ACV Auctions (NASDAQ:ACVA) Given "Buy" Rating at Needham & Company LLC

Needham & Company LLC reissued their buy rating on shares of ACV Auctions (NASDAQ:ACVA - Free Report) in a research note issued to investors on Thursday morning,Benzinga reports. They currently have a $25.00 target price on the stock.

Several other research firms also recently weighed in on ACVA. JMP Securities dropped their price target on ACV Auctions from $22.00 to $18.00 and set a "market outperform" rating for the company in a research note on Wednesday, April 9th. Stephens upgraded ACV Auctions to a "hold" rating in a research note on Saturday, February 1st. JPMorgan Chase & Co. cut their price target on ACV Auctions from $24.00 to $20.00 and set an "overweight" rating on the stock in a research note on Thursday, March 27th. Piper Sandler upgraded ACV Auctions from a "neutral" rating to an "overweight" rating and raised their price target for the company from $18.00 to $20.00 in a research note on Thursday, March 20th. Finally, Bank of America upgraded ACV Auctions from a "neutral" rating to a "buy" rating and cut their target price for the company from $22.00 to $20.00 in a research note on Wednesday, March 12th. Two research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company's stock. Based on data from MarketBeat, ACV Auctions has a consensus rating of "Moderate Buy" and a consensus price target of $22.50.

ACV Auctions Stock Up 1.5%

ACV Auctions stock traded up $0.26 during mid-day trading on Thursday, reaching $17.06. The stock had a trading volume of 962,518 shares, compared to its average volume of 1,653,481. The company has a market capitalization of $2.88 billion, a price-to-earnings ratio of -34.82 and a beta of 1.72. The company has a 50-day moving average price of $14.60 and a two-hundred day moving average price of $18.47. ACV Auctions has a one year low of $11.88 and a one year 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.

ACV Auctions (NASDAQ:ACVA - Get Free Report) last released 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%. The business's quarterly revenue was up 25.4% compared to the same quarter last year. During the same quarter in the previous year, the business posted ($0.13) EPS. On average, analysts expect that ACV Auctions will post -0.07 EPS for the current fiscal year.

Insider Buying and Selling

In other news, CEO George Chamoun sold 348,249 shares of the business's stock in a transaction that occurred on Thursday, March 20th. The stock was sold at an average price of $15.34, for a total value of $5,342,139.66. Following the completion of the sale, the chief executive officer now directly owns 2,821,193 shares in the company, valued at $43,277,100.62. The trade was a 10.99% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CFO William Zerella sold 15,000 shares of the business's stock in a transaction that occurred on Tuesday, March 11th. The stock was sold at an average price of $13.53, for a total value of $202,950.00. Following the sale, the chief financial officer now owns 766,266 shares of the company's stock, valued at $10,367,578.98. The trade was a 1.92% decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 8.50% of the company's stock.

Hedge Funds Weigh In On ACV Auctions

Several large investors have recently modified their holdings of ACVA. Barclays PLC lifted its stake in ACV Auctions by 16.8% during the 3rd quarter. Barclays PLC now owns 244,999 shares of the company's stock worth $4,980,000 after acquiring an additional 35,155 shares in the last quarter. Franklin Resources Inc. raised its position in ACV Auctions by 5.3% in the 3rd quarter. Franklin Resources Inc. now owns 40,935 shares of the company's stock valued at $768,000 after purchasing an additional 2,057 shares in the last quarter. Harbor Capital Advisors Inc. raised its position in ACV Auctions by 4.3% in the 4th quarter. Harbor Capital Advisors Inc. now owns 159,699 shares of the company's stock valued at $3,449,000 after purchasing an additional 6,649 shares in the last quarter. Moody National Bank Trust Division raised its position in ACV Auctions by 64.6% in the 4th quarter. Moody National Bank Trust Division now owns 79,199 shares of the company's stock valued at $1,711,000 after purchasing an additional 31,094 shares in the last quarter. Finally, Procyon Advisors LLC acquired a new stake in ACV Auctions in the 4th quarter valued at about $361,000. Institutional investors and hedge funds 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.