ACV Auctions (NASDAQ:ACVA) Price Target Lowered to $25.00 at Needham & Company LLC

ACV Auctions (NASDAQ:ACVA) had its price objective decreased by Needham & Company LLC from $28.00 to $25.00 in a report released on Thursday,Benzinga reports. Needham & Company LLC currently has a buy rating on the stock.

A number of other research firms also recently issued reports on ACVA. JMP Securities reiterated a “market outperform” rating and issued a $25.00 price objective on shares of ACV Auctions in a report on Monday, December 16th. Citigroup raised their target price 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. Piper Sandler boosted their price target on shares of ACV Auctions from $16.00 to $18.00 and gave the stock a “neutral” rating in a research report on Friday, November 8th. Stephens upgraded ACV Auctions to a “hold” rating in a report on Saturday, February 1st. Finally, B. Riley lifted their target price on 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 seven have given a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $23.35.

ACV Auctions Price Performance

Shares of NASDAQ ACVA opened at $18.59 on Thursday. The company has a fifty day moving average price of $21.22 and a 200 day moving average price of $20.12. The firm has a market cap of $3.12 billion, a PE ratio of -39.55 and a beta of 1.69. The company has a current ratio of 1.51, a quick ratio of 1.51 and a debt-to-equity ratio of 0.25. ACV Auctions has a 1-year low of $13.66 and a 1-year high of $23.46.

ACV Auctions (NASDAQ:ACVA) last posted its quarterly earnings data on Wednesday, February 19th. The company reported ($0.14) earnings per share for the quarter, topping the consensus estimate of ($0.15) by $0.01. The company had revenue of $159.51 million during the quarter, compared to analysts’ expectations of $156.77 million. ACV Auctions had a negative return on equity of 12.11% and a negative net margin of 12.89%. Research analysts predict that ACV Auctions will post -0.33 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, insider Michael Waterman sold 15,000 shares of the firm’s stock in a transaction dated Tuesday, February 4th. The shares were sold at an average price of $20.27, for a total transaction of $304,050.00. Following the completion of the sale, the insider now owns 311,354 shares in the company, valued at approximately $6,311,145.58. This trade represents a 4.60 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CFO William Zerella sold 32,500 shares of ACV Auctions stock in a transaction dated Tuesday, November 26th. The stock was sold at an average price of $22.41, for a total transaction of $728,325.00. Following the sale, the chief financial officer now directly owns 490,482 shares of the company’s stock, valued at $10,991,701.62. The trade was a 6.21 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 125,162 shares of company stock valued at $2,663,776 over the last 90 days. 8.50% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of ACVA. Vanguard Group Inc. increased its stake in shares of ACV Auctions by 5.5% during the fourth quarter. Vanguard Group Inc. now owns 14,245,915 shares of the company’s stock worth $307,712,000 after purchasing an additional 738,391 shares during the period. William Blair Investment Management LLC grew its holdings 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 buying an additional 3,652,871 shares in the last quarter. Massachusetts Financial Services Co. MA increased its position in ACV Auctions by 11.6% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 8,655,640 shares of the company’s stock worth $175,969,000 after buying an additional 897,477 shares during the period. Alliancebernstein L.P. lifted its holdings in shares of ACV Auctions by 5.3% during the fourth quarter. Alliancebernstein L.P. now owns 5,622,255 shares of the company’s stock worth $121,441,000 after buying an additional 284,880 shares in the last quarter. Finally, Jennison Associates LLC boosted its position in shares of ACV Auctions by 17.2% in the fourth quarter. Jennison Associates LLC now owns 4,980,354 shares of the company’s stock valued at $107,576,000 after acquiring an additional 732,422 shares during the period. 88.55% of the stock is owned by institutional investors.

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.