ACV Auctions Inc. (NASDAQ:ACVA) Receives Consensus Recommendation of “Moderate Buy” from Brokerages

Shares of ACV Auctions Inc. (NASDAQ:ACVA) have earned an average recommendation of “Moderate Buy” from the eleven research firms that are presently covering the stock, Marketbeat.com reports. One research analyst has rated the stock with a hold recommendation and ten have assigned a buy recommendation to the company. The average twelve-month price objective among analysts that have covered the stock in the last year is $21.18.

Several brokerages recently issued reports on ACVA. JMP Securities reissued a “market outperform” rating and issued a $21.00 price objective on shares of ACV Auctions in a research note on Wednesday. JPMorgan Chase & Co. raised shares of ACV Auctions from a “neutral” rating to an “overweight” rating and set a $21.00 price target for the company in a research report on Monday, June 10th. Barrington Research reaffirmed an “outperform” rating and set a $23.00 price objective on shares of ACV Auctions in a research report on Monday, May 13th. Piper Sandler increased their target price on shares of ACV Auctions from $15.00 to $16.00 and gave the stock a “neutral” rating in a research report on Thursday, May 9th. Finally, Needham & Company LLC reissued a “buy” rating and set a $23.00 target price on shares of ACV Auctions in a research note on Monday, June 3rd.

ACV Auctions Stock Performance

Shares of ACVA opened at $16.96 on Friday. ACV Auctions has a one year low of $12.84 and a one year high of $19.62. The company has a 50-day moving average of $17.99 and a two-hundred day moving average of $16.82. The company has a debt-to-equity ratio of 0.27, a current ratio of 1.62 and a quick ratio of 1.62. The stock has a market cap of $2.80 billion, a price-to-earnings ratio of -35.33 and a beta of 1.54.

ACV Auctions (NASDAQ:ACVA) last posted its quarterly earnings data on Wednesday, May 8th. The company reported ($0.09) EPS for the quarter, missing analysts’ consensus estimates of ($0.08) by ($0.01). ACV Auctions had a negative return on equity of 13.50% and a negative net margin of 15.28%. The firm had revenue of $145.69 million during the quarter, compared to analyst estimates of $144.14 million. On average, equities research analysts expect that ACV Auctions will post -0.37 earnings per share for the current year.

Insider Buying and Selling

In other ACV Auctions news, insider Craig Eric Anderson sold 7,500 shares of the stock in a transaction on Tuesday, July 2nd. The shares were sold at an average price of $17.81, for a total transaction of $133,575.00. Following the transaction, the insider now directly owns 328,167 shares of the company’s stock, valued at $5,844,654.27. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other news, CFO William Zerella sold 32,500 shares of ACV Auctions stock in a transaction that occurred on Tuesday, July 9th. The shares were sold at an average price of $17.51, for a total value of $569,075.00. Following the transaction, the chief financial officer now owns 503,077 shares of the company’s stock, valued at $8,808,878.27. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, insider Craig Eric Anderson sold 7,500 shares of the firm’s stock in a transaction on Tuesday, July 2nd. The shares were sold at an average price of $17.81, for a total transaction of $133,575.00. Following the completion of the transaction, the insider now owns 328,167 shares in the company, valued at $5,844,654.27. The disclosure for this sale can be found here. Over the last three months, insiders sold 711,869 shares of company stock worth $12,736,317. Corporate insiders own 8.50% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in ACVA. Vanguard Group Inc. boosted its stake in ACV Auctions by 8.6% during the third quarter. Vanguard Group Inc. now owns 12,809,266 shares of the company’s stock worth $194,445,000 after buying an additional 1,010,941 shares in the last quarter. Dimensional Fund Advisors LP increased its holdings in shares of ACV Auctions by 21.7% during the fourth quarter. Dimensional Fund Advisors LP now owns 1,846,726 shares of the company’s stock worth $27,979,000 after buying an additional 329,854 shares in the last quarter. Jennison Associates LLC raised its stake in shares of ACV Auctions by 9.7% in the fourth quarter. Jennison Associates LLC now owns 3,561,009 shares of the company’s stock valued at $53,949,000 after acquiring an additional 313,856 shares during the last quarter. Congress Asset Management Co. MA raised its stake in shares of ACV Auctions by 21.8% in the first quarter. Congress Asset Management Co. MA now owns 482,881 shares of the company’s stock valued at $9,064,000 after acquiring an additional 86,525 shares during the last quarter. Finally, Deepwater Asset Management LLC boosted its holdings in shares of ACV Auctions by 20.1% in the 4th quarter. Deepwater Asset Management LLC now owns 851,819 shares of the company’s stock worth $12,905,000 after acquiring an additional 142,296 shares in the last quarter. 88.55% of the stock is owned by institutional investors.

About ACV Auctions

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.