Barrington Research Begins Coverage on ACV Auctions (NASDAQ:ACVA)

Equities research analysts at Barrington Research initiated coverage on shares of ACV Auctions (NASDAQ:ACVAGet Rating) in a note issued to investors on Friday, Briefing.com reports. The firm set an “outperform” rating and a $18.00 price target on the stock. Barrington Research’s price target would indicate a potential upside of 148.28% from the stock’s current price.

Several other equities analysts also recently weighed in on ACVA. 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 report on Wednesday, March 2nd. Canaccord Genuity Group cut their price objective on ACV Auctions from $25.00 to $22.00 in a report on Thursday, May 12th. Zacks Investment Research downgraded ACV Auctions from a “buy” rating to a “hold” rating in a report on Monday, May 16th. Needham & Company LLC cut their price objective on ACV Auctions from $20.00 to $14.00 in a report on Thursday, May 12th. Finally, Truist Financial cut their price objective on ACV Auctions from $30.00 to $18.00 in a report on Thursday, May 12th. One equities research analyst has rated the stock with a hold rating and twelve have given a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Buy” and a consensus price target of $22.02.

Shares of ACVA traded down $0.31 during trading hours on Friday, reaching $7.25. 6,124 shares of the company traded hands, compared to its average volume of 1,678,964. The company has a quick ratio of 2.07, a current ratio of 2.07 and a debt-to-equity ratio of 0.11. The stock has a market capitalization of $1.14 billion, a PE ratio of -12.55 and a beta of 1.20. ACV Auctions has a fifty-two week low of $7.45 and a fifty-two week high of $25.97. The stock has a fifty day simple moving average of $11.27 and a 200 day simple moving average of $14.16.

ACV Auctions (NASDAQ:ACVAGet Rating) last posted its quarterly earnings data on Wednesday, May 11th. The company reported ($0.19) 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 business had revenue of $103.07 million for the quarter, compared to analyst estimates of $101.44 million. During the same quarter last year, the company earned ($0.51) earnings per share. Research analysts predict that ACV Auctions will post -0.71 EPS for the current fiscal year.

In other ACV Auctions news, insider Michael Waterman sold 2,931 shares of the firm’s stock in a transaction that occurred 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 completion of the sale, the insider now owns 66,964 shares in the company, valued at approximately $853,791. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. 11.64% of the stock is owned by company insiders.

Several institutional investors and hedge funds have recently modified their holdings of the company. New York State Common Retirement Fund raised its stake in shares of ACV Auctions by 218.2% in the 1st quarter. New York State Common Retirement Fund now owns 11,490,618 shares of the company’s stock worth $170,176,000 after buying an additional 7,878,928 shares in the last quarter. Vanguard Group Inc. grew its holdings in shares of ACV Auctions by 14.6% in the 1st quarter. Vanguard Group Inc. now owns 9,143,646 shares of the company’s stock worth $135,417,000 after acquiring an additional 1,166,390 shares during the last quarter. ArrowMark Colorado Holdings LLC grew its holdings in shares of ACV Auctions by 29.5% in the 3rd quarter. ArrowMark Colorado Holdings LLC now owns 5,599,549 shares of the company’s stock worth $100,176,000 after acquiring an additional 1,274,938 shares during the last quarter. Cat Rock Capital Management LP acquired a new position in shares of ACV Auctions in the 4th quarter worth $97,968,000. Finally, JPMorgan Chase & Co. grew its holdings in shares of ACV Auctions by 29.2% in the 1st quarter. JPMorgan Chase & Co. now owns 4,639,145 shares of the company’s stock worth $68,705,000 after acquiring an additional 1,047,520 shares during the last quarter. Institutional investors own 75.75% of the company’s stock.

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.

Read More

Analyst Recommendations for ACV Auctions (NASDAQ:ACVA)

Want More Great Investing Ideas?

Receive News & Ratings for ACV Auctions Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for ACV Auctions and related companies with MarketBeat.com's FREE daily email newsletter.