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 assigned an average rating of "Moderate Buy" from the eleven research firms that are currently covering the firm, Marketbeat.com reports. Two equities research analysts have rated the stock with a hold recommendation and nine have given a buy recommendation to the company. The average 12 month price target among brokers that have issued ratings on the stock in the last year is $22.50.

Several research analysts have weighed in on the stock. JPMorgan Chase & Co. lowered their price target on shares of ACV Auctions from $24.00 to $20.00 and set an "overweight" rating on the stock in a report on Thursday, March 27th. JMP Securities lowered their target price on ACV Auctions from $22.00 to $18.00 and set a "market outperform" rating on the stock in a research note on Wednesday, April 9th. Needham & Company LLC reissued a "buy" rating and set a $25.00 price target on shares of ACV Auctions in a report on Thursday, May 8th. Piper Sandler raised ACV Auctions from a "neutral" rating to an "overweight" rating and upped their price objective for the company from $18.00 to $20.00 in a report on Thursday, March 20th. Finally, Bank of America raised ACV Auctions from a "neutral" rating to a "buy" rating and dropped their target price for the stock from $22.00 to $20.00 in a report on Wednesday, March 12th.

ACV Auctions Stock Performance

Shares of ACVA stock traded down $0.47 during trading on Friday, reaching $15.73. 935,366 shares of the company's stock were exchanged, compared to its average volume of 1,703,024. ACV Auctions has a twelve month low of $11.88 and a twelve month high of $23.46. The firm's fifty day moving average price is $15.87 and its 200-day moving average price is $17.57. The company has a quick ratio of 1.56, a current ratio of 1.56 and a debt-to-equity ratio of 0.28. The stock has a market capitalization of $2.69 billion, a PE ratio of -32.10 and a beta of 1.74.

ACV Auctions (NASDAQ:ACVA - Get Free Report) last released its quarterly earnings data 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%. The firm's revenue was up 25.4% compared to the same quarter last year. During the same quarter last year, the company earned ($0.13) earnings per share. As a group, sell-side analysts anticipate that ACV Auctions will post -0.07 EPS for the current year.

Insider Buying and Selling

In related news, insider Michael Waterman sold 223,330 shares of the company's stock in a transaction dated 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 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 transaction was disclosed in a document filed with the SEC, which is available through the SEC website. 2.90% of the stock is owned by company insiders.

Institutional Trading of ACV Auctions

A number of institutional investors and hedge funds have recently made changes to their positions in ACVA. Versant Capital Management Inc raised its position in ACV Auctions by 464.4% during the first quarter. Versant Capital Management Inc now owns 2,201 shares of the company's stock valued at $31,000 after purchasing an additional 1,811 shares in the last quarter. Blue Trust Inc. increased 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 last quarter. BI Asset Management Fondsmaeglerselskab A S acquired a new position in shares of ACV Auctions during the 1st quarter worth $35,000. GAMMA Investing LLC lifted its position in shares of ACV Auctions by 3,005.8% during the 1st quarter. GAMMA Investing LLC now owns 5,932 shares of the company's stock worth $84,000 after buying an additional 5,741 shares during the last quarter. Finally, AlphaQuest LLC boosted its stake in ACV Auctions by 2,640.6% in the first quarter. AlphaQuest LLC now owns 6,687 shares of the company's stock valued at $94,000 after buying an additional 6,443 shares in the last quarter. Institutional investors own 88.55% of the company's stock.

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.