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

Shares of ACV Auctions Inc. (NASDAQ:ACVA - Get Free Report) have been given a consensus recommendation of "Moderate Buy" by the eleven ratings firms that are currently covering the company, Marketbeat Ratings reports. Two analysts have rated the stock with a hold recommendation and nine have assigned a buy recommendation to the company. The average 1 year price target among analysts that have covered the stock in the last year is $22.50.

ACVA has been the topic of a number of recent analyst reports. Piper Sandler raised ACV Auctions from a "neutral" rating to an "overweight" rating and boosted their price target for the stock from $18.00 to $20.00 in a research report on Thursday, March 20th. Bank of America raised ACV Auctions from a "neutral" rating to a "buy" rating and lowered their price target for the stock from $22.00 to $20.00 in a research report on Wednesday, March 12th. JPMorgan Chase & Co. decreased their target price on ACV Auctions from $24.00 to $20.00 and set an "overweight" rating on the stock in a research report on Thursday, March 27th. JMP Securities decreased their target price on 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. Finally, Needham & Company LLC reaffirmed a "buy" rating and issued a $25.00 target price on shares of ACV Auctions in a research report on Thursday, May 8th.

Insider Buying and Selling

In related news, insider Michael Waterman sold 223,330 shares of the stock in a transaction that occurred on Tuesday, May 13th. The stock was sold at an average price of $17.00, for a total transaction of $3,796,610.00. Following the sale, the insider now owns 466,548 shares of the company's stock, valued at $7,931,316. This represents a 32.37% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 2.90% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On ACV Auctions

Large investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. lifted its stake in ACV Auctions by 7.4% during the first quarter. Vanguard Group Inc. now owns 15,301,225 shares of the company's stock worth $215,594,000 after purchasing an additional 1,055,310 shares during the last quarter. William Blair Investment Management LLC lifted its stake in ACV Auctions by 43.2% during the fourth quarter. William Blair Investment Management LLC now owns 12,099,686 shares of the company's stock worth $261,353,000 after purchasing an additional 3,652,871 shares during the last quarter. Massachusetts Financial Services Co. MA lifted its stake in ACV Auctions by 6.0% during the first quarter. Massachusetts Financial Services Co. MA now owns 9,084,830 shares of the company's stock worth $128,005,000 after purchasing an additional 510,680 shares during the last quarter. Alliancebernstein L.P. lifted its stake in ACV Auctions by 10.5% during the first quarter. Alliancebernstein L.P. now owns 6,214,362 shares of the company's stock worth $87,560,000 after purchasing an additional 592,107 shares during the last quarter. Finally, Jennison Associates LLC lifted its stake in ACV Auctions by 9.0% during the first quarter. Jennison Associates LLC now owns 5,427,521 shares of the company's stock worth $76,474,000 after purchasing an additional 447,167 shares during the last quarter. Institutional investors and hedge funds own 88.55% of the company's stock.

ACV Auctions Price Performance

Shares of NASDAQ ACVA opened at $15.66 on Friday. The business's 50 day moving average price is $15.80 and its two-hundred day moving average price is $17.66. The company has a market cap of $2.68 billion, a PE ratio of -31.97 and a beta of 1.74. The company has a quick ratio of 1.56, a current ratio of 1.56 and a debt-to-equity ratio of 0.28. ACV Auctions has a twelve month low of $11.88 and a twelve month high of $23.46.

ACV Auctions (NASDAQ:ACVA - Get Free Report) last announced its quarterly earnings results on Wednesday, May 7th. The company reported ($0.09) earnings per share for the quarter, missing analysts' consensus estimates of $0.04 by ($0.13). ACV Auctions had a negative return on equity of 12.94% and a negative net margin of 12.51%. ACV Auctions's revenue was up 25.4% compared to the same quarter last year. During the same period last year, the company posted ($0.13) EPS. On average, analysts predict 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.

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