ACV Auctions (NASDAQ:ACVA) Hits New 12-Month High at $19.99

ACV Auctions Inc. (NASDAQ:ACVA) shares hit a new 52-week high during trading on Thursday . The company traded as high as $19.99 and last traded at $19.94, with a volume of 357093 shares. The stock had previously closed at $19.68.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on ACVA. JPMorgan Chase & Co. upgraded ACV Auctions from a “neutral” rating to an “overweight” rating and set a $21.00 price objective on the stock in a research note on Monday, June 10th. Barrington Research reiterated an “outperform” rating and set a $23.00 price objective on shares of ACV Auctions in a research note on Friday, August 16th. JMP Securities restated a “market outperform” rating and issued a $21.00 target price on shares of ACV Auctions in a research note on Monday. Finally, Needham & Company LLC reiterated a “buy” rating and set a $23.00 target price on shares of ACV Auctions in a research report on Monday, June 3rd. One investment analyst has rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $21.00.

ACV Auctions Stock Up 1.0 %

The firm has a fifty day moving average price of $17.95 and a 200 day moving average price of $18.00. The company has a quick ratio of 1.49, a current ratio of 1.49 and a debt-to-equity ratio of 0.24. The company has a market cap of $3.28 billion, a P/E ratio of -41.50 and a beta of 1.55.

ACV Auctions (NASDAQ:ACVA) last posted its quarterly earnings data on Wednesday, August 7th. The company reported ($0.07) earnings per share for the quarter, beating the consensus estimate of ($0.09) by $0.02. ACV Auctions had a negative net margin of 14.53% and a negative return on equity of 13.20%. The firm had revenue of $160.62 million during the quarter, compared to analysts’ expectations of $156.33 million. Equities research analysts forecast that ACV Auctions Inc. will post -0.36 earnings per share for the current year.

Insider Buying and Selling

In other news, insider Craig Eric Anderson sold 7,500 shares of ACV Auctions stock in a transaction on Tuesday, July 2nd. The stock was sold at an average price of $17.81, for a total value of $133,575.00. Following the completion of the sale, the insider now directly owns 328,167 shares of the company’s stock, valued at approximately $5,844,654.27. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, insider Craig Eric Anderson sold 7,500 shares of the firm’s stock in a transaction dated Tuesday, July 2nd. The shares were sold at an average price of $17.81, for a total value of $133,575.00. Following the transaction, the insider now owns 328,167 shares of the company’s stock, valued at approximately $5,844,654.27. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO George Chamoun sold 131,480 shares of the business’s stock in a transaction that occurred on Thursday, June 20th. The stock was sold at an average price of $17.62, for a total transaction of $2,316,677.60. Following the sale, the chief executive officer now directly owns 961,245 shares of the company’s stock, valued at $16,937,136.90. The disclosure for this sale can be found here. Insiders sold 524,300 shares of company stock worth $9,395,856 in the last quarter. Insiders own 8.50% of the company’s stock.

Institutional Trading of ACV Auctions

Hedge funds have recently modified their holdings of the company. Amalgamated Bank lifted its position in ACV Auctions by 18.0% in the 2nd quarter. Amalgamated Bank now owns 5,120 shares of the company’s stock valued at $93,000 after acquiring an additional 782 shares in the last quarter. UMB Bank n.a. bought a new stake in shares of ACV Auctions in the first quarter valued at about $114,000. Penn Mutual Asset Management LLC acquired a new position in shares of ACV Auctions during the fourth quarter worth about $153,000. Public Employees Retirement Association of Colorado bought a new position in shares of ACV Auctions during the second quarter worth about $225,000. Finally, Blair William & Co. IL raised its position in ACV Auctions by 14.7% in the 1st quarter. Blair William & Co. IL now owns 12,691 shares of the company’s stock valued at $238,000 after buying an additional 1,626 shares during the last quarter. 88.55% of the stock is currently owned by institutional investors and hedge funds.

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.