Needham & Company LLC Reaffirms Buy Rating for ACV Auctions (NASDAQ:ACVA)

ACV Auctions (NASDAQ:ACVA)‘s stock had its “buy” rating reissued by investment analysts at Needham & Company LLC in a research report issued to clients and investors on Thursday,Benzinga reports. They presently have a $25.00 target price on the stock. Needham & Company LLC’s price target indicates a potential upside of 58.73% from the stock’s current price.

Several other brokerages also recently issued reports on ACVA. Piper Sandler raised ACV Auctions from a “neutral” rating to an “overweight” rating and raised their price target for the stock from $18.00 to $20.00 in a report on Thursday, March 20th. Stephens upgraded shares of ACV Auctions to a “hold” rating in a research report on Saturday, February 1st. Bank of America raised ACV Auctions from a “neutral” rating to a “buy” rating and cut their price target for the company from $22.00 to $20.00 in a report on Wednesday, March 12th. JPMorgan Chase & Co. decreased their price objective on ACV Auctions from $24.00 to $20.00 and set an “overweight” rating for the company in a report on Thursday, March 27th. Finally, JMP Securities cut their target price on ACV Auctions from $22.00 to $18.00 and set a “market outperform” rating on the stock in a research note on Wednesday, April 9th. Two equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. According to MarketBeat, ACV Auctions currently has a consensus rating of “Moderate Buy” and an average price target of $22.50.

ACV Auctions Stock Up 2.0 %

Shares of ACV Auctions stock opened at $15.75 on Thursday. The business has a 50-day moving average price of $14.51 and a 200 day moving average price of $18.50. ACV Auctions has a fifty-two week low of $11.88 and a fifty-two week high of $23.46. The firm has a market cap of $2.66 billion, a P/E ratio of -32.14 and a beta of 1.72. The company has a quick ratio of 1.56, a current ratio of 1.56 and a debt-to-equity ratio of 0.28.

ACV Auctions (NASDAQ:ACVA) last posted its quarterly earnings results on Wednesday, May 7th. The company reported ($0.09) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.04 by ($0.13). ACV Auctions had a negative net margin of 12.51% and a negative return on equity of 12.94%. During the same period last year, the business earned ($0.13) EPS. The company’s quarterly revenue was up 25.4% on a year-over-year basis. On average, sell-side analysts forecast that ACV Auctions will post -0.07 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, CEO George Chamoun sold 348,249 shares of ACV Auctions 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 of the company’s stock, valued at $43,277,100.62. The trade was a 10.99 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, CFO William Zerella sold 15,000 shares of the stock in a transaction that occurred on Tuesday, March 11th. The shares were sold at an average price of $13.53, for a total transaction of $202,950.00. Following the sale, the chief financial officer now directly owns 766,266 shares of the company’s stock, valued at approximately $10,367,578.98. This represents a 1.92 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 8.50% of the stock is owned by company insiders.

Hedge Funds Weigh In On ACV Auctions

Hedge funds have recently modified their holdings of the stock. William Blair Investment Management LLC raised its stake in ACV Auctions by 43.2% during the 4th quarter. William Blair Investment Management LLC now owns 12,099,686 shares of the company’s stock valued at $261,353,000 after purchasing an additional 3,652,871 shares during the period. Driehaus Capital Management LLC grew its position in ACV Auctions by 128.5% during the fourth quarter. Driehaus Capital Management LLC now owns 2,837,165 shares of the company’s stock valued at $61,283,000 after purchasing an additional 1,595,657 shares in the last quarter. Franklin Resources Inc. grew its position in ACV Auctions by 2,346.2% during the fourth quarter. Franklin Resources Inc. now owns 1,001,365 shares of the company’s stock valued at $21,629,000 after purchasing an additional 960,430 shares in the last quarter. Iridian Asset Management LLC CT raised its holdings in shares of ACV Auctions by 77.9% during the first quarter. Iridian Asset Management LLC CT now owns 1,967,332 shares of the company’s stock worth $27,720,000 after acquiring an additional 861,178 shares in the last quarter. Finally, Frontier Capital Management Co. LLC boosted its position in ACV Auctions by 59.7% during the fourth quarter. Frontier Capital Management Co. LLC now owns 2,061,028 shares of the company’s stock valued at $44,518,000 after purchasing an additional 770,828 shares during the last quarter. 88.55% of the stock is currently owned by institutional investors and hedge funds.

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.