ACV Auctions Inc. (NASDAQ:ACVA) Given Average Recommendation of “Hold” by Analysts

ACV Auctions Inc. (NASDAQ:ACVA) has earned a consensus rating of “Hold” from the eleven research firms that are currently covering the stock, Marketbeat reports. One analyst has rated the stock with a sell rating, four have issued a hold rating and six have assigned a buy rating to the company. The average twelve-month price objective among brokerages that have covered the stock in the last year is $11.75.

ACVA has been the subject of several recent research reports. Barclays increased their price target on ACV Auctions to $7.00 and gave the company an “equal weight” rating in a research note on Thursday, December 4th. JPMorgan Chase & Co. decreased their target price on shares of ACV Auctions from $18.00 to $11.00 and set an “overweight” rating for the company in a research report on Thursday, November 6th. Jefferies Financial Group lowered shares of ACV Auctions from a “buy” rating to a “hold” rating and set a $9.00 price target for the company. in a report on Thursday, December 11th. Bank of America reaffirmed an “underperform” rating and issued a $6.00 price objective (down from $16.50) on shares of ACV Auctions in a research note on Thursday, November 6th. Finally, Citigroup decreased their price objective on shares of ACV Auctions from $17.00 to $13.00 and set a “buy” rating for the company in a research report on Friday, November 21st.

Insider Activity

In other ACV Auctions news, Director Brian Hirsch bought 80,571 shares of the business’s stock in a transaction that occurred on Friday, November 14th. The shares were bought at an average price of $6.21 per share, for a total transaction of $500,345.91. Following the transaction, the director directly owned 99,678 shares in the company, valued at approximately $619,000.38. This trade represents a 421.68% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO George Chamoun bought 31,172 shares of the stock in a transaction on Monday, December 15th. The stock was acquired at an average price of $7.97 per share, with a total value of $248,440.84. Following the completion of the acquisition, the chief executive officer owned 2,618,714 shares of the company’s stock, valued at $20,871,150.58. This represents a 1.20% increase in their position. The disclosure for this purchase is available in the SEC filing. Insiders have acquired 1,038,437 shares of company stock valued at $5,993,255 in the last ninety days. 2.90% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of the stock. Aster Capital Management DIFC Ltd grew its holdings in ACV Auctions by 298.4% in the third quarter. Aster Capital Management DIFC Ltd now owns 3,323 shares of the company’s stock worth $33,000 after purchasing an additional 2,489 shares during the period. Covestor Ltd boosted its position in shares of ACV Auctions by 39.9% during the 3rd quarter. Covestor Ltd now owns 5,785 shares of the company’s stock worth $57,000 after purchasing an additional 1,649 shares in the last quarter. CWM LLC grew its stake in shares of ACV Auctions by 77.4% in the 2nd quarter. CWM LLC now owns 4,642 shares of the company’s stock valued at $75,000 after buying an additional 2,026 shares during the period. Neo Ivy Capital Management acquired a new stake in shares of ACV Auctions in the 2nd quarter valued at about $87,000. Finally, Norden Group LLC bought a new stake in ACV Auctions in the 4th quarter valued at about $90,000. Institutional investors and hedge funds own 88.55% of the company’s stock.

ACV Auctions Stock Up 1.1%

NASDAQ:ACVA opened at $8.84 on Thursday. ACV Auctions has a one year low of $4.95 and a one year high of $22.47. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.56 and a quick ratio of 1.56. The company has a market cap of $1.52 billion, a PE ratio of -18.03 and a beta of 1.63. The firm’s 50 day simple moving average is $7.62 and its 200 day simple moving average is $10.37.

ACV Auctions (NASDAQ:ACVA) last issued its quarterly earnings results on Wednesday, November 5th. The company reported $0.07 EPS for the quarter, hitting analysts’ consensus estimates of $0.07. The company had revenue of $199.56 million for the quarter, compared to analyst estimates of $200.26 million. ACV Auctions had a negative net margin of 12.51% and a negative return on equity of 12.94%. ACV Auctions’s revenue was up 16.5% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.04 earnings per share. On average, research analysts anticipate that ACV Auctions will post -0.07 earnings per share for the current year.

ACV Auctions Company Profile

ACV Auctions operates a digital marketplace that connects automotive dealers through a mobile-first platform for wholesale vehicle auctions. The company’s software enables dealers to list, inspect and bid on used vehicles in real time, leveraging smartphone-based condition reporting, high-resolution imagery and data analytics to streamline the buying and selling process. ACV Auctions also offers subscription-based access to its auction platform, supplemental reconditioning services and financing tools designed to help dealers optimize inventory turn and reduce risk.

Since its founding in 2014, ACV Auctions has expanded its technology offerings beyond core auction services to include dealer management integrations, transportation logistics coordination and title management solutions.