ACV Auctions Inc. (NASDAQ:ACVA) Receives $11.41 Average PT from Analysts

Shares of ACV Auctions Inc. (NASDAQ:ACVA) have received a consensus rating of “Moderate Buy” from the thirteen brokerages that are currently covering the firm, Marketbeat Ratings reports. One research analyst has rated the stock with a sell recommendation, four have issued a hold recommendation and eight have issued a buy recommendation on the company. The average 1 year price objective among analysts that have issued a report on the stock in the last year is $11.4091.

ACVA has been the subject of several recent research reports. JPMorgan Chase & Co. reduced their price target on ACV Auctions from $18.00 to $11.00 and set an “overweight” rating for the company in a research note on Thursday, November 6th. Jefferies Financial Group downgraded 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. Barrington Research upgraded shares of ACV Auctions from a “market perform” rating to an “outperform” rating in a research note on Tuesday, February 24th. Royal Bank Of Canada upgraded shares of ACV Auctions to an “outperform” rating in a research note on Tuesday, February 24th. Finally, Barclays lifted their price objective on shares of ACV Auctions to $8.00 and gave the stock an “equal weight” rating in a research note on Wednesday, January 21st.

ACV Auctions Stock Performance

NASDAQ ACVA opened at $4.86 on Friday. The stock has a market cap of $837.44 million, a PE ratio of -9.93 and a beta of 1.63. 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 firm has a 50-day moving average of $7.64 and a 200-day moving average of $8.60. ACV Auctions has a 52-week low of $4.45 and a 52-week high of $17.54.

ACV Auctions (NASDAQ:ACVA) last released its quarterly earnings results on Monday, February 23rd. The company reported ($0.11) earnings per share for the quarter, missing the consensus estimate of ($0.01) by ($0.10). ACV Auctions had a negative net margin of 12.51% and a negative return on equity of 12.94%. The company had revenue of $183.65 million during the quarter, compared to the consensus estimate of $181.96 million. During the same period in the prior year, the company earned ($0.16) earnings per share. The firm’s revenue was up 15.2% compared to the same quarter last year. On average, sell-side analysts anticipate that ACV Auctions will post -0.07 EPS for the current year.

Insider Buying and Selling at ACV Auctions

In related news, CEO George Chamoun purchased 14,286 shares of the business’s stock in a transaction that occurred on Monday, January 12th. The stock was acquired at an average cost of $8.81 per share, for a total transaction of $125,859.66. Following the completion of the purchase, the chief executive officer owned 2,598,383 shares in the company, valued at approximately $22,891,754.23. This represents a 0.55% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 2.90% of the company’s stock.

Institutional Trading of ACV Auctions

Large investors have recently modified their holdings of the stock. Geode Capital Management LLC raised its position in shares of ACV Auctions by 11.3% in the 2nd quarter. Geode Capital Management LLC now owns 3,928,666 shares of the company’s stock valued at $63,731,000 after buying an additional 398,106 shares in the last quarter. Riverbridge Partners LLC boosted its position in shares of ACV Auctions by 18.6% during the 3rd quarter. Riverbridge Partners LLC now owns 3,567,434 shares of the company’s stock worth $35,353,000 after acquiring an additional 560,697 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. increased its stake in ACV Auctions by 42.6% in the second quarter. Connor Clark & Lunn Investment Management Ltd. now owns 483,306 shares of the company’s stock valued at $7,839,000 after acquiring an additional 144,283 shares during the last quarter. Cambiar Investors LLC acquired a new position in ACV Auctions during the second quarter valued at approximately $10,146,000. Finally, Iridian Asset Management LLC CT raised its position in ACV Auctions by 52.7% during the third quarter. Iridian Asset Management LLC CT now owns 1,880,851 shares of the company’s stock valued at $18,639,000 after purchasing an additional 649,358 shares in the last quarter. 88.55% of the stock is owned by institutional investors and hedge funds.

ACV Auctions Company Profile

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.