JMP Securities Raises ACV Auctions (NASDAQ:ACVA) Price Target to $24.00

ACV Auctions (NASDAQ:ACVA) had its price target lifted by JMP Securities from $21.00 to $24.00 in a research report released on Tuesday, Benzinga reports. The brokerage currently has a market outperform rating on the stock.

Several other brokerages have also recently commented on ACVA. Barrington Research reissued an outperform rating and set a $23.00 price target on shares of ACV Auctions in a research report on Friday, August 16th. Needham & Company LLC reissued a buy rating and set a $23.00 price target on shares of ACV Auctions in a research report on Monday, June 3rd. Finally, JPMorgan Chase & Co. upgraded ACV Auctions from a neutral rating to an overweight rating and set a $21.00 price target for the company in a research note on Monday, June 10th. One analyst has rated the stock with a hold rating and five have given a buy rating to the company. According to MarketBeat, the company has a consensus rating of Moderate Buy and a consensus price target of $21.50.

ACV Auctions Stock Up 2.1 %

ACVA stock opened at $20.67 on Tuesday. The company has a debt-to-equity ratio of 0.24, a current ratio of 1.49 and a quick ratio of 1.49. The stock has a market capitalization of $3.41 billion, a P/E ratio of -43.06 and a beta of 1.55. ACV Auctions has a fifty-two week low of $12.84 and a fifty-two week high of $21.01. The business has a 50-day moving average of $18.20 and a 200-day moving average of $18.09.

ACV Auctions (NASDAQ:ACVA) last released 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. ACV Auctions had a negative return on equity of 13.20% and a negative net margin of 14.53%. The firm had revenue of $160.62 million during the quarter, compared to the consensus estimate of $156.33 million. On average, sell-side analysts anticipate that ACV Auctions will post -0.36 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, insider Craig Eric Anderson sold 7,500 shares of the firm’s stock in a transaction that occurred 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 $5,844,654.27. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In other ACV Auctions news, insider Michael Waterman sold 26,336 shares of the stock in a transaction dated Tuesday, July 9th. The shares were sold at an average price of $17.51, for a total value of $461,143.36. Following the transaction, the insider now directly owns 366,710 shares of the company’s stock, valued at approximately $6,421,092.10. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Craig Eric Anderson sold 7,500 shares of the business’s stock in a transaction that occurred 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 sale, the insider now owns 328,167 shares of the company’s stock, valued at approximately $5,844,654.27. The disclosure for this sale can be found here. Insiders have sold a total of 739,868 shares of company stock valued at $14,141,795 over the last 90 days. 8.50% of the stock is currently owned by insiders.

Institutional Trading of ACV Auctions

Institutional investors have recently added to or reduced their stakes in the company. Amalgamated Bank lifted its holdings in shares of ACV Auctions by 18.0% during the second quarter. Amalgamated Bank now owns 5,120 shares of the company’s stock worth $93,000 after buying an additional 782 shares in the last quarter. UMB Bank n.a. bought a new stake in ACV Auctions in the 1st quarter valued at about $114,000. Penn Mutual Asset Management LLC acquired a new position in shares of ACV Auctions during the 4th quarter worth approximately $153,000. Public Employees Retirement Association of Colorado bought a new position in shares of ACV Auctions during the second quarter worth approximately $225,000. Finally, Blair William & Co. IL raised its position in shares of ACV Auctions by 14.7% in the first 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 in the last quarter. 88.55% of the stock is currently owned by institutional investors.

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.