Needham & Company LLC Reaffirms Buy Rating for ACV Auctions (NASDAQ:ACVA)

Needham & Company LLC reaffirmed their buy rating on shares of ACV Auctions (NASDAQ:ACVA) in a report issued on Thursday, Benzinga reports. The firm currently has a $23.00 price target on the stock.

Other research analysts have also issued research reports about the company. Piper Sandler increased their price target on ACV Auctions from $15.00 to $16.00 and gave the stock a neutral rating in a research note on Thursday, May 9th. JMP Securities increased their price objective on shares of ACV Auctions from $19.00 to $20.00 and gave the company a market outperform rating in a report on Thursday, May 9th. Finally, Barrington Research reissued an outperform rating and set a $23.00 target price on shares of ACV Auctions in a report on Monday. Three equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of Moderate Buy and a consensus price target of $20.36.

ACV Auctions Stock Up 2.1 %

NASDAQ ACVA traded up $0.39 on Thursday, reaching $18.62. The company had a trading volume of 1,202,378 shares, compared to its average volume of 1,173,264. The firm has a 50-day moving average of $18.00 and a 200-day moving average of $15.91. The firm has a market capitalization of $3.05 billion, a PE ratio of -38.96 and a beta of 1.56. ACV Auctions has a 1 year low of $12.84 and a 1 year high of $19.54. The company has a debt-to-equity ratio of 0.27, a current ratio of 1.62 and a quick ratio of 1.62.

ACV Auctions (NASDAQ:ACVA) last released its quarterly earnings results on Wednesday, February 21st. The company reported ($0.12) EPS for the quarter, topping the consensus estimate of ($0.13) by $0.01. The business had revenue of $118.38 million during the quarter, compared to analyst estimates of $117.62 million. ACV Auctions had a negative net margin of 15.28% and a negative return on equity of 13.50%. On average, equities research analysts anticipate that ACV Auctions will post -0.4 EPS for the current fiscal year.

Insider Transactions at ACV Auctions

In other ACV Auctions news, COO Vikas Mehta sold 200,000 shares of the company’s 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 directly owns 319,036 shares of the company’s stock, valued at $5,257,713.28. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In other ACV Auctions news, CFO William Zerella sold 50,000 shares of the firm’s stock in a transaction dated Tuesday, March 5th. The stock was sold at an average price of $18.72, for a total transaction of $936,000.00. Following the completion of the sale, the chief financial officer now directly owns 323,286 shares in the company, valued at approximately $6,051,913.92. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, 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 value of $3,296,000.00. Following the transaction, the chief operating officer now directly owns 319,036 shares in the company, valued at approximately $5,257,713.28. The disclosure for this sale can be found here. Insiders have sold 1,475,208 shares of company stock valued at $26,669,099 over the last three months. Company insiders own 8.50% of the company’s stock.

Hedge Funds Weigh In On ACV Auctions

A number of hedge funds have recently modified their holdings of ACVA. Parkside Financial Bank & Trust acquired a new stake in shares of ACV Auctions during the 3rd quarter worth approximately $66,000. Allspring Global Investments Holdings LLC acquired a new position in ACV Auctions in the third quarter valued at about $72,000. UMB Bank n.a. bought a new position in shares of ACV Auctions in the first quarter valued at approximately $114,000. Penn Mutual Asset Management LLC acquired a new position in ACV Auctions in the fourth quarter worth $153,000. Finally, Versor Investments LP grew its holdings in 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 acquiring an additional 1,950 shares during 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.