Shares of ACV Auctions Inc. (NASDAQ:ACVA – Get Rating) have earned an average “Buy” recommendation from the thirteen brokerages that currently cover the stock, reports MarketBeat Ratings. Nine research analysts have rated the stock with a Buy recommendation. The 12-month average price target among brokerages that have covered the stock over the past year is $23.00.
Several research analysts have recently published reports on the company. Needham & Company LLC reduced its target price on ACV auctions from $20.00 to $14.00 in a Thursday, May 12 research report. Stephens upgraded ACV Auctions from a “weighted” rating to an “overweight” rating and raised its price target for the stock from $17.00 to $19.00 in a Wednesday, March 2 research note . JMP Securities lowered its target price on the ACV auction from $32.00 to $20.00 in a Wednesday, May 18 research report. Canaccord Genuity Group lowered its target price on ACV Auctions from $25.00 to $22.00 in a Thursday, May 12 research report. Finally, Citigroup reissued a “buy” rating and set a price target of $20.00 on shares of ACV Auctions in a Wednesday, April 20 report.
Separately, insider Michael Waterman sold 2,931 shares of the company in a trade on Monday, May 2. The shares were sold at an average price of $12.75, for a total transaction of $37,370.25. Following the sale, the insider now owns 66,964 shares of the company, valued at $853,791. The transaction was disclosed in a document filed with the SEC, accessible via this link. 11.64% of the shares are currently held by insiders of the company.
Major investors have recently been buying and selling shares of the company. Goldman Sachs Group Inc. bought a new stock position from ACV Auctions in the third quarter for a value of approximately $3,638,000. LMR Partners LLP purchased a new position in shares of ACV Auctions in the fourth quarter for a value of approximately $1,234,000. Cubist Systematic Strategies LLC increased its stake in ACV Auctions shares by 1,336.1% in the third quarter. Cubist Systematic Strategies LLC now owns 165,508 shares of the company worth $2,961,000 after purchasing an additional 153,983 shares in the last quarter. Cat Rock Capital Management LP purchased a new position in ACV Auctions during the fourth quarter at a value of approximately $97,968,000. Finally, Jennison Associates LLC increased its stake in ACV Auctions by 44.4% during the fourth quarter. Jennison Associates LLC now owns 1,064,158 shares of the company worth $20,049,000 after purchasing an additional 327,396 shares during the period. 75.75% of the shares are currently held by hedge funds and other institutional investors.
ACVA shares opened at $7.25 on Friday. The company has a quick ratio of 2.07, a current ratio of 2.07 and a leverage ratio of 0.11. The company’s fifty-day moving average is $10.32 and its 200-day moving average is $13.56. ACV Auctions has a 12-month low of $6.67 and a 12-month high of $25.97. The stock has a market capitalization of $1.14 billion, a P/E ratio of -12.50 and a beta of 1.20.
ACV Auctions (NASDAQ:ACVA – Get Rating) last released quarterly earnings data on Wednesday, May 11. The company reported ($0.19) EPS for the quarter, meeting the consensus estimate of ($0.19). The company posted revenue of $103.07 million in the quarter, versus a consensus estimate of $101.44 million. ACV Auctions recorded a negative net margin of 23.08% and a negative return on equity of 16.00%. During the same period last year, the company achieved EPS of ($0.51). On average, analysts expect ACV Auctions to post -0.71 EPS for the current year.
About VAC Auctions (Get a rating)
ACV Auctions Inc operates a digital marketplace that connects buyers and sellers for online wholesale vehicle auctions. It also provides data services that provide insight into the condition and value of used vehicles, as well as customer financing services. ACV Auctions Inc was incorporated in 2014 and is headquartered in Buffalo, New York.
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