ACV Auctions Inc. (NASDAQ:ACVA) Given Consensus Rating of "Moderate Buy" by Brokerages

Shares of ACV Auctions Inc. (NASDAQ:ACVA - Get Free Report) have earned a consensus recommendation of "Moderate Buy" from the eleven ratings firms that are presently covering the stock, MarketBeat.com reports. Two analysts have rated the stock with a hold recommendation and nine have given a buy recommendation to the company. The average twelve-month target price among brokers that have issued ratings on the stock in the last year is $22.50.

ACVA has been the topic of a number of analyst reports. JMP Securities cut their price objective on shares of ACV Auctions from $22.00 to $18.00 and set a "market outperform" rating on the stock in a research report on Wednesday, April 9th. Stephens raised shares of ACV Auctions to a "hold" rating in a research report on Saturday, February 1st. Bank of America raised shares of ACV Auctions from a "neutral" rating to a "buy" rating and cut their price objective for the stock from $22.00 to $20.00 in a research report on Wednesday, March 12th. Needham & Company LLC reaffirmed a "buy" rating and issued a $25.00 price objective on shares of ACV Auctions in a research report on Thursday, May 8th. Finally, Piper Sandler raised shares of ACV Auctions from a "neutral" rating to an "overweight" rating and lifted their price objective for the stock from $18.00 to $20.00 in a research report on Thursday, March 20th.

Insiders Place Their Bets

In other ACV Auctions news, insider Michael Waterman sold 223,330 shares of ACV Auctions stock in a transaction that occurred on Tuesday, May 13th. The shares were sold at an average price of $17.00, for a total transaction of $3,796,610.00. Following the completion of the sale, the insider now directly owns 466,548 shares in the company, valued at approximately $7,931,316. The trade was a 32.37% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CEO George Chamoun sold 348,249 shares of ACV Auctions stock in a transaction that occurred on Thursday, March 20th. The shares were sold at an average price of $15.34, for a total transaction of $5,342,139.66. Following the sale, the chief executive officer now owns 2,821,193 shares of the company's stock, valued at approximately $43,277,100.62. The trade was a 10.99% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 586,579 shares of company stock valued at $9,341,700. Insiders own 2.90% of the company's stock.

Institutional Trading of ACV Auctions

Several institutional investors and hedge funds have recently bought and sold shares of ACVA. Versant Capital Management Inc lifted its stake in ACV Auctions by 464.4% during the 1st quarter. Versant Capital Management Inc now owns 2,201 shares of the company's stock valued at $31,000 after acquiring an additional 1,811 shares during the period. BI Asset Management Fondsmaeglerselskab A S acquired a new stake in ACV Auctions during the 1st quarter valued at approximately $35,000. Blue Trust Inc. lifted its stake in shares of ACV Auctions by 65.8% in the 4th quarter. Blue Trust Inc. now owns 2,352 shares of the company's stock valued at $48,000 after purchasing an additional 933 shares during the period. GAMMA Investing LLC lifted its stake in shares of ACV Auctions by 3,005.8% in the 1st quarter. GAMMA Investing LLC now owns 5,932 shares of the company's stock valued at $84,000 after purchasing an additional 5,741 shares during the period. Finally, AlphaQuest LLC boosted its holdings in ACV Auctions by 2,640.6% during the first quarter. AlphaQuest LLC now owns 6,687 shares of the company's stock worth $94,000 after buying an additional 6,443 shares in the last quarter. 88.55% of the stock is currently owned by institutional investors and hedge funds.

ACV Auctions Stock Up 0.9%

Shares of NASDAQ:ACVA traded up $0.15 during trading hours on Wednesday, hitting $16.44. The company's stock had a trading volume of 2,349,645 shares, compared to its average volume of 1,681,783. ACV Auctions has a 52 week low of $11.88 and a 52 week high of $23.46. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.56 and a quick ratio of 1.56. The company has a market capitalization of $2.81 billion, a price-to-earnings ratio of -33.56 and a beta of 1.72. The firm's fifty day moving average price is $15.19 and its 200 day moving average price is $18.27.

ACV Auctions (NASDAQ:ACVA - Get Free Report) last posted its quarterly earnings results on Wednesday, May 7th. The company reported ($0.09) EPS for the quarter, missing the consensus estimate of $0.04 by ($0.13). ACV Auctions had a negative net margin of 12.51% and a negative return on equity of 12.94%. During the same quarter in the prior year, the business posted ($0.13) earnings per share. The business's revenue was up 25.4% on a year-over-year basis. As a group, research analysts expect that ACV Auctions will post -0.07 EPS for the current 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.