Barrington Research Reaffirms “Outperform” Rating for ACV Auctions (NASDAQ:ACVA)

Barrington Research reaffirmed their outperform rating on shares of ACV Auctions (NASDAQ:ACVA) in a research report released on Monday morning, Benzinga reports. Barrington Research currently has a $23.00 price objective on the stock.

Other equities research analysts have also recently issued reports about the company. Raymond James started coverage on ACV Auctions in a research note on Friday, September 27th. They set a “market perform” rating and a $22.00 price objective for the company. Jefferies Financial Group boosted their target price on ACV Auctions from $22.00 to $25.00 and gave the stock a “buy” rating in a research note on Tuesday, October 22nd. Finally, JMP Securities increased their price target on ACV Auctions from $21.00 to $24.00 and gave the stock a “market outperform” rating in a report on Tuesday, September 17th. Two equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $22.00.

ACV Auctions Trading Up 1.2 %

NASDAQ:ACVA opened at $17.25 on Monday. The company has a debt-to-equity ratio of 0.24, a quick ratio of 1.49 and a current ratio of 1.49. The company has a market capitalization of $2.87 billion, a P/E ratio of -35.94 and a beta of 1.59. ACV Auctions has a 52 week low of $12.84 and a 52 week high of $21.10. The stock’s 50 day moving average price is $19.01 and its 200 day moving average price is $18.28.

ACV Auctions (NASDAQ:ACVA) last posted its quarterly earnings results on Wednesday, August 7th. The company reported ($0.07) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.09) by $0.02. The firm had revenue of $160.62 million for the quarter, compared to the consensus estimate of $156.33 million. ACV Auctions had a negative net margin of 14.53% and a negative return on equity of 13.20%. On average, research analysts forecast that ACV Auctions will post -0.35 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, Director Brian Hirsch sold 61,666 shares of the business’s stock in a transaction on Friday, August 23rd. The shares were sold at an average price of $18.63, for a total transaction of $1,148,837.58. Following the sale, the director now directly owns 9,239 shares of the company’s stock, valued at $172,122.57. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, Director Brian Hirsch sold 61,666 shares of ACV Auctions stock in a transaction that occurred on Friday, August 23rd. The stock was sold at an average price of $18.63, for a total transaction of $1,148,837.58. Following the transaction, the director now owns 9,239 shares in the company, valued at approximately $172,122.57. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, VP Andrew Peer sold 1,795 shares of the firm’s stock in a transaction on Thursday, September 19th. The stock was sold at an average price of $21.00, for a total value of $37,695.00. Following the transaction, the vice president now owns 62,956 shares of the company’s stock, valued at approximately $1,322,076. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 709,426 shares of company stock worth $13,792,090. 8.50% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On ACV Auctions

Institutional investors and hedge funds have recently bought and sold shares of the stock. Massachusetts Financial Services Co. MA raised its holdings in shares of ACV Auctions by 47.6% during the second quarter. Massachusetts Financial Services Co. MA now owns 7,758,163 shares of the company’s stock worth $141,586,000 after acquiring an additional 2,502,064 shares in the last quarter. Bank of New York Mellon Corp boosted its holdings in shares of ACV Auctions by 217.5% in the 2nd quarter. Bank of New York Mellon Corp now owns 1,391,070 shares of the company’s stock worth $25,387,000 after acquiring an additional 952,929 shares in the last quarter. Swedbank AB bought a new stake in shares of ACV Auctions during the first quarter valued at approximately $15,016,000. TimesSquare Capital Management LLC increased its position in ACV Auctions by 45.6% in the first quarter. TimesSquare Capital Management LLC now owns 1,765,822 shares of the company’s stock worth $33,144,000 after purchasing an additional 552,719 shares during the period. Finally, Allspring Global Investments Holdings LLC acquired a new stake in shares of ACV Auctions during the second quarter worth $8,567,000. 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.