ACV Auctions’ (ACVA) Buy Rating Reiterated at Needham & Company LLC

Needham & Company LLC reissued their buy rating on shares of ACV Auctions (NASDAQ:ACVA) in a research report released on Tuesday morning,Benzinga reports. The firm currently has a $9.00 target price on the stock.

Several other analysts also recently issued reports on ACVA. JPMorgan Chase & Co. reduced their price target 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. Citigroup dropped their price objective on shares of ACV Auctions from $17.00 to $13.00 and set a “buy” rating on the stock in a research note on Friday, November 21st. The Goldman Sachs Group decreased their target price on shares of ACV Auctions from $21.00 to $13.00 and set a “buy” rating for the company in a research report on Friday, November 7th. Barclays upped their target price on shares of ACV Auctions to $8.00 and gave the stock an “equal weight” rating in a report on Wednesday, January 21st. Finally, Jefferies Financial Group downgraded ACV Auctions from a “buy” rating to a “hold” rating and set a $9.00 price target for the company. in a research note on Thursday, December 11th. Eight analysts have rated the stock with a Buy rating, four have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $11.41.

ACV Auctions Stock Performance

Shares of ACVA opened at $4.70 on Tuesday. The stock has a 50-day moving average of $7.70 and a 200-day moving average of $8.70. ACV Auctions has a one year low of $4.45 and a one year high of $17.54. 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 $808.34 million, a PE ratio of -9.58 and a beta of 1.63.

ACV Auctions (NASDAQ:ACVA) last announced its quarterly earnings data on Monday, February 23rd. The company reported ($0.11) EPS for the quarter, missing analysts’ consensus estimates of ($0.01) by ($0.10). The firm had revenue of $183.65 million during the quarter, compared to analyst estimates of $181.96 million. ACV Auctions had a negative net margin of 12.51% and a negative return on equity of 12.94%. The company’s revenue was up 15.2% on a year-over-year basis. During the same period last year, the business posted ($0.16) EPS. On average, equities research analysts predict that ACV Auctions will post -0.07 EPS for the current fiscal year.

Insiders Place Their Bets

In other ACV Auctions news, CEO George Chamoun acquired 31,172 shares of the business’s stock in a transaction on Monday, December 15th. The shares were acquired at an average price of $7.97 per share, with a total value of $248,440.84. Following the completion of the transaction, the chief executive officer owned 2,618,714 shares in the company, valued at approximately $20,871,150.58. This trade represents a 1.20% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link. Corporate insiders own 2.90% of the company’s stock.

Institutional Investors Weigh In On ACV Auctions

A number of hedge funds have recently made changes to their positions in the business. Aster Capital Management DIFC Ltd boosted its holdings in shares of ACV Auctions by 298.4% in the 3rd quarter. Aster Capital Management DIFC Ltd now owns 3,323 shares of the company’s stock worth $33,000 after buying an additional 2,489 shares during the last quarter. Fifth Third Bancorp raised its position in ACV Auctions by 72.4% in the fourth quarter. Fifth Third Bancorp now owns 3,383 shares of the company’s stock worth $27,000 after acquiring an additional 1,421 shares during the period. Caitong International Asset Management Co. Ltd boosted its stake in ACV Auctions by 2,573.8% in the fourth quarter. Caitong International Asset Management Co. Ltd now owns 3,770 shares of the company’s stock valued at $30,000 after acquiring an additional 3,629 shares during the last quarter. CWM LLC boosted its stake in ACV Auctions by 77.4% in the second quarter. CWM LLC now owns 4,642 shares of the company’s stock valued at $75,000 after acquiring an additional 2,026 shares during the last quarter. Finally, Larson Financial Group LLC grew its position in shares of ACV Auctions by 38,076.9% during the 4th quarter. Larson Financial Group LLC now owns 4,963 shares of the company’s stock valued at $40,000 after acquiring an additional 4,950 shares during the period. 88.55% of the stock is currently owned by institutional investors.

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.