JMP Securities Reaffirms Market Outperform Rating for ACV Auctions (NASDAQ:ACVA)

ACV Auctions (NASDAQ:ACVA)‘s stock had its “market outperform” rating reiterated by equities research analysts at JMP Securities in a research report issued on Wednesday, Benzinga reports. They presently have a $19.00 price objective on the stock. JMP Securities’ price objective would indicate a potential upside of 9.83% from the company’s previous close.

A number of other brokerages also recently commented on ACVA. Needham & Company LLC reissued a “buy” rating and issued a $23.00 price target on shares of ACV Auctions in a report on Thursday, February 22nd. Northcoast Research raised ACV Auctions from a “neutral” rating to a “buy” rating and set a $22.00 price target for the company in a report on Wednesday, January 10th. Two equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $20.21.

ACV Auctions Price Performance

Shares of NASDAQ ACVA opened at $17.30 on Wednesday. ACV Auctions has a 1-year low of $11.58 and a 1-year high of $19.54. The business has a 50-day moving average of $17.33 and a 200-day moving average of $15.44. 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 company has a market capitalization of $2.84 billion, a price-to-earnings ratio of -37.61 and a beta of 1.57.

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

Insiders Place Their Bets

In other ACV Auctions news, CEO George Chamoun sold 120,062 shares of the stock in a transaction that occurred on Thursday, March 21st. The stock was sold at an average price of $19.14, for a total transaction of $2,297,986.68. Following the transaction, the chief executive officer now owns 597,921 shares of the company’s stock, valued at approximately $11,444,207.94. The transaction was disclosed in a document filed with the SEC, which is available at this link. In other news, insider Craig Eric Anderson sold 5,000 shares of the stock in a transaction that occurred on Thursday, March 28th. The stock was sold at an average price of $19.07, for a total transaction of $95,350.00. Following the sale, the insider now directly owns 202,797 shares in the company, valued at approximately $3,867,338.79. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO George Chamoun sold 120,062 shares of the stock in a transaction that occurred on Thursday, March 21st. The stock was sold at an average price of $19.14, for a total value of $2,297,986.68. Following the sale, the chief executive officer now owns 597,921 shares in the company, valued at $11,444,207.94. The disclosure for this sale can be found here. Insiders have sold a total of 1,507,708 shares of company stock valued at $27,126,374 in the last quarter. Insiders own 13.67% of the company’s stock.

Institutional Trading of ACV Auctions

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Congress Asset Management Co. MA raised its position in shares of ACV Auctions by 21.8% during the 1st quarter. Congress Asset Management Co. MA now owns 482,881 shares of the company’s stock worth $9,064,000 after purchasing an additional 86,525 shares during the period. Los Angeles Capital Management LLC increased its position in shares of ACV Auctions by 95.8% during the 1st quarter. Los Angeles Capital Management LLC now owns 43,380 shares of the company’s stock valued at $814,000 after purchasing an additional 21,230 shares during the period. Price T Rowe Associates Inc. MD increased its position in shares of 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 period. GSA Capital Partners LLP acquired a new position in shares of ACV Auctions during the 4th quarter valued at $479,000. Finally, Legal & General Group Plc increased its position in shares of 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 period. 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.