ACV Auctions (NASDAQ:ACVA) Receives "Buy" Rating from Needham & Company LLC

ACV Auctions (NASDAQ:ACVA - Get Free Report)'s stock had its "buy" rating restated by analysts at Needham & Company LLC in a report released on Thursday, Benzinga reports. They presently have a $23.00 price objective on the stock. Needham & Company LLC's price target would suggest a potential upside of 26.17% from the company's current price.

Other analysts have also recently issued research reports about the company. Barrington Research restated an "outperform" rating and issued a $23.00 price target on shares of ACV Auctions in a report on Monday. JMP Securities lifted their price target on shares of ACV Auctions from $19.00 to $20.00 and gave the company a "market outperform" rating in a report on Thursday, May 9th. Finally, Piper Sandler upped their price objective on ACV Auctions from $15.00 to $16.00 and gave the stock a "neutral" rating in a report on Thursday, May 9th. Three research analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. Based on data from MarketBeat, ACV Auctions currently has a consensus rating of "Moderate Buy" and an average target price of $20.36.

ACV Auctions Price Performance

Shares of NASDAQ:ACVA traded down $0.79 on Thursday, hitting $18.23. The company had a trading volume of 1,649,191 shares, compared to its average volume of 1,172,959. The company has a market cap of $2.99 billion, a PE ratio of -38.48 and a beta of 1.56. The business has a 50 day moving average of $17.99 and a 200 day moving average of $15.90. ACV Auctions has a 52-week low of $12.84 and a 52-week high of $19.54. The company has a current ratio of 1.62, a quick ratio of 1.62 and a debt-to-equity ratio of 0.27.

ACV Auctions (NASDAQ:ACVA - Get Free Report) last posted its quarterly earnings data on Wednesday, February 21st. The company reported ($0.12) earnings per share for the quarter, beating analysts' consensus estimates of ($0.13) by $0.01. The business had revenue of $118.38 million during the quarter, compared to analyst estimates of $117.62 million. ACV Auctions had a negative net margin of 15.28% and a negative return on equity of 13.50%. As a group, equities analysts anticipate that ACV Auctions will post -0.29 earnings per share for the current fiscal year.

Insider Activity at ACV Auctions

In other news, CFO William Zerella sold 32,500 shares of the company's stock in a transaction that occurred on Tuesday, April 16th. The stock was sold at an average price of $17.17, for a total transaction of $558,025.00. Following the completion of the transaction, the chief financial officer now directly owns 314,151 shares in the company, valued at $5,393,972.67. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In related news, CEO George Chamoun sold 124,999 shares of the company's stock in a transaction dated Tuesday, March 19th. The stock was sold at an average price of $18.42, for a total value of $2,302,481.58. Following the completion of the sale, the chief executive officer now owns 597,921 shares in the company, valued at $11,013,704.82. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO William Zerella sold 32,500 shares of the business's stock in a transaction on Tuesday, April 16th. The shares were sold at an average price of $17.17, for a total transaction of $558,025.00. Following the completion of the sale, the chief financial officer now directly owns 314,151 shares in the company, valued at $5,393,972.67. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 1,475,208 shares of company stock valued at $26,669,099. Company insiders own 8.50% of the company's stock.

Institutional Investors Weigh In On ACV Auctions

Several hedge funds have recently bought and sold shares of the stock. Parkside Financial Bank & Trust bought a new position in ACV Auctions in the third quarter valued at about $66,000. Allspring Global Investments Holdings LLC bought a new position in shares of ACV Auctions during the third quarter valued at about $72,000. UMB Bank n.a. purchased a new stake in ACV Auctions in the first quarter worth $114,000. Penn Mutual Asset Management LLC bought a new position in ACV Auctions in the 4th quarter worth approximately $153,000. Finally, Versor Investments LP increased its holdings in ACV Auctions by 19.5% during the 3rd quarter. Versor Investments LP now owns 11,974 shares of the company's stock worth $182,000 after acquiring an additional 1,950 shares during the period. 88.55% of the stock is currently owned by institutional investors and hedge funds.

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.