Analysts Set ACV Auctions Inc. (NASDAQ:ACVA) Target Price at $20.21

Shares of ACV Auctions Inc. (NASDAQ:ACVA) have been given an average rating of “Moderate Buy” by the eleven research firms that are covering the stock, Marketbeat Ratings reports. Two research analysts have rated the stock with a hold rating and nine have given a buy rating to the company. The average 1 year price target among brokerages that have updated their coverage on the stock in the last year is $20.21.

A number of research firms have commented on ACVA. JMP Securities restated a “market outperform” rating and issued a $19.00 price target on shares of ACV Auctions in a research report on Wednesday, April 17th. Needham & Company LLC restated a “buy” rating and issued a $23.00 price target on shares of ACV Auctions in a research report on Thursday, February 22nd. Finally, Northcoast Research upgraded shares of 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.

Insiders Place Their Bets

In other news, CFO William Zerella sold 32,500 shares of the stock in a transaction on Tuesday, April 16th. The stock was sold at an average price of $17.17, for a total value of $558,025.00. Following the transaction, the chief financial officer now owns 314,151 shares of the company’s stock, valued at approximately $5,393,972.67. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In related news, CEO George Chamoun sold 120,062 shares of the company’s stock in a transaction dated Thursday, March 21st. The stock was sold at an average price of $19.14, for a total value of $2,297,986.68. Following the completion of the sale, the chief executive officer now owns 597,921 shares in the company, valued at $11,444,207.94. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO William Zerella sold 32,500 shares of the company’s stock in a transaction dated Tuesday, April 16th. The shares were sold at an average price of $17.17, for a total value of $558,025.00. Following the completion of the sale, the chief financial officer now owns 314,151 shares of the company’s stock, valued at approximately $5,393,972.67. The disclosure for this sale can be found here. In the last 90 days, insiders sold 1,507,708 shares of company stock valued at $27,126,374. Company insiders own 13.67% of the company’s stock.

Institutional Investors Weigh In On ACV Auctions

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Park Place Capital Corp increased its holdings in ACV Auctions by 83.2% in the third quarter. Park Place Capital Corp now owns 2,180 shares of the company’s stock valued at $33,000 after purchasing an additional 990 shares during the last quarter. Parkside Financial Bank & Trust bought a new stake in shares of ACV Auctions in the third quarter worth about $66,000. Allspring Global Investments Holdings LLC bought a new stake in shares of ACV Auctions in the third quarter worth about $72,000. Penn Mutual Asset Management LLC bought a new stake in shares of ACV Auctions in the fourth quarter worth about $153,000. Finally, Versor Investments LP increased its holdings in shares of ACV Auctions by 19.5% in the third quarter. Versor Investments LP now owns 11,974 shares of the company’s stock worth $182,000 after acquiring an additional 1,950 shares in the last quarter. Institutional investors own 88.55% of the company’s stock.

ACV Auctions Price Performance

Shares of ACV Auctions stock opened at $17.72 on Tuesday. The firm has a market cap of $2.90 billion, a P/E ratio of -38.52 and a beta of 1.57. ACV Auctions has a twelve month low of $11.94 and a twelve month 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. The firm’s 50-day simple moving average is $17.69 and its 200-day simple moving average is $15.55.

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

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.