ACV Auctions (NASDAQ:ACVA) Price Target Cut to $20.00 by Analysts at JPMorgan Chase & Co.

ACV Auctions (NASDAQ:ACVA) had its price target cut by JPMorgan Chase & Co. from $24.00 to $20.00 in a report released on Thursday,Benzinga reports. They currently have an overweight rating on the stock.

Other research analysts have also recently issued reports about the company. Bank of America upgraded ACV Auctions from a “neutral” rating to a “buy” rating and lowered their target price for the stock from $22.00 to $20.00 in a report on Wednesday, March 12th. Citigroup raised their target price on ACV Auctions from $22.00 to $27.00 and gave the stock a “buy” rating in a research note on Wednesday, November 27th. Needham & Company LLC reissued a “buy” rating and set a $25.00 price target on shares of ACV Auctions in a research report on Wednesday, March 12th. Piper Sandler upgraded shares of ACV Auctions from a “neutral” rating to an “overweight” rating and raised their price objective for the stock from $18.00 to $20.00 in a research report on Thursday, March 20th. Finally, Stephens upgraded shares of ACV Auctions to a “hold” rating in a report on Saturday, February 1st. Two research analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $23.14.

ACV Auctions Stock Performance

Shares of NASDAQ:ACVA opened at $14.58 on Thursday. The business’s 50 day moving average price is $18.21 and its 200-day moving average price is $19.62. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.56 and a quick ratio of 1.56. The firm has a market capitalization of $2.46 billion, a PE ratio of -29.76 and a beta of 1.73. ACV Auctions has a 1 year low of $12.77 and a 1 year 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 the consensus estimate of ($0.15) by $0.01. The company had revenue of $159.51 million for 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%. As a group, equities research analysts expect that ACV Auctions will post -0.07 earnings per share for the current fiscal year.

Insider Buying and Selling at ACV Auctions

In other ACV Auctions news, CFO William Zerella sold 32,500 shares of ACV Auctions stock in a transaction dated Monday, December 30th. The stock was sold at an average price of $21.65, for a total value of $703,625.00. Following the completion of the transaction, the chief financial officer now directly owns 490,482 shares of the company’s stock, valued at $10,618,935.30. The trade was a 6.21 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO George Chamoun sold 348,249 shares of the stock in a transaction dated Thursday, March 20th. The stock was sold at an average price of $15.34, for a total transaction of $5,342,139.66. Following the sale, the chief executive officer now directly owns 2,821,193 shares in the company, valued at $43,277,100.62. This represents a 10.99 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 455,911 shares of company stock valued at $7,480,541 over the last quarter. 8.50% of the stock is owned by company insiders.

Hedge Funds Weigh In On ACV Auctions

Several institutional investors have recently modified their holdings of ACVA. Blue Trust Inc. boosted its holdings in ACV Auctions by 65.8% in the fourth quarter. Blue Trust Inc. now owns 2,352 shares of the company’s stock valued at $48,000 after purchasing an additional 933 shares during the period. KBC Group NV raised its position in ACV Auctions by 80.4% in the 4th quarter. KBC Group NV now owns 7,406 shares of the company’s stock valued at $160,000 after purchasing an additional 3,300 shares in the last quarter. Integrated Advisors Network LLC purchased a new position in shares of ACV Auctions in the 4th quarter valued at about $200,000. Mackenzie Financial Corp acquired a new position in shares of ACV Auctions during the fourth quarter worth about $206,000. Finally, Icon Wealth Advisors LLC increased its stake in shares of ACV Auctions by 13.5% during the third quarter. Icon Wealth Advisors LLC now owns 11,048 shares of the company’s stock worth $225,000 after buying an additional 1,317 shares during the period. Institutional investors and hedge funds own 88.55% of the company’s stock.

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.