Brokerages Set ACV Auctions Inc. (NASDAQ:ACVA) Price Target at $11.75

Shares of ACV Auctions Inc. (NASDAQ:ACVA) have been assigned an average rating of “Hold” from the eleven research firms that are covering the company, Marketbeat.com reports. One investment analyst has rated the stock with a sell rating, four have given a hold rating and six have given a buy rating to the company. The average 1 year target price among brokerages that have covered the stock in the last year is $11.75.

ACVA has been the topic of several recent research reports. The Goldman Sachs Group lowered their price objective on shares of ACV Auctions from $21.00 to $13.00 and set a “buy” rating on the stock in a research note on Friday, November 7th. Jefferies Financial Group cut shares of ACV Auctions from a “buy” rating to a “hold” rating and set a $9.00 target price for the company. in a report on Thursday, December 11th. Barclays upped their price target on ACV Auctions to $7.00 and gave the company an “equal weight” rating in a report on Thursday, December 4th. Needham & Company LLC reduced their price objective on ACV Auctions from $14.00 to $9.00 and set a “buy” rating for the company in a research note on Thursday, November 6th. Finally, Citigroup decreased their target price on ACV Auctions from $17.00 to $13.00 and set a “buy” rating on the stock in a report on Friday, November 21st.

ACV Auctions Stock Up 0.5%

Shares of ACVA stock opened at $8.78 on Thursday. ACV Auctions has a 1 year low of $4.95 and a 1 year high of $22.47. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.56 and a current ratio of 1.56. The business’s fifty day moving average is $7.62 and its 200-day moving average is $10.52. The stock has a market cap of $1.51 billion, a PE ratio of -17.91 and a beta of 1.63.

ACV Auctions (NASDAQ:ACVA) last announced its earnings results on Wednesday, November 5th. The company reported $0.07 earnings per share for the quarter, meeting the consensus estimate of $0.07. ACV Auctions had a negative return on equity of 12.94% and a negative net margin of 12.51%.The business had revenue of $199.56 million during the quarter, compared to analysts’ expectations of $200.26 million. During the same quarter last year, the business posted $0.04 earnings per share. The company’s quarterly revenue was up 16.5% on a year-over-year basis. Equities analysts expect that ACV Auctions will post -0.07 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, CEO George Chamoun acquired 31,172 shares of the business’s stock in a transaction on Monday, December 15th. The shares were purchased at an average price of $7.97 per share, for a total transaction of $248,440.84. Following the acquisition, the chief executive officer owned 2,618,714 shares in the company, valued at approximately $20,871,150.58. This represents a 1.20% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Robert P. Goodman bought 912,408 shares of the firm’s stock in a transaction on Monday, November 10th. The stock was purchased at an average price of $5.61 per share, with a total value of $5,118,608.88. Following the completion of the acquisition, the director owned 912,408 shares of the company’s stock, valued at approximately $5,118,608.88. This trade represents a ? increase in their ownership of the stock. The SEC filing for this purchase provides additional information. In the last quarter, insiders have purchased 1,024,151 shares of company stock valued at $5,867,396. 2.90% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On ACV Auctions

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Congress Asset Management Co. boosted its position in shares of ACV Auctions by 2.3% in the fourth quarter. Congress Asset Management Co. now owns 388,658 shares of the company’s stock worth $3,117,000 after buying an additional 8,620 shares during the period. SG Americas Securities LLC lifted its stake in ACV Auctions by 85.8% in the 4th quarter. SG Americas Securities LLC now owns 85,543 shares of the company’s stock worth $686,000 after acquiring an additional 39,493 shares in the last quarter. Wealth Enhancement Advisory Services LLC acquired a new stake in ACV Auctions during the 4th quarter worth about $167,000. Tudor Investment Corp ET AL grew its stake in ACV Auctions by 116.3% during the 3rd quarter. Tudor Investment Corp ET AL now owns 982,558 shares of the company’s stock valued at $9,737,000 after acquiring an additional 528,390 shares in the last quarter. Finally, IFP Advisors Inc grew its stake in ACV Auctions by 17,557.9% during the 3rd quarter. IFP Advisors Inc now owns 42,732 shares of the company’s stock valued at $423,000 after acquiring an additional 42,490 shares in the last quarter. 88.55% of the stock is currently owned by hedge funds and other institutional investors.

About ACV Auctions

ACV Auctions operates a digital marketplace that connects automotive dealers through a mobile-first platform for wholesale vehicle auctions. The company’s software enables dealers to list, inspect and bid on used vehicles in real time, leveraging smartphone-based condition reporting, high-resolution imagery and data analytics to streamline the buying and selling process. ACV Auctions also offers subscription-based access to its auction platform, supplemental reconditioning services and financing tools designed to help dealers optimize inventory turn and reduce risk.

Since its founding in 2014, ACV Auctions has expanded its technology offerings beyond core auction services to include dealer management integrations, transportation logistics coordination and title management solutions.