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

Shares of ACV Auctions Inc. (NASDAQ:ACVA) have received an average recommendation of “Moderate Buy” from the eleven research firms that are covering the company, MarketBeat Ratings reports. Two equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. The average 12 month price objective among analysts that have updated their coverage on the stock in the last year is $20.21.

Several research analysts have recently issued reports on the company. Northcoast Research upgraded 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. JMP Securities reduced their price target on ACV Auctions from $20.00 to $19.00 and set a “market outperform” rating on the stock in a research report on Tuesday, January 16th. Finally, Needham & Company LLC reiterated a “buy” rating and set a $23.00 target price on shares of ACV Auctions in a report on Thursday, February 22nd.

ACV Auctions Stock Performance

ACVA opened at $18.24 on Friday. The company has a market cap of $2.99 billion, a PE ratio of -39.65 and a beta of 1.57. The stock has a 50-day moving average of $16.31 and a 200-day moving average of $15.19. 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.

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

Insider Activity at ACV Auctions

In related news, Director Brian Hirsch sold 38,763 shares of the business’s stock in a transaction that occurred on Wednesday, March 6th. The stock was sold at an average price of $18.24, for a total value of $707,037.12. Following the completion of the sale, the director now directly owns 378,390 shares in the company, valued at $6,901,833.60. The sale was disclosed in a filing with the SEC, which is available at this link. In other ACV Auctions news, Director Brian Hirsch sold 38,763 shares of the business’s stock in a transaction that occurred on Wednesday, March 6th. The shares were sold at an average price of $18.24, for a total transaction of $707,037.12. Following the completion of the transaction, the director now directly owns 378,390 shares in the company, valued at $6,901,833.60. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Craig Eric Anderson sold 5,000 shares of the business’s stock in a transaction that occurred on Wednesday, February 28th. The shares were sold at an average price of $18.00, for a total transaction of $90,000.00. Following the transaction, the insider now owns 202,797 shares of the company’s stock, valued at $3,650,346. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 1,413,469 shares of company stock worth $25,281,712. Company insiders own 13.67% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in ACVA. UBS Group AG raised its position in ACV Auctions by 47.5% during the fourth quarter. UBS Group AG now owns 3,725 shares of the company’s stock valued at $31,000 after purchasing an additional 1,200 shares in the last quarter. Park Place Capital Corp increased its holdings 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 worth $33,000 after buying an additional 990 shares in the last quarter. Neo Ivy Capital Management acquired a new position in shares of ACV Auctions during the second quarter worth $36,000. Pinebridge Investments L.P. acquired a new position in shares of ACV Auctions during the second quarter worth $42,000. Finally, KBC Group NV acquired a new position in shares of ACV Auctions during the fourth quarter worth $43,000. 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.