ACV Auctions (NASDAQ:ACVA) PT Lowered to $14.00 at The Goldman Sachs Group

ACV Auctions (NASDAQ:ACVAGet Rating) had its price target decreased by equities researchers at The Goldman Sachs Group from $20.00 to $14.00 in a note issued to investors on Thursday, The Fly reports. The Goldman Sachs Group’s price target would suggest a potential upside of 85.19% from the stock’s current price.

Other analysts have also issued research reports about the company. Needham & Company LLC decreased their price target on ACV Auctions from $20.00 to $14.00 in a report on Thursday, May 12th. Canaccord Genuity Group reduced their target price on ACV Auctions from $25.00 to $22.00 in a research note on Thursday, May 12th. Stephens upgraded ACV Auctions from an “equal weight” rating to an “overweight” rating and increased their target price for the stock from $17.00 to $19.00 in a research note on Wednesday, March 2nd. Zacks Investment Research lowered ACV Auctions from a “buy” rating to a “hold” rating in a research note on Monday, May 16th. Finally, Citigroup reiterated a “buy” rating and issued a $20.00 target price on shares of ACV Auctions in a research note on Wednesday, April 20th. One analyst has rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. According to data from MarketBeat.com, ACV Auctions has an average rating of “Buy” and an average price target of $22.33.

Shares of NASDAQ:ACVA traded down $0.82 during mid-day trading on Thursday, reaching $7.56. 2,103,739 shares of the company traded hands, compared to its average volume of 1,381,872. The company’s 50 day moving average price is $11.27 and its 200-day moving average price is $14.16. The firm has a market cap of $1.19 billion, a PE ratio of -13.03 and a beta of 1.20. The company has a debt-to-equity ratio of 0.11, a current ratio of 2.07 and a quick ratio of 2.07. ACV Auctions has a 52 week low of $7.45 and a 52 week high of $25.97.

ACV Auctions (NASDAQ:ACVAGet Rating) last announced its quarterly earnings data on Wednesday, May 11th. The company reported ($0.19) earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of ($0.19). ACV Auctions had a negative return on equity of 16.00% and a negative net margin of 23.08%. The company had revenue of $103.07 million during the quarter, compared to the consensus estimate of $101.44 million. During the same period in the previous year, the company posted ($0.51) EPS. On average, research analysts predict that ACV Auctions will post -0.71 earnings per share for the current fiscal year.

In other news, insider Michael Waterman sold 2,931 shares of the stock in a transaction on Monday, May 2nd. The stock was sold at an average price of $12.75, for a total transaction of $37,370.25. Following the transaction, the insider now owns 66,964 shares of the company’s stock, valued at approximately $853,791. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 11.64% of the stock is currently owned by corporate insiders.

Hedge funds have recently modified their holdings of the stock. Morgan Stanley bought a new stake in ACV Auctions during the first quarter valued at about $40,000. Jacobi Capital Management LLC bought a new stake in ACV Auctions during the third quarter valued at about $26,000. Royal Bank of Canada boosted its position in ACV Auctions by 443.3% during the second quarter. Royal Bank of Canada now owns 1,630 shares of the company’s stock valued at $42,000 after purchasing an additional 1,330 shares in the last quarter. Ovata Capital Management Ltd bought a new stake in ACV Auctions during the first quarter valued at about $25,000. Finally, Citigroup Inc. boosted its holdings in ACV Auctions by 359.1% in the first quarter. Citigroup Inc. now owns 3,641 shares of the company’s stock worth $54,000 after acquiring an additional 2,848 shares in the last quarter. 75.75% of the stock is currently owned by institutional investors.

ACV Auctions Company Profile (Get Rating)

ACV Auctions Inc operates a digital marketplace that connects buyers and sellers for the online auction of wholesale vehicles. It also provides data services that offer insights into the condition and value of used vehicles, as well as offers customer financing services. ACV Auctions Inc was incorporated in 2014 and is headquartered in Buffalo, New York.

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