ACV Auctions (NASDAQ:ACVA) Rating Increased to Overweight at Piper Sandler

Piper Sandler upgraded shares of ACV Auctions (NASDAQ:ACVA) from a neutral rating to an overweight rating in a report issued on Thursday, Marketbeat.com reports. Piper Sandler currently has $20.00 price target on the stock, up from their prior price target of $18.00.

A number of other equities research analysts also recently commented on the stock. Needham & Company LLC reaffirmed a “buy” rating and issued a $25.00 target price on shares of ACV Auctions in a research report on Wednesday, March 12th. Citigroup lifted their price objective on ACV Auctions from $22.00 to $27.00 and gave the stock a “buy” rating in a report on Wednesday, November 27th. B. Riley increased their target price on ACV Auctions from $24.00 to $27.00 and gave the company a “buy” rating in a report on Tuesday, November 26th. JMP Securities reaffirmed a “market outperform” rating and set a $25.00 target price on shares of ACV Auctions in a report on Monday, December 16th. Finally, Bank of America raised shares of ACV Auctions from a “neutral” rating to a “buy” rating and cut their price objective for the company from $22.00 to $20.00 in a research report on Wednesday, March 12th. Two analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $23.23.

ACV Auctions Stock Performance

ACV Auctions stock opened at $15.69 on Thursday. ACV Auctions has a twelve month low of $12.77 and a twelve month high of $23.46. 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 market capitalization of $2.65 billion, a P/E ratio of -32.02 and a beta of 1.73. The stock’s 50 day moving average is $18.76 and its 200 day moving average is $19.72.

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

Insiders Place Their Bets

In related news, CFO William Zerella sold 15,000 shares of the company’s stock in a transaction on Tuesday, March 11th. The shares were sold at an average price of $13.53, for a total transaction of $202,950.00. Following the completion of the transaction, the chief financial officer now owns 766,266 shares in the company, valued at approximately $10,367,578.98. This represents a 1.92 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Michael Waterman sold 30,162 shares of ACV Auctions stock in a transaction on Tuesday, January 7th. The shares were sold at an average price of $20.53, for a total transaction of $619,225.86. Following the completion of the sale, the insider now owns 314,738 shares in the company, valued at approximately $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. Insiders sold 107,662 shares of company stock worth $2,138,401 in the last three months. 8.50% of the stock is owned by company insiders.

Hedge Funds Weigh In On ACV Auctions

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Moody National Bank Trust Division raised its holdings in shares of ACV Auctions by 64.6% during the 4th quarter. Moody National Bank Trust Division now owns 79,199 shares of the company’s stock worth $1,711,000 after acquiring an additional 31,094 shares in the last quarter. Quadrature Capital Ltd purchased a new stake in ACV Auctions during the third quarter valued at $566,000. TimesSquare Capital Management LLC raised its stake in ACV Auctions by 6.7% during the fourth quarter. TimesSquare Capital Management LLC now owns 1,891,627 shares of the company’s stock valued at $40,859,000 after purchasing an additional 118,421 shares in the last quarter. JPMorgan Chase & Co. grew its stake in shares of ACV Auctions by 10.9% in the 3rd quarter. JPMorgan Chase & Co. now owns 3,167,615 shares of the company’s stock worth $64,398,000 after buying an additional 311,465 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. increased its holdings in shares of ACV Auctions by 3.9% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,289,362 shares of the company’s stock worth $27,850,000 after buying an additional 48,021 shares during the last quarter. 88.55% of the stock is owned by institutional investors.

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.