Brokerages Set ACV Auctions Inc. (NASDAQ:ACVA) Target Price at $20.36

Shares of ACV Auctions Inc. (NASDAQ:ACVA) have been given an average recommendation of “Moderate Buy” by the twelve research firms that are presently covering the company, MarketBeat.com reports. Three equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. The average 1-year price target among analysts that have updated their coverage on the stock in the last year is $20.36.

Several equities analysts have recently issued reports on ACVA shares. Barrington Research reiterated an “outperform” rating and issued a $23.00 price objective on shares of ACV Auctions in a research note on Monday, May 13th. Piper Sandler lifted their price objective on ACV Auctions from $15.00 to $16.00 and gave the company a “neutral” rating in a research note on Thursday, May 9th. JMP Securities boosted their target price on ACV Auctions from $19.00 to $20.00 and gave the stock a “market outperform” rating in a research note on Thursday, May 9th. Finally, Needham & Company LLC restated a “buy” rating and set a $23.00 target price on shares of ACV Auctions in a research note on Thursday, May 16th.

Insider Activity at ACV Auctions

In related news, CFO William Zerella sold 32,500 shares of the firm’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 value of $558,025.00. Following the sale, the chief financial officer now directly owns 314,151 shares in the company, valued at approximately $5,393,972.67. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other news, Director Brian Hirsch sold 102,970 shares of ACV Auctions stock in a transaction on Thursday, March 14th. The stock was sold at an average price of $17.38, for a total transaction of $1,789,618.60. Following the transaction, the director now directly owns 3,362 shares in the company, valued at approximately $58,431.56. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CFO William Zerella sold 32,500 shares of ACV Auctions stock in a transaction on Tuesday, April 16th. The shares were sold at an average price of $17.17, for a total value of $558,025.00. Following the transaction, the chief financial officer now owns 314,151 shares in the company, valued at $5,393,972.67. The disclosure for this sale can be found here. Insiders have sold a total of 1,275,208 shares of company stock worth $23,373,099 in the last three months. 8.50% of the stock is owned by company insiders.

Hedge Funds Weigh In On ACV Auctions

Hedge funds have recently modified their holdings of the stock. Zurcher Kantonalbank Zurich Cantonalbank boosted its position in shares of ACV Auctions by 28.9% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 26,337 shares of the company’s stock worth $400,000 after buying an additional 5,901 shares during the period. Mirae Asset Global Investments Co. Ltd. boosted its position in ACV Auctions by 292.6% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 202,088 shares of the company’s stock valued at $3,068,000 after purchasing an additional 150,619 shares during the last quarter. Allspring Global Investments Holdings LLC acquired a new stake in ACV Auctions during the third quarter valued at $72,000. Congress Asset Management Co. MA acquired a new stake in ACV Auctions during the third quarter valued at $5,608,000. Finally, Victory Capital Management Inc. lifted its position in shares of ACV Auctions by 226.7% in the third quarter. Victory Capital Management Inc. now owns 44,292 shares of the company’s stock worth $672,000 after buying an additional 30,734 shares during the last quarter. 88.55% of the stock is currently owned by institutional investors and hedge funds.

ACV Auctions Stock Up 2.2 %

Shares of ACVA opened at $19.09 on Friday. ACV Auctions has a 52-week low of $12.84 and a 52-week high of $19.54. The company has a market capitalization of $3.15 billion, a PE ratio of -39.77 and a beta of 1.56. The stock has a fifty day simple moving average of $18.14 and a two-hundred day simple moving average of $16.12. The company has a quick ratio of 1.62, a current ratio of 1.62 and a debt-to-equity ratio of 0.27.

ACV Auctions (NASDAQ:ACVA) last issued its quarterly earnings data on Wednesday, February 21st. The company reported ($0.12) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.13) by $0.01. The firm had revenue of $118.38 million during the quarter, compared to the consensus estimate of $117.62 million. ACV Auctions had a negative return on equity of 13.50% and a negative net margin of 15.28%. As a group, equities analysts forecast that ACV Auctions will post -0.37 EPS for the current year.

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.