ACV Auctions (NASDAQ:ACVA) Price Target Raised to $16.00 at Piper Sandler

ACV Auctions (NASDAQ:ACVA) had its price objective lifted by stock analysts at Piper Sandler from $15.00 to $16.00 in a report released on Thursday, Benzinga reports. The firm currently has a “neutral” rating on the stock. Piper Sandler’s target price suggests a potential downside of 7.62% from the stock’s previous close.

ACVA has been the topic of several other reports. Needham & Company LLC reaffirmed a “buy” rating and issued a $23.00 price objective on shares of ACV Auctions in a research report on Thursday, February 22nd. JMP Securities reiterated a “market outperform” rating and issued a $19.00 price target on shares of ACV Auctions in a research note on Wednesday, April 17th. Northcoast Research upgraded shares of ACV Auctions from a “neutral” rating to a “buy” rating and set a $22.00 price target on the stock in a research note on Wednesday, January 10th. Finally, Barrington Research reiterated an “outperform” rating and issued a $23.00 price target on shares of ACV Auctions in a research note on Monday. Three analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $20.29.

ACV Auctions Trading Down 2.5 %

Shares of NASDAQ ACVA opened at $17.32 on Thursday. The company’s fifty day moving average is $18.03 and its 200-day moving average is $15.75. The stock has a market cap of $2.84 billion, a price-to-earnings ratio of -37.65 and a beta of 1.56. ACV Auctions has a twelve month low of $12.84 and a twelve month high of $19.54. The company has a quick ratio of 2.12, a current ratio of 2.12 and a debt-to-equity ratio of 0.25.

ACV Auctions (NASDAQ:ACVA) last announced its quarterly earnings results on Wednesday, February 21st. The company reported ($0.12) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.13) by $0.01. The company had revenue of $118.38 million for the quarter, compared to analysts’ expectations of $117.62 million. ACV Auctions had a negative net margin of 15.64% and a negative return on equity of 13.97%. Equities research analysts predict that ACV Auctions will post -0.29 EPS for the current year.

Insider Buying and Selling

In related news, COO Vikas Mehta sold 200,000 shares of ACV Auctions stock in a transaction dated Thursday, February 22nd. The shares were sold at an average price of $16.48, for a total transaction of $3,296,000.00. Following the completion of the sale, the chief operating officer now owns 319,036 shares of the company’s stock, valued at approximately $5,257,713.28. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In other ACV Auctions news, insider Craig Eric Anderson sold 5,000 shares of the stock in a transaction that occurred on Wednesday, February 28th. The shares were sold at an average price of $18.00, for a total transaction of $90,000.00. Following the transaction, the insider now owns 202,797 shares in the company, valued at approximately $3,650,346. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, COO Vikas Mehta sold 200,000 shares of the company’s stock in a transaction on Thursday, February 22nd. The shares were sold at an average price of $16.48, for a total value of $3,296,000.00. Following the sale, the chief operating officer now owns 319,036 shares of the company’s stock, valued at $5,257,713.28. The disclosure for this sale can be found here. In the last 90 days, insiders sold 1,475,208 shares of company stock valued at $26,669,099. Company insiders own 8.50% of the company’s stock.

Institutional Trading of ACV Auctions

Large investors have recently modified their holdings of the stock. Parkside Financial Bank & Trust acquired a new stake in shares of ACV Auctions during the 3rd quarter worth $66,000. Allspring Global Investments Holdings LLC acquired a new stake in shares of ACV Auctions during the 3rd quarter worth $72,000. UMB Bank n.a. acquired a new stake in shares of ACV Auctions during the 1st quarter worth $114,000. Penn Mutual Asset Management LLC acquired a new stake in shares of ACV Auctions during the 4th quarter worth $153,000. Finally, Versor Investments LP grew its holdings in shares of ACV Auctions by 19.5% during the 3rd quarter. Versor Investments LP now owns 11,974 shares of the company’s stock worth $182,000 after purchasing an additional 1,950 shares in the last quarter. 88.55% of the stock is owned by institutional investors and hedge funds.

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.