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

ACV Auctions (NASDAQ:ACVA)‘s stock had its “outperform” rating reaffirmed by analysts at Barrington Research in a report released on Monday, Benzinga reports. They currently have a $23.00 target price on the stock. Barrington Research’s target price suggests a potential upside of 28.64% from the company’s previous close.

ACVA has been the topic of several other reports. Northcoast Research raised ACV Auctions from a “neutral” rating to a “buy” rating and set a $22.00 target price on the stock in a report on Wednesday, January 10th. Needham & Company LLC reaffirmed a “buy” rating and issued a $23.00 target price on shares of ACV Auctions in a report on Thursday, February 22nd. Finally, JMP Securities reaffirmed a “market outperform” rating and issued a $19.00 target price on shares of ACV Auctions in a report on Wednesday, April 17th. Two investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $20.21.

ACV Auctions Price Performance

NASDAQ:ACVA traded up $0.07 on Monday, reaching $17.88. 58,935 shares of the company’s stock traded hands, compared to its average volume of 1,150,291. The company has a quick ratio of 2.12, a current ratio of 2.12 and a debt-to-equity ratio of 0.25. The stock has a 50-day simple moving average of $18.00 and a 200-day simple moving average of $15.68. The firm has a market cap of $2.93 billion, a PE ratio of -38.80 and a beta of 1.56. ACV Auctions has a 12 month low of $12.84 and a 12 month high of $19.54.

ACV Auctions (NASDAQ:ACVA) last posted its quarterly earnings results on Wednesday, February 21st. The company reported ($0.12) EPS for the quarter, beating analysts’ consensus estimates of ($0.13) by $0.01. The business had revenue of $118.38 million for the quarter, compared to analysts’ expectations of $117.62 million. ACV Auctions had a negative return on equity of 13.97% and a negative net margin of 15.64%. Equities research analysts forecast that ACV Auctions will post -0.29 earnings per share for the current year.

Insider Buying and Selling at ACV Auctions

In other ACV Auctions news, CFO William Zerella sold 32,500 shares of the business’s stock in a transaction that occurred on Tuesday, February 6th. The stock was sold at an average price of $14.07, for a total transaction of $457,275.00. Following the completion of the transaction, the chief financial officer now owns 305,579 shares in the company, valued at $4,299,496.53. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In related news, Director Brian Hirsch sold 38,763 shares of the business’s stock in a transaction that occurred on Wednesday, March 6th. The stock was sold at an average price of $18.24, for a total value of $707,037.12. Following the completion of the sale, the director now owns 378,390 shares in the company, valued at $6,901,833.60. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO William Zerella sold 32,500 shares of the business’s stock in a transaction that occurred on Tuesday, February 6th. The shares were sold at an average price of $14.07, for a total value of $457,275.00. Following the completion of the sale, the chief financial officer now owns 305,579 shares of the company’s stock, valued at approximately $4,299,496.53. The disclosure for this sale can be found here. Insiders sold 1,507,708 shares of company stock worth $27,126,374 over the last 90 days. Company insiders own 8.50% of the company’s stock.

Institutional Trading of ACV Auctions

A number of large investors have recently modified their holdings of ACVA. Loomis Sayles & Co. L P purchased a new stake in shares of ACV Auctions in the third quarter valued at approximately $32,611,000. Jennison Associates LLC raised its stake in ACV Auctions by 93.9% in the third quarter. Jennison Associates LLC now owns 3,247,153 shares of the company’s stock worth $49,292,000 after buying an additional 1,572,793 shares in the last quarter. FMR LLC raised its stake in ACV Auctions by 9.4% in the third quarter. FMR LLC now owns 11,763,945 shares of the company’s stock worth $178,577,000 after buying an additional 1,011,236 shares in the last quarter. Vanguard Group Inc. raised its stake in ACV Auctions by 8.6% in the third quarter. Vanguard Group Inc. now owns 12,809,266 shares of the company’s stock worth $194,445,000 after buying an additional 1,010,941 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. raised its stake in ACV Auctions by 195.1% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,025,789 shares of the company’s stock worth $15,571,000 after buying an additional 678,209 shares in the last quarter. Hedge funds and other institutional investors 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.