ACV Auctions (NASDAQ:ACVA) Receives "Buy" Rating from Needham & Company LLC
Needham & Company LLC has reiterated a "buy" rating for ACV Auctions (NASDAQ:ACVA) with a target price of $25.00, suggesting a potential upside of 58.73%. Other firms have varied in their ratings, with JPMorgan lowering its target to $20.00 and Piper Sandler raising it to $20.00. ACV Auctions' stock opened at $15.75, with a 12-month range of $11.88 to $23.46. The company reported a quarterly revenue increase of 25.4% but missed earnings estimates. Insider trading activity includes significant share sales by the CEO and CFO.
ACV Auctions (NASDAQ:ACVA - Get Free Report)'s stock had its "buy" rating reiterated by equities research analysts at Needham & Company LLC in a report issued on Thursday,Benzinga reports. They currently have a $25.00 target price on the stock. Needham & Company LLC's price target would suggest a potential upside of 58.73% from the company's current price.
Several other research firms also recently issued reports on ACVA. JPMorgan Chase & Co. cut their price target on ACV Auctions from $24.00 to $20.00 and set an "overweight" rating for the company in a research note on Thursday, March 27th. Piper Sandler upgraded shares of ACV Auctions from a "neutral" rating to an "overweight" rating and lifted their target price for the stock from $18.00 to $20.00 in a research report on Thursday, March 20th. Stephens upgraded shares of ACV Auctions to a "hold" rating in a research report on Saturday, February 1st. Bank of America raised ACV Auctions from a "neutral" rating to a "buy" rating and cut their price target for the stock from $22.00 to $20.00 in a report on Wednesday, March 12th. Finally, JMP Securities cut their price target on ACV Auctions from $22.00 to $18.00 and set a "market outperform" rating for the company in a report on Wednesday, April 9th. Two equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $22.50.
Read Our Latest Stock Report on ACVA
ACV Auctions Trading Up 2.0 %
Shares of ACVA opened at $15.75 on Thursday. ACV Auctions has a twelve month low of $11.88 and a twelve month high of $23.46. The company has a current ratio of 1.56, a quick ratio of 1.56 and a debt-to-equity ratio of 0.28. The firm has a market capitalization of $2.66 billion, a P/E ratio of -32.14 and a beta of 1.72. The firm's 50-day moving average is $14.51 and its two-hundred day moving average is $18.50.
ACV Auctions (NASDAQ:ACVA - Get Free Report) last released its quarterly earnings results on Wednesday, May 7th. The company reported ($0.09) earnings per share for the quarter, missing analysts' consensus estimates 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%. The business's quarterly revenue was up 25.4% compared to the same quarter last year. During the same period last year, the firm posted ($0.13) earnings per share. On average, research analysts predict that ACV Auctions will post -0.07 earnings per share for the current fiscal year.
Insider Activity at ACV Auctions
In other news, CEO George Chamoun sold 348,249 shares of the firm's stock in a transaction on Thursday, March 20th. The shares were sold at an average price of $15.34, for a total value of $5,342,139.66. Following the transaction, the chief executive officer now owns 2,821,193 shares of the company's stock, valued at approximately $43,277,100.62. This trade represents a 10.99 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO William Zerella sold 15,000 shares of the company's stock in a transaction on Tuesday, March 11th. The stock was sold at an average price of $13.53, for a total transaction of $202,950.00. Following the sale, the chief financial officer now directly owns 766,266 shares of the company's stock, valued at approximately $10,367,578.98. This trade represents a 1.92 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 8.50% of the stock is currently owned by insiders.
Institutional Trading of ACV Auctions
Several large investors have recently bought and sold shares of the company. Versant Capital Management Inc boosted its stake in shares of ACV Auctions by 464.4% in 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 during the period. Blue Trust Inc. boosted its position in 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 buying an additional 933 shares during the last quarter. GAMMA Investing LLC grew its stake in shares of ACV Auctions by 3,005.8% during the first 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. KBC Group NV increased its position in shares of ACV Auctions by 80.4% during the fourth quarter. KBC Group NV now owns 7,406 shares of the company's stock worth $160,000 after acquiring an additional 3,300 shares during the last quarter. Finally, Integrated Advisors Network LLC purchased a new position in ACV Auctions in the fourth quarter valued at about $200,000. Institutional investors and hedge funds own 88.55% of the company's stock.
About ACV Auctions
(Get Free Report)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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