ACV Auctions (NASDAQ:ACVA) Receives “Outperform” Rating from Barrington Research

Barrington Research reiterated their outperform rating on shares of ACV Auctions (NASDAQ:ACVA) in a research report released on Monday, Benzinga reports. Barrington Research currently has a $23.00 price objective on the stock.

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

ACV Auctions Stock Down 2.5 %

Shares of NASDAQ ACVA opened at $17.32 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. ACV Auctions has a 12-month low of $12.84 and a 12-month high of $19.54. The firm’s 50-day moving average price is $18.04 and its 200-day moving average price is $15.74. The stock has a market capitalization of $2.84 billion, a price-to-earnings ratio of -37.65 and a beta of 1.56.

ACV Auctions (NASDAQ:ACVA) last issued its quarterly earnings data on Wednesday, February 21st. The company reported ($0.12) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.13) by $0.01. The business had revenue of $118.38 million for 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 research analysts anticipate that ACV Auctions will post -0.29 EPS for the current fiscal year.

Insider Activity at ACV Auctions

In other news, Director Brian Hirsch sold 38,763 shares of the stock in a transaction on Wednesday, March 6th. The stock was sold at an average price of $18.24, for a total transaction of $707,037.12. Following the transaction, the director now owns 378,390 shares of the company’s stock, valued at approximately $6,901,833.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other news, Director Brian Hirsch sold 38,763 shares of the company’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 value of $707,037.12. Following the completion of the sale, the director now owns 378,390 shares of the company’s stock, valued at approximately $6,901,833.60. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO William Zerella sold 50,000 shares of ACV Auctions stock in a transaction that occurred on Tuesday, March 5th. The shares were sold at an average price of $18.72, for a total transaction of $936,000.00. Following the transaction, the chief financial officer now directly owns 323,286 shares in the company, valued at $6,051,913.92. The disclosure for this sale can be found here. Over the last quarter, insiders sold 1,475,208 shares of company stock worth $26,669,099. Company insiders own 8.50% of the company’s stock.

Institutional Investors Weigh In On ACV Auctions

A number of hedge funds have recently made changes to their positions in the stock. Keybank National Association OH boosted its stake in ACV Auctions by 3.4% in the third quarter. Keybank National Association OH now owns 22,067 shares of the company’s stock valued at $335,000 after acquiring an additional 725 shares in the last quarter. John G Ullman & Associates Inc. grew its stake in ACV Auctions by 1.5% during the 4th quarter. John G Ullman & Associates Inc. now owns 66,284 shares of the company’s stock worth $1,004,000 after buying an additional 1,000 shares during the last quarter. Moneta Group Investment Advisors LLC increased its position in ACV Auctions by 4.5% during the 3rd quarter. Moneta Group Investment Advisors LLC now owns 27,248 shares of the company’s stock valued at $414,000 after buying an additional 1,168 shares in the last quarter. Arizona State Retirement System raised its stake in ACV Auctions by 4.0% in the third quarter. Arizona State Retirement System now owns 36,900 shares of the company’s stock valued at $560,000 after buying an additional 1,413 shares during the last quarter. Finally, ProShare Advisors LLC boosted its holdings in ACV Auctions by 8.5% in the first quarter. ProShare Advisors LLC now owns 22,843 shares of the company’s stock worth $429,000 after acquiring an additional 1,798 shares in the last quarter. 88.55% of the stock is currently owned by hedge funds and other institutional investors.

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.