ACV Auctions (NASDAQ:ACVA) Shares Gap Up Following Analyst Upgrade

ACV Auctions Inc. (NASDAQ:ACVA)’s stock price gapped up prior to trading on Friday after Needham & Company LLC raised their price target on the stock from $23.00 to $26.00. The stock had previously closed at $19.50, but opened at $20.45. Needham & Company LLC currently has a buy rating on the stock. ACV Auctions shares last traded at $20.78, with a volume of 47,596 shares trading hands.

Other analysts have also recently issued reports about the company. Barrington Research restated an “outperform” rating and issued a $23.00 price target on shares of ACV Auctions in a research note on Monday, November 4th. Raymond James began coverage on ACV Auctions in a research note on Friday, September 27th. They set a “market perform” rating and a $22.00 target price for the company. JMP Securities increased their price target on shares of ACV Auctions from $21.00 to $24.00 and gave the company a “market outperform” rating in a research note on Tuesday, September 17th. Jefferies Financial Group boosted their price objective on shares of ACV Auctions from $22.00 to $25.00 and gave the stock a “buy” rating in a research report on Tuesday, October 22nd. Finally, Piper Sandler increased their target price on shares of ACV Auctions from $16.00 to $18.00 and gave the company a “neutral” rating in a research report on Friday. Two research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $22.63.

Insider Activity

In other ACV Auctions news, Director Brian Hirsch sold 61,666 shares of the stock in a transaction that occurred on Friday, August 23rd. The stock was sold at an average price of $18.63, for a total transaction of $1,148,837.58. Following the completion of the sale, the director now directly owns 9,239 shares of the company’s stock, valued at approximately $172,122.57. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other ACV Auctions news, Director Brian Hirsch sold 61,666 shares of the business’s stock in a transaction on Friday, August 23rd. The shares were sold at an average price of $18.63, for a total value of $1,148,837.58. Following the transaction, the director now directly owns 9,239 shares of the company’s stock, valued at approximately $172,122.57. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Michael Waterman sold 18,001 shares of the firm’s stock in a transaction on Tuesday, October 15th. The stock was sold at an average price of $18.79, for a total transaction of $338,238.79. Following the completion of the sale, the insider now owns 337,190 shares of the company’s stock, valued at $6,335,800.10. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 709,426 shares of company stock valued at $13,792,090. Insiders own 8.50% of the company’s stock.

Hedge Funds Weigh In On ACV Auctions

Large investors have recently modified their holdings of the business. Quantbot Technologies LP purchased a new stake in shares of ACV Auctions in the first quarter valued at approximately $519,000. Oppenheimer Asset Management Inc. lifted its holdings in ACV Auctions by 6.0% in the first quarter. Oppenheimer Asset Management Inc. now owns 111,890 shares of the company’s stock valued at $2,100,000 after acquiring an additional 6,325 shares during the period. ProShare Advisors LLC lifted its holdings in ACV Auctions by 8.5% in the first quarter. ProShare Advisors LLC now owns 22,843 shares of the company’s stock valued at $429,000 after acquiring an additional 1,798 shares during the period. Blair William & Co. IL boosted its position in shares of ACV Auctions by 14.7% during the 1st quarter. Blair William & Co. IL now owns 12,691 shares of the company’s stock worth $238,000 after purchasing an additional 1,626 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD grew its stake in shares of ACV Auctions by 6.3% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 77,547 shares of the company’s stock worth $1,456,000 after purchasing an additional 4,621 shares during the period. 88.55% of the stock is owned by hedge funds and other institutional investors.

ACV Auctions Price Performance

The company has a debt-to-equity ratio of 0.24, a quick ratio of 1.49 and a current ratio of 1.49. The stock’s fifty day moving average price is $19.03 and its 200-day moving average price is $18.29. The firm has a market cap of $3.35 billion, a PE ratio of -41.48 and a beta of 1.59.

ACV Auctions (NASDAQ:ACVA) last issued its earnings results on Wednesday, August 7th. The company reported ($0.07) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.09) by $0.02. The company had revenue of $160.62 million during the quarter, compared to analysts’ expectations of $156.33 million. ACV Auctions had a negative net margin of 14.53% and a negative return on equity of 13.20%. As a group, equities analysts forecast that ACV Auctions Inc. will post -0.35 EPS for the current fiscal year.

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.