ACV Auctions Inc. (NASDAQ:ACVA) Receives Consensus Recommendation of “Hold” from Brokerages

ACV Auctions Inc. (NASDAQ:ACVA) has been assigned a consensus rating of “Hold” from the eleven brokerages that are covering the firm, MarketBeat.com reports. One research analyst has rated the stock with a sell recommendation, four have assigned a hold recommendation and six have given a buy recommendation to the company. The average 12-month target price among brokers that have covered the stock in the last year is $11.85.

Several brokerages recently issued reports on ACVA. Barclays lifted their price target on shares of ACV Auctions to $8.00 and gave the company an “equal weight” rating in a report on Wednesday, January 21st. Citigroup lowered their price target on shares of ACV Auctions from $17.00 to $13.00 and set a “buy” rating for the company in a report on Friday, November 21st. Bank of America reaffirmed an “underperform” rating and issued a $6.00 target price (down previously from $16.50) on shares of ACV Auctions in a report on Thursday, November 6th. Needham & Company LLC cut their price target on ACV Auctions from $14.00 to $9.00 and set a “buy” rating on the stock in a research note on Thursday, November 6th. Finally, JPMorgan Chase & Co. lowered their price objective on ACV Auctions from $18.00 to $11.00 and set an “overweight” rating for the company in a research note on Thursday, November 6th.

ACV Auctions Stock Performance

Shares of NASDAQ:ACVA opened at $7.41 on Monday. ACV Auctions has a 1 year low of $4.95 and a 1 year high of $22.09. The stock has a market capitalization of $1.28 billion, a price-to-earnings ratio of -15.11 and a beta of 1.63. 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’s 50 day simple moving average is $8.17 and its 200 day simple moving average is $9.47.

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

Insider Activity

In other ACV Auctions news, CEO George Chamoun purchased 31,172 shares of the business’s stock in a transaction dated Monday, December 15th. The shares were bought at an average price of $7.97 per share, for a total transaction of $248,440.84. Following the completion of the acquisition, 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 purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Robert P. Goodman acquired 912,408 shares of the firm’s stock in a transaction that occurred on Monday, November 10th. The stock was bought at an average price of $5.61 per share, with a total value of $5,118,608.88. Following the completion of the acquisition, the director directly owned 912,408 shares of the company’s stock, valued at $5,118,608.88. This trade represents a ∞ increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Over the last 90 days, insiders acquired 1,038,437 shares of company stock valued at $5,993,255. Insiders own 2.90% of the company’s stock.

Institutional Investors Weigh In On ACV Auctions

Several large investors have recently modified their holdings of ACVA. Fifth Third Bancorp boosted its position in ACV Auctions by 72.4% during the fourth quarter. Fifth Third Bancorp now owns 3,383 shares of the company’s stock valued at $27,000 after acquiring an additional 1,421 shares during the last quarter. Aster Capital Management DIFC Ltd boosted its position in shares of ACV Auctions by 298.4% during the 3rd quarter. Aster Capital Management DIFC Ltd now owns 3,323 shares of the company’s stock valued at $33,000 after purchasing an additional 2,489 shares in the last quarter. Larson Financial Group LLC lifted its stake in ACV Auctions by 38,076.9% in the fourth quarter. Larson Financial Group LLC now owns 4,963 shares of the company’s stock valued at $40,000 after buying an additional 4,950 shares during the period. Farther Finance Advisors LLC lifted its stake in ACV Auctions by 12,979.5% in the fourth quarter. Farther Finance Advisors LLC now owns 5,755 shares of the company’s stock valued at $46,000 after buying an additional 5,711 shares during the period. Finally, Covestor Ltd increased its stake in shares of ACV Auctions by 39.9% in the 3rd quarter. Covestor Ltd now owns 5,785 shares of the company’s stock valued at $57,000 after acquiring an additional 1,649 shares in the last quarter. 88.55% of the stock is currently owned by institutional investors and hedge funds.

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.