ACV Auctions (NASDAQ:ACVA) Price Target Lowered to $18.00 at JMP Securities

ACV Auctions (NASDAQ:ACVA) had its target price lowered by JMP Securities from $22.00 to $18.00 in a report published on Wednesday morning,Benzinga reports. The brokerage currently has a market outperform rating on the stock.

Other analysts have also recently issued research reports about the stock. Stephens upgraded shares of ACV Auctions to a “hold” rating in a research report on Saturday, February 1st. Piper Sandler raised ACV Auctions from a “neutral” rating to an “overweight” rating and lifted their price target for the stock from $18.00 to $20.00 in a research note on Thursday, March 20th. Bank of America upgraded ACV Auctions from a “neutral” rating to a “buy” rating and cut their price objective for the stock from $22.00 to $20.00 in a report on Wednesday, March 12th. Needham & Company LLC reissued a “buy” rating and set a $25.00 price objective on shares of ACV Auctions in a report on Wednesday, March 12th. Finally, JPMorgan Chase & Co. cut their target price on ACV Auctions from $24.00 to $20.00 and set an “overweight” rating for the company in a research note on Thursday, March 27th. Two investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $22.50.

ACV Auctions Price Performance

ACV Auctions stock traded down $1.20 during midday trading on Wednesday, reaching $13.31. 1,401,403 shares of the stock were exchanged, compared to its average volume of 1,535,860. ACV Auctions has a 52 week low of $11.88 and a 52 week high of $23.46. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.56 and a current ratio of 1.56. The firm has a market cap of $2.25 billion, a PE ratio of -27.09 and a beta of 1.74. The company’s fifty day moving average is $16.53 and its 200-day moving average is $19.15.

ACV Auctions (NASDAQ:ACVA) last posted its earnings results on Wednesday, February 19th. The company reported ($0.14) EPS for the quarter, topping the consensus estimate of ($0.15) by $0.01. The business had revenue of $159.51 million during the quarter, compared to analysts’ expectations of $156.77 million. ACV Auctions had a negative return on equity of 12.94% and a negative net margin of 12.51%. On average, sell-side analysts forecast that ACV Auctions will post -0.07 EPS for the current year.

Insider Activity at ACV Auctions

In other news, CEO George Chamoun sold 348,249 shares of the company’s stock in a transaction that occurred on Thursday, March 20th. The shares were sold at an average price of $15.34, for a total value of $5,342,139.66. Following the transaction, the chief executive officer now owns 2,821,193 shares in the company, valued at approximately $43,277,100.62. This represents a 10.99 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Michael Waterman sold 15,000 shares of the company’s stock in a transaction that occurred on Tuesday, February 4th. The shares were sold at an average price of $20.27, for a total value of $304,050.00. Following the completion of the transaction, the insider now directly owns 311,354 shares in the company, valued at $6,311,145.58. This trade represents a 4.60 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 378,249 shares of company stock worth $5,849,140 in the last 90 days. Company insiders own 8.50% of the company’s stock.

Institutional Trading of ACV Auctions

A number of institutional investors and hedge funds have recently modified their holdings of the business. Rhumbline Advisers increased its holdings in ACV Auctions by 4.1% in the 1st quarter. Rhumbline Advisers now owns 214,763 shares of the company’s stock worth $3,026,000 after buying an additional 8,368 shares in the last quarter. GAMMA Investing LLC grew its position in ACV Auctions by 3,005.8% in the 1st quarter. GAMMA Investing LLC now owns 5,932 shares of the company’s stock worth $84,000 after purchasing an additional 5,741 shares during the period. Moody National Bank Trust Division increased its position in ACV Auctions by 8.3% during the first quarter. Moody National Bank Trust Division now owns 85,805 shares of the company’s stock valued at $1,209,000 after acquiring an additional 6,606 shares during the last quarter. Versant Capital Management Inc increased its position in shares of ACV Auctions by 464.4% during the 1st quarter. Versant Capital Management Inc now owns 2,201 shares of the company’s stock valued at $31,000 after purchasing an additional 1,811 shares during the last quarter. Finally, Wellington Management Group LLP raised its position in ACV Auctions by 61.3% in the fourth quarter. Wellington Management Group LLP now owns 1,708,551 shares of the company’s stock worth $36,905,000 after acquiring an additional 649,039 shares during the period. Institutional investors own 88.55% of the company’s stock.

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.