JPMorgan Chase & Co. Lowers ACV Auctions (NASDAQ:ACVA) Price Target to $19.00

ACV Auctions (NASDAQ:ACVA - Get Free Report) had its target price dropped by equities researchers at JPMorgan Chase & Co. from $20.00 to $19.00 in a report released on Thursday,Benzinga reports. The firm currently has an "overweight" rating on the stock. JPMorgan Chase & Co.'s price target indicates a potential upside of 23.78% from the company's previous close.

Other research analysts have also issued research reports about the stock. Piper Sandler upgraded shares of 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 research note 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 research note on Thursday, May 8th. Citigroup reduced their price objective on ACV Auctions from $22.00 to $21.00 and set a "buy" rating on the stock in a research note on Monday, July 7th. Finally, JMP Securities raised their price target on ACV Auctions from $18.00 to $20.00 and gave the stock a "market outperform" rating in a research report on Wednesday, July 2nd. Two research analysts have rated the stock with a hold rating and nine have given a buy rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $22.05.

ACV Auctions Price Performance

ACVA stock traded up $0.03 during midday trading on Thursday, hitting $15.35. 1,574,915 shares of the stock were exchanged, compared to its average volume of 1,739,356. ACV Auctions has a fifty-two week low of $11.88 and a fifty-two week high of $23.46. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.56 and a current ratio of 1.56. The stock's 50-day moving average price is $16.33 and its 200-day moving average price is $17.03. The stock has a market cap of $2.63 billion, a price-to-earnings ratio of -31.31 and a beta of 1.71.

ACV Auctions (NASDAQ:ACVA - Get Free Report) last announced its 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 net margin of 12.51% and a negative return on equity of 12.94%. The firm's quarterly revenue was up 25.4% on a year-over-year basis. During the same quarter in the previous year, the company earned ($0.13) earnings per share. Research analysts predict that ACV Auctions will post -0.07 earnings per share for the current year.

Insiders Place Their Bets

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

Institutional Trading of ACV Auctions

Several hedge funds have recently modified their holdings of ACVA. Versant Capital Management Inc raised its holdings in shares of ACV Auctions by 464.4% during the first quarter. Versant Capital Management Inc now owns 2,201 shares of the company's stock worth $31,000 after purchasing an additional 1,811 shares during the last quarter. BI Asset Management Fondsmaeglerselskab A S acquired a new position in ACV Auctions in the 1st quarter valued at $35,000. GAMMA Investing LLC grew its stake in ACV Auctions by 3,005.8% during the 1st quarter. GAMMA Investing LLC now owns 5,932 shares of the company's stock valued at $84,000 after acquiring an additional 5,741 shares in the last quarter. AlphaQuest LLC lifted its position 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. Finally, Integrated Advisors Network LLC purchased a new stake in ACV Auctions in the 4th quarter valued at $200,000. 88.55% of the stock is owned by hedge funds and other institutional investors.

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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