ACV Auctions’ (ACVA) “Outperform” Rating Reaffirmed at Barrington Research

ACV Auctions (NASDAQ:ACVA)‘s stock had its “outperform” rating restated by equities researchers at Barrington Research in a note issued to investors on Monday, Benzinga reports. They currently have a $23.00 price target on the stock. Barrington Research’s price target points to a potential upside of 32.72% from the stock’s previous close.

Other equities analysts also recently issued research reports about the company. Raymond James assumed coverage on ACV Auctions in a research report on Friday, September 27th. They set a “market perform” rating and a $22.00 price target on the stock. Jefferies Financial Group increased their price target on ACV Auctions from $22.00 to $25.00 and gave the stock a “buy” rating in a research report 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 research 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 stock. According to MarketBeat.com, ACV Auctions has a consensus rating of “Moderate Buy” and a consensus target price of $22.00.

ACV Auctions Stock Performance

Shares of ACVA traded up $0.29 during mid-day trading on Monday, reaching $17.33. The company had a trading volume of 259,076 shares, compared to its average volume of 1,187,795. The stock has a market capitalization of $2.89 billion, a P/E ratio of -36.12 and a beta of 1.59. The stock has a 50 day moving average of $19.05 and a two-hundred day moving average of $18.28. The company has a quick ratio of 1.49, a current ratio of 1.49 and a debt-to-equity ratio of 0.24. ACV Auctions has a 52-week low of $12.84 and a 52-week high of $21.10.

ACV Auctions (NASDAQ:ACVA) last issued its quarterly earnings results on Wednesday, August 7th. The company reported ($0.07) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.09) by $0.02. The company had revenue of $160.62 million for the quarter, compared to the consensus estimate of $156.33 million. ACV Auctions had a negative return on equity of 13.20% and a negative net margin of 14.53%. On average, analysts expect that ACV Auctions will post -0.35 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 stock in a transaction that occurred on Tuesday, August 6th. The stock was sold at an average price of $15.19, for a total transaction of $493,675.00. Following the completion of the transaction, the chief financial officer now owns 503,077 shares of the company’s stock, valued at $7,641,739.63. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, insider Michael Waterman sold 18,001 shares of the stock in a transaction that occurred on Tuesday, October 15th. The stock was sold at an average price of $18.79, for a total value of $338,238.79. Following the completion of the sale, the insider now owns 337,190 shares of the company’s stock, valued at approximately $6,335,800.10. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO William Zerella sold 32,500 shares of the stock in a transaction that occurred on Tuesday, August 6th. The shares were sold at an average price of $15.19, for a total value of $493,675.00. Following the completion of the sale, the chief financial officer now directly owns 503,077 shares of the company’s stock, valued at approximately $7,641,739.63. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 741,926 shares of company stock valued at $14,285,765 over the last quarter. 8.50% of the stock is currently owned by insiders.

Institutional Investors Weigh In On ACV Auctions

Several hedge funds and other institutional investors have recently made changes to their positions in ACVA. Blue Trust Inc. increased its holdings in shares of ACV Auctions by 165.2% in the third quarter. Blue Trust Inc. now owns 1,419 shares of the company’s stock valued at $29,000 after purchasing an additional 884 shares during the last quarter. MCF Advisors LLC increased its stake in ACV Auctions by 107.0% during the third quarter. MCF Advisors LLC now owns 1,480 shares of the company’s stock worth $30,000 after acquiring an additional 765 shares during the last quarter. Park Place Capital Corp increased its stake in ACV Auctions by 34.1% during the third quarter. Park Place Capital Corp now owns 2,779 shares of the company’s stock worth $56,000 after acquiring an additional 706 shares during the last quarter. Amalgamated Bank increased its stake in 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 acquiring an additional 782 shares during the last quarter. Finally, Verdence Capital Advisors LLC acquired a new stake in ACV Auctions during the third quarter worth $206,000. Institutional investors and hedge funds 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.