ACV Auctions (NASDAQ:ACVA) Upgraded to Overweight at Piper Sandler

Piper Sandler upgraded shares of ACV Auctions (NASDAQ:ACVA) from a neutral rating to an overweight rating in a report published on Thursday, Marketbeat.com reports. Piper Sandler currently has $20.00 price target on the stock, up from their prior price target of $18.00.

ACVA has been the topic of several other reports. Citigroup raised their price objective on ACV Auctions from $22.00 to $27.00 and gave the stock a “buy” rating in a report on Wednesday, November 27th. JMP Securities restated a “market outperform” rating and set a $25.00 price target on shares of ACV Auctions in a research note on Monday, December 16th. Needham & Company LLC reaffirmed a “buy” rating and issued a $25.00 price objective on shares of ACV Auctions in a research note on Wednesday, March 12th. Bank of America upgraded shares of ACV Auctions from a “neutral” rating to a “buy” rating and dropped their target price for the stock from $22.00 to $20.00 in a report on Wednesday, March 12th. Finally, B. Riley boosted their price target on shares of ACV Auctions from $24.00 to $27.00 and gave the company a “buy” rating in a report on Tuesday, November 26th. Two research analysts have rated the stock with a hold rating and nine have given a buy rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $23.23.

ACV Auctions Stock Performance

Shares of NASDAQ:ACVA opened at $15.69 on Thursday. The company has a current ratio of 1.56, a quick ratio of 1.56 and a debt-to-equity ratio of 0.28. The firm’s 50-day moving average is $18.76 and its 200 day moving average is $19.72. ACV Auctions has a 12 month low of $12.77 and a 12 month high of $23.46. The company has a market capitalization of $2.65 billion, a price-to-earnings ratio of -32.02 and a beta of 1.73.

ACV Auctions (NASDAQ:ACVA) last released its quarterly earnings data on Wednesday, February 19th. The company reported ($0.14) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.15) by $0.01. The company had revenue of $159.51 million during the quarter, compared to analysts’ expectations of $156.77 million. ACV Auctions had a negative net margin of 12.51% and a negative return on equity of 12.94%. Research analysts predict that ACV Auctions will post -0.07 EPS for the current year.

Insider Buying and Selling at ACV Auctions

In other news, CFO William Zerella sold 32,500 shares of the stock in a transaction on Monday, December 30th. The stock was sold at an average price of $21.65, for a total transaction of $703,625.00. Following the completion of the sale, the chief financial officer now owns 490,482 shares in the company, valued at approximately $10,618,935.30. This represents a 6.21 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Michael Waterman sold 15,000 shares of the business’s stock in a transaction on Tuesday, February 4th. The stock was sold at an average price of $20.27, for a total value of $304,050.00. Following the transaction, the insider now owns 311,354 shares in the company, valued at approximately $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 sold a total of 107,662 shares of company stock worth $2,138,401 over the last three months. Corporate insiders own 8.50% of the company’s stock.

Hedge Funds Weigh In On ACV Auctions

Several hedge funds and other institutional investors have recently modified their holdings of the stock. California State Teachers Retirement System increased its stake in ACV Auctions by 1.4% during the 4th quarter. California State Teachers Retirement System now owns 141,873 shares of the company’s stock valued at $3,064,000 after purchasing an additional 1,906 shares in the last quarter. Universal Beteiligungs und Servicegesellschaft mbH purchased a new stake in shares of ACV Auctions during the fourth quarter valued at $4,026,000. Integrated Advisors Network LLC acquired a new position in shares of ACV Auctions in the 4th quarter valued at $200,000. Mackenzie Financial Corp purchased a new position in ACV Auctions in the 4th quarter worth $206,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its position in ACV Auctions by 27.5% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 269,394 shares of the company’s stock worth $5,819,000 after acquiring an additional 58,138 shares during the period. 88.55% of the stock is owned by hedge funds and other institutional investors.

About ACV Auctions

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.