Needham & Company LLC Cuts ACV Auctions (NASDAQ:ACVA) Price Target to $25.00

ACV Auctions (NASDAQ:ACVA) had its price objective lowered by Needham & Company LLC from $28.00 to $25.00 in a report published on Thursday,Benzinga reports. The brokerage currently has a buy rating on the stock.

A number of other brokerages have also recently issued reports on ACVA. Citigroup lifted their price objective on shares of ACV Auctions from $22.00 to $27.00 and gave the company a “buy” rating in a research note on Wednesday, November 27th. JMP Securities reaffirmed a “market outperform” rating and issued a $25.00 target price on shares of ACV Auctions in a report on Monday, December 16th. Barrington Research reissued an “outperform” rating and set a $23.00 price target on shares of ACV Auctions in a report on Monday, November 4th. Piper Sandler raised their price objective on ACV Auctions from $16.00 to $18.00 and gave the company a “neutral” rating in a research note on Friday, November 8th. Finally, Stephens raised ACV Auctions to a “hold” rating in a research note on Saturday, February 1st. Three equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. Based on data from MarketBeat, ACV Auctions currently has an average rating of “Moderate Buy” and an average target price of $23.35.

ACV Auctions Stock Performance

NASDAQ:ACVA opened at $18.59 on Thursday. The company has a market cap of $3.12 billion, a price-to-earnings ratio of -39.55 and a beta of 1.69. ACV Auctions has a fifty-two week low of $13.66 and a fifty-two week high of $23.46. The company has a debt-to-equity ratio of 0.25, a quick ratio of 1.51 and a current ratio of 1.51. The stock has a fifty day moving average price of $21.22 and a 200-day moving average price of $20.12.

ACV Auctions (NASDAQ:ACVA) last posted its quarterly earnings data on Wednesday, February 19th. The company reported ($0.14) earnings per share for the quarter, topping the consensus estimate of ($0.15) by $0.01. ACV Auctions had a negative net margin of 12.89% and a negative return on equity of 12.11%. The business had revenue of $159.51 million during the quarter, compared to analysts’ expectations of $156.77 million. As a group, equities analysts anticipate that ACV Auctions will post -0.33 EPS for the current fiscal year.

Insider Activity

In other ACV Auctions news, CFO William Zerella sold 15,000 shares of the company’s stock in a transaction on Tuesday, January 7th. The shares were sold at an average price of $20.57, for a total transaction of $308,550.00. Following the sale, the chief financial officer now owns 462,452 shares of the company’s stock, valued at approximately $9,512,637.64. This represents a 3.14 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Michael Waterman sold 30,162 shares of ACV Auctions stock in a transaction dated Tuesday, January 7th. The stock was sold at an average price of $20.53, for a total value of $619,225.86. Following the completion of the transaction, the insider now directly owns 314,738 shares of the company’s stock, valued at approximately $6,461,571.14. This trade represents a 8.75 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 125,162 shares of company stock valued at $2,663,776. 8.50% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On ACV Auctions

A number of hedge funds have recently added to or reduced their stakes in the business. Blue Trust Inc. grew its position in shares of ACV Auctions by 165.2% during the 3rd quarter. Blue Trust Inc. now owns 1,419 shares of the company’s stock worth $29,000 after buying an additional 884 shares during the period. MCF Advisors LLC grew its holdings in ACV Auctions by 107.0% in the third quarter. MCF Advisors LLC now owns 1,480 shares of the company’s stock worth $30,000 after purchasing an additional 765 shares during the period. KBC Group NV increased its position in ACV Auctions by 80.4% in the 4th quarter. KBC Group NV now owns 7,406 shares of the company’s stock valued at $160,000 after buying an additional 3,300 shares in the last quarter. Verdence Capital Advisors LLC acquired a new position in shares of ACV Auctions during the third quarter worth approximately $206,000. Finally, Mackenzie Financial Corp bought a new stake in ACV Auctions during the 4th quarter valued at $206,000. 88.55% of the stock is currently owned by 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.