JPMorgan Chase & Co. Cuts ACV Auctions (NASDAQ:ACVA) Price Target to $20.00

ACV Auctions (NASDAQ:ACVA) had its target price cut by analysts at JPMorgan Chase & Co. from $24.00 to $20.00 in a report issued on Thursday,Benzinga reports. The brokerage presently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s target price indicates a potential upside of 41.70% from the company’s previous close.

Other analysts have also recently issued reports about the stock. JMP Securities reiterated a “market outperform” rating and issued a $25.00 target price on shares of ACV Auctions in a research note on Monday, December 16th. Piper Sandler upgraded shares of ACV Auctions from a “neutral” rating to an “overweight” rating and lifted their target price for the company from $18.00 to $20.00 in a research report on Thursday, March 20th. Stephens raised shares of ACV Auctions to a “hold” rating in a report on Saturday, February 1st. Citigroup increased their target price on ACV Auctions from $22.00 to $27.00 and gave the company a “buy” rating in a research note on Wednesday, November 27th. Finally, Bank of America raised shares of ACV Auctions from a “neutral” rating to a “buy” rating and decreased their price target for the stock from $22.00 to $20.00 in a research note on Wednesday, March 12th. Two equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. Based on data from MarketBeat, ACV Auctions has a consensus rating of “Moderate Buy” and an average target price of $23.14.

ACV Auctions Price Performance

ACV Auctions stock opened at $14.11 on Thursday. 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 has a one year low of $12.77 and a one year high of $23.46. The firm has a market capitalization of $2.38 billion, a P/E ratio of -28.80 and a beta of 1.73. The business has a fifty day moving average price of $18.06 and a 200-day moving average price of $19.59.

ACV Auctions (NASDAQ:ACVA) last posted its earnings results on Wednesday, February 19th. The company reported ($0.14) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.15) by $0.01. ACV Auctions had a negative return on equity of 12.94% and a negative net margin of 12.51%. The business had revenue of $159.51 million during the quarter, compared to analyst estimates of $156.77 million. As a group, equities research analysts forecast that ACV Auctions will post -0.07 EPS for the current year.

Insider Transactions at ACV Auctions

In related news, CEO George Chamoun sold 348,249 shares of ACV Auctions 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 sale, the chief executive officer now 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 legal filing with the SEC, which is available at this link. Also, CFO William Zerella sold 32,500 shares of the business’s stock in a transaction on Monday, December 30th. The shares were sold at an average price of $21.65, for a total transaction of $703,625.00. Following the transaction, the chief financial officer now directly owns 490,482 shares in the company, valued at approximately $10,618,935.30. The trade was a 6.21 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 455,911 shares of company stock worth $7,480,541. Company insiders own 8.50% of the company’s stock.

Institutional Trading of ACV Auctions

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Blue Trust Inc. grew its holdings in shares of ACV Auctions by 65.8% during the 4th quarter. Blue Trust Inc. now owns 2,352 shares of the company’s stock worth $48,000 after acquiring an additional 933 shares during the period. Icon Wealth Advisors LLC boosted its position in shares of ACV Auctions by 13.5% during the third quarter. Icon Wealth Advisors LLC now owns 11,048 shares of the company’s stock valued at $225,000 after purchasing an additional 1,317 shares in the last quarter. Arizona State Retirement System grew its stake in ACV Auctions by 3.6% in the fourth quarter. Arizona State Retirement System now owns 44,126 shares of the company’s stock worth $953,000 after purchasing an additional 1,520 shares during the period. California State Teachers Retirement System raised its holdings in ACV Auctions by 1.4% in the fourth quarter. California State Teachers Retirement System now owns 141,873 shares of the company’s stock worth $3,064,000 after purchasing an additional 1,906 shares in the last quarter. Finally, Franklin Resources Inc. lifted its position in ACV Auctions by 5.3% during the third quarter. Franklin Resources Inc. now owns 40,935 shares of the company’s stock valued at $768,000 after buying an additional 2,057 shares during the period. 88.55% of the stock is currently 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.