Raymond James Initiates Coverage on ACV Auctions (NASDAQ:ACVA)

Raymond James assumed coverage on shares of ACV Auctions (NASDAQ:ACVA) in a report issued on Friday, StockNewsAPI reports. The firm issued a market perform rating and a $22.00 price objective on the stock.

A number of other equities research analysts have also recently issued reports on the company. Needham & Company LLC restated a buy rating and set a $23.00 price objective on shares of ACV Auctions in a report on Monday, June 3rd. Barrington Research restated an outperform rating and set a $23.00 price objective on shares of ACV Auctions in a report on Friday, August 16th. JMP Securities boosted their price objective on ACV Auctions from $21.00 to $24.00 and gave the stock a market outperform rating in a report on Tuesday, September 17th. Finally, JPMorgan Chase & Co. upgraded ACV Auctions from a neutral rating to an overweight rating and set a $21.00 price objective for the company in a report on Monday, June 10th. Two equities research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of Moderate Buy and an average target price of $21.57.

ACV Auctions Trading Down 1.4 %

ACV Auctions stock opened at $20.46 on Friday. ACV Auctions has a 52 week low of $12.84 and a 52 week high of $21.10. The company has a debt-to-equity ratio of 0.24, a quick ratio of 1.49 and a current ratio of 1.49. The stock has a market capitalization of $3.38 billion, a P/E ratio of -42.63 and a beta of 1.55. The stock has a 50-day simple moving average of $18.55 and a 200 day simple moving average of $18.23.

ACV Auctions (NASDAQ:ACVA) last posted its quarterly earnings results on Wednesday, August 7th. The company reported ($0.07) EPS for the quarter, topping analysts’ consensus estimates of ($0.09) by $0.02. ACV Auctions had a negative return on equity of 13.20% and a negative net margin of 14.53%. The business had revenue of $160.62 million during the quarter, compared to analysts’ expectations of $156.33 million. Analysts expect that ACV Auctions will post -0.36 earnings per share for the current year.

Insider Activity

In other news, CFO William Zerella sold 32,500 shares of ACV Auctions stock in a transaction that occurred on Tuesday, July 9th. The shares were sold at an average price of $17.51, for a total value of $569,075.00. Following the completion of the sale, the chief financial officer now directly owns 503,077 shares in the company, valued at $8,808,878.27. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In other ACV Auctions news, CFO William Zerella sold 32,500 shares of the business’s stock in a transaction that occurred on Tuesday, July 9th. The shares were sold at an average price of $17.51, for a total transaction of $569,075.00. Following the completion of the transaction, the chief financial officer now directly owns 503,077 shares in the company, valued at $8,808,878.27. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, COO Vikas Mehta sold 154,324 shares of the business’s stock in a transaction that occurred on Tuesday, September 10th. The shares were sold at an average price of $19.19, for a total transaction of $2,961,477.56. Following the transaction, the chief operating officer now owns 432,457 shares of the company’s stock, valued at $8,298,849.83. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 741,663 shares of company stock worth $14,179,490. Corporate insiders own 8.50% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. Amalgamated Bank raised its position in ACV Auctions by 18.0% during the second quarter. Amalgamated Bank now owns 5,120 shares of the company’s stock valued at $93,000 after purchasing an additional 782 shares in the last quarter. UMB Bank n.a. acquired a new position in shares of ACV Auctions during the first quarter worth $114,000. Penn Mutual Asset Management LLC acquired a new position in shares of ACV Auctions during the fourth quarter worth $153,000. Public Employees Retirement Association of Colorado acquired a new position in shares of ACV Auctions during the second quarter worth $225,000. Finally, Blair William & Co. IL increased its holdings in shares of ACV Auctions by 14.7% during the first quarter. Blair William & Co. IL now owns 12,691 shares of the company’s stock worth $238,000 after buying an additional 1,626 shares in the last quarter. 88.55% of the stock is currently owned by institutional investors and hedge funds.

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.