued at $33,000 after acquiring an additional 990 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in shares of ACV Auctions by 28.9% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 26,337 shares of the company’s stock valued at $400,000 after acquiring an additional 5,901 shares during the period. Mirae Asset Global Investments Co. Ltd. increased its stake in shares of ACV Auctions by 292.6% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 202,088 shares of the company’s stock valued at $3,068,000 after acquiring an additional 150,619 shares during the period. Deepwater Asset Management LLC increased its stake in shares of ACV Auctions by 14.3% during the third quarter. Deepwater Asset Management LLC now owns 709,523 shares of the company’s stock valued at $10,771,000 after acquiring an additional 89,022 shares during the period. Finally, Roubaix Capital LLC increased its stake in shares of ACV Auctions by 13.6% during the third quarter. Roubaix Capital LLC now owns 243,719 shares of the company’s stock valued at $3,700,000 after acquiring an additional 29,239 shares during the period. Institutional investors and hedge funds own 88.55% of the company’s stock.

ACV Auctions Stock Performance

NASDAQ:ACVA opened at $17.72 on Tuesday. The company has a debt-to-equity ratio of 0.25, a current ratio of 2.12 and a quick ratio of 2.12. The firm has a 50-day moving average of $17.69 and a two-hundred day moving average of $15.55. The stock has a market cap of $2.90 billion, a P/E ratio of -38.52 and a beta of 1.57. ACV Auctions has a 1-year low of $11.94 and a 1-year high of $19.54.

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

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.