ACV Auctions (NASDAQ:ACVA) Stock Rating Upgraded by Bank of America

ACV Auctions (NASDAQ:ACVA) was upgraded by investment analysts at Bank of America from a “neutral” rating to a “buy” rating in a research note issued on Wednesday,Briefing.com Automated Import reports. The brokerage presently has a $20.00 price target on the stock, down from their previous price target of $22.00. Bank of America‘s price target indicates a potential upside of 45.14% from the stock’s current price.

A number of other brokerages have also recently issued reports on ACVA. JMP Securities reiterated a “market outperform” rating and set a $25.00 target price on shares of ACV Auctions in a research report on Monday, December 16th. Citigroup raised their price objective on shares of ACV Auctions from $22.00 to $27.00 and gave the company a “buy” rating in a research report on Wednesday, November 27th. Stephens upgraded shares of ACV Auctions to a “hold” rating in a research report on Saturday, February 1st. Needham & Company LLC lowered their price objective on shares of ACV Auctions from $28.00 to $25.00 and set a “buy” rating for the company in a research report on Thursday, February 20th. Finally, B. Riley raised their price objective on shares of ACV Auctions from $24.00 to $27.00 and gave the company a “buy” rating in a research report on Tuesday, November 26th. Three investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $23.05.

ACV Auctions Trading Up 5.2 %

Shares of ACV Auctions stock opened at $13.78 on Wednesday. The stock has a market capitalization of $2.33 billion, a P/E ratio of -28.12 and a beta of 1.73. The company has a quick ratio of 1.56, a current ratio of 1.56 and a debt-to-equity ratio of 0.28. The company has a 50-day simple moving average of $19.67 and a 200 day simple moving average of $19.94. ACV Auctions has a 12-month low of $12.77 and a 12-month high of $23.46.

ACV Auctions (NASDAQ:ACVA) last announced its earnings results on Wednesday, February 19th. The company reported ($0.14) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.15) by $0.01. The business had revenue of $159.51 million during the quarter, compared to analysts’ expectations of $156.77 million. ACV Auctions had a negative net margin of 12.51% and a negative return on equity of 12.94%. Research analysts expect that ACV Auctions will post -0.07 earnings per share for the current fiscal year.

Insider Activity at ACV Auctions

In related news, CFO William Zerella sold 15,000 shares of the business’s stock in a transaction that occurred on Tuesday, January 7th. The stock was sold at an average price of $20.57, for a total value of $308,550.00. Following the completion of the transaction, the chief financial officer now directly owns 462,452 shares in the company, valued at approximately $9,512,637.64. The trade was a 3.14 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Michael Waterman sold 30,162 shares of the business’s stock in a transaction that occurred on Tuesday, January 7th. The shares were sold at an average price of $20.53, for a total value of $619,225.86. Following the completion of the transaction, the insider now owns 314,738 shares of the company’s stock, valued at $6,461,571.14. This represents a 8.75 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 92,662 shares of company stock worth $1,935,451. 8.50% of the stock is owned by company insiders.

Institutional Investors Weigh In On ACV Auctions

Several institutional investors have recently bought and sold shares of ACVA. William Blair Investment Management LLC lifted its stake in ACV Auctions by 43.2% in the 4th quarter. William Blair Investment Management LLC now owns 12,099,686 shares of the company’s stock valued at $261,353,000 after acquiring an additional 3,652,871 shares in the last quarter. Driehaus Capital Management LLC lifted its stake in ACV Auctions by 128.5% in the 4th quarter. Driehaus Capital Management LLC now owns 2,837,165 shares of the company’s stock valued at $61,283,000 after acquiring an additional 1,595,657 shares in the last quarter. Spyglass Capital Management LLC lifted its stake in ACV Auctions by 69.1% in the 3rd quarter. Spyglass Capital Management LLC now owns 2,614,245 shares of the company’s stock valued at $53,148,000 after acquiring an additional 1,068,356 shares in the last quarter. Wellington Management Group LLP bought a new stake in ACV Auctions in the 3rd quarter valued at approximately $21,540,000. Finally, Franklin Resources Inc. lifted its stake in ACV Auctions by 2,346.2% in the 4th quarter. Franklin Resources Inc. now owns 1,001,365 shares of the company’s stock valued at $21,629,000 after acquiring an additional 960,430 shares in the last quarter. Institutional investors own 88.55% of the company’s stock.

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.