ACV Auctions (NASDAQ:ACVA) Stock Price Expected to Rise, JMP Securities Analyst Says

ACV Auctions (NASDAQ:ACVA - Free Report) had its price objective lifted by JMP Securities from $18.00 to $20.00 in a research report report published on Wednesday morning,Benzinga reports. JMP Securities currently has a market outperform rating on the stock.

A number of other equities research analysts also recently commented on ACVA. JPMorgan Chase & Co. reduced their target price on ACV Auctions from $24.00 to $20.00 and set an "overweight" rating for the company in a report on Thursday, March 27th. Piper Sandler raised ACV Auctions from a "neutral" rating to an "overweight" rating and raised their target price for the company from $18.00 to $20.00 in a report on Thursday, March 20th. Needham & Company LLC reissued a "buy" rating and issued a $25.00 target price on shares of ACV Auctions in a report on Thursday, May 8th. Finally, Bank of America raised ACV Auctions from a "neutral" rating to a "buy" rating and reduced their target price for the company from $22.00 to $20.00 in a report on Wednesday, March 12th. Two analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to data from MarketBeat, ACV Auctions presently has an average rating of "Moderate Buy" and a consensus target price of $22.68.

ACV Auctions Stock Performance

Shares of NASDAQ ACVA traded down $0.10 during mid-day trading on Wednesday, hitting $16.53. 577,934 shares of the company were exchanged, compared to its average volume of 1,720,401. 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 50 day simple moving average of $16.10 and a 200-day simple moving average of $17.38. ACV Auctions has a 1-year low of $11.88 and a 1-year high of $23.46. The firm has a market cap of $2.83 billion, a price-to-earnings ratio of -33.78 and a beta of 1.74.

ACV Auctions (NASDAQ:ACVA - Get Free Report) last issued its quarterly earnings results on Wednesday, May 7th. The company reported ($0.09) earnings per share for the quarter, missing the consensus estimate 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%. During the same period last year, the company earned ($0.13) EPS. The firm's revenue for the quarter was up 25.4% compared to the same quarter last year. On average, sell-side analysts forecast that ACV Auctions will post -0.07 EPS for the current fiscal year.

Insider Activity

In other news, insider Michael Waterman sold 223,330 shares of ACV Auctions stock in a transaction 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 completion of the transaction, the insider owned 466,548 shares of the company's stock, valued at $7,931,316. The trade was a 32.37% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. 2.90% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in ACVA. William Blair Investment Management LLC raised its stake in shares of ACV Auctions by 43.2% during the 4th quarter. William Blair Investment Management LLC now owns 12,099,686 shares of the company's stock worth $261,353,000 after buying an additional 3,652,871 shares during the last quarter. Nuveen LLC purchased a new position in ACV Auctions in the 1st quarter valued at about $25,078,000. Driehaus Capital Management LLC lifted its holdings in ACV Auctions by 128.5% in the 4th quarter. Driehaus Capital Management LLC now owns 2,837,165 shares of the company's stock valued at $61,283,000 after purchasing an additional 1,595,657 shares in the last quarter. Vanguard Group Inc. boosted its stake in shares of ACV Auctions by 7.4% during the 1st 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. Finally, Philadelphia Financial Management of San Francisco LLC purchased a new stake in shares of ACV Auctions during the first quarter worth about $14,426,000. Institutional investors and hedge funds own 88.55% of the company's stock.

About ACV Auctions

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.