ACV Auctions’ (ACVA) Market Outperform Rating Reiterated at JMP Securities

ACV Auctions (NASDAQ:ACVA)‘s stock had its “market outperform” rating reissued by investment analysts at JMP Securities in a note issued to investors on Wednesday, Benzinga reports. They currently have a $19.00 price target on the stock. JMP Securities’ target price would suggest a potential upside of 7.04% from the stock’s current price.

A number of other equities research analysts have also recently weighed in on ACVA. Northcoast Research upgraded shares of ACV Auctions from a “neutral” rating to a “buy” rating and set a $22.00 price objective on the stock in a research note on Wednesday, January 10th. Needham & Company LLC reaffirmed a “buy” rating and set a $23.00 target price on shares of ACV Auctions in a report on Thursday, February 22nd. Two research analysts have rated the stock with a hold rating and nine have given a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $20.21.

ACV Auctions Stock Performance

Shares of NASDAQ ACVA traded up $0.46 during midday trading on Wednesday, reaching $17.75. 703,843 shares of the company traded hands, compared to its average volume of 1,214,111. ACV Auctions has a 52 week low of $11.58 and a 52 week high of $19.54. The stock has a 50-day moving average price of $17.20 and a 200 day moving average price of $15.41. The company has a debt-to-equity ratio of 0.25, a current ratio of 2.12 and a quick ratio of 2.12. The company has a market cap of $2.91 billion, a price-to-earnings ratio of -38.83 and a beta of 1.57.

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

Insiders Place Their Bets

In other ACV Auctions news, insider Craig Eric Anderson sold 5,000 shares of the firm’s stock in a transaction dated Wednesday, February 28th. The stock was sold at an average price of $18.00, for a total transaction of $90,000.00. Following the completion of the sale, the insider now directly owns 202,797 shares in the company, valued at approximately $3,650,346. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, insider Craig Eric Anderson sold 5,000 shares of ACV Auctions stock in a transaction dated Wednesday, February 28th. The stock was sold at an average price of $18.00, for a total transaction of $90,000.00. Following the completion of the sale, the insider now directly owns 202,797 shares in the company, valued at approximately $3,650,346. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO George Chamoun sold 120,062 shares of ACV Auctions stock in a transaction dated Thursday, March 21st. The shares were sold at an average price of $19.14, for a total value of $2,297,986.68. Following the sale, the chief executive officer now owns 597,921 shares of the company’s stock, valued at $11,444,207.94. The disclosure for this sale can be found here. In the last ninety days, insiders sold 1,475,208 shares of company stock worth $26,568,349. 13.67% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On ACV Auctions

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Vanguard Group Inc. lifted its holdings in ACV Auctions by 8.6% in the 3rd quarter. Vanguard Group Inc. now owns 12,809,266 shares of the company’s stock worth $194,445,000 after purchasing an additional 1,010,941 shares during the last quarter. Loomis Sayles & Co. L P bought a new position in ACV Auctions in the 3rd quarter worth approximately $32,611,000. Deepwater Asset Management LLC increased its position in 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 buying an additional 142,296 shares during the period. Massachusetts Financial Services Co. MA increased its position in ACV Auctions by 8.6% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 1,705,720 shares of the company’s stock worth $25,893,000 after buying an additional 134,587 shares during the period. Finally, William Blair Investment Management LLC increased its position in ACV Auctions by 8.7% in the 3rd quarter. William Blair Investment Management LLC now owns 4,369,867 shares of the company’s stock worth $66,335,000 after buying an additional 350,865 shares during the period. 88.55% of the stock is currently owned by institutional investors and hedge funds.

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.