ACV Auctions (NASDAQ:ACVA) Given New $20.00 Price Target at JPMorgan Chase & Co.

ACV Auctions (NASDAQ:ACVA) had its price target reduced by JPMorgan Chase & Co. from $24.00 to $20.00 in a research note released on Thursday,Benzinga reports. They currently have an overweight rating on the stock.

A number of other analysts have also recently commented on the company. Piper Sandler upgraded ACV Auctions from a “neutral” rating to an “overweight” rating and lifted their target price for the stock from $18.00 to $20.00 in a research report on Thursday, March 20th. JMP Securities reiterated a “market outperform” rating and issued a $25.00 price objective on shares of ACV Auctions in a research note on Monday, December 16th. Needham & Company LLC restated a “buy” rating and set a $25.00 target price on shares of ACV Auctions in a research report on Wednesday, March 12th. Bank of America upgraded shares of ACV Auctions from a “neutral” rating to a “buy” rating and reduced their price target for the company from $22.00 to $20.00 in a research report on Wednesday, March 12th. Finally, Citigroup raised their price objective on shares of ACV Auctions from $22.00 to $27.00 and gave the stock a “buy” rating in a research report on Wednesday, November 27th. Two investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. Based on data from MarketBeat, ACV Auctions has an average rating of “Moderate Buy” and an average target price of $23.14.

ACV Auctions Price Performance

Shares of NASDAQ ACVA opened at $14.58 on Thursday. The stock’s 50-day simple moving average is $18.21 and its 200-day simple moving average is $19.62. The firm has a market capitalization of $2.46 billion, a PE ratio of -29.76 and a beta of 1.73. ACV Auctions has a fifty-two week low of $12.77 and a fifty-two week high of $23.46. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.56 and a current ratio of 1.56.

ACV Auctions (NASDAQ:ACVA) last issued 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. The business had revenue of $159.51 million during the quarter, compared to the consensus estimate of $156.77 million. ACV Auctions had a negative net margin of 12.51% and a negative return on equity of 12.94%. As a group, equities research analysts forecast that ACV Auctions will post -0.07 EPS for the current fiscal year.

Insider Buying and Selling at ACV Auctions

In other news, CFO William Zerella sold 15,000 shares of the firm’s stock in a transaction that occurred on Tuesday, January 7th. The stock was sold at an average price of $20.57, for a total value of $308,550.00. Following the completion of the sale, the chief financial officer now directly owns 462,452 shares of the company’s stock, valued at $9,512,637.64. This trade represents a 3.14 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Michael Waterman sold 30,162 shares of the company’s stock in a transaction on Tuesday, January 7th. The stock was sold at an average price of $20.53, for a total value of $619,225.86. Following the transaction, the insider now directly owns 314,738 shares in the company, valued at $6,461,571.14. This represents a 8.75 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 455,911 shares of company stock valued at $7,480,541. 8.50% of the stock is owned by corporate insiders.

Institutional Trading of ACV Auctions

Institutional investors have recently added to or reduced their stakes in the stock. Blue Trust Inc. increased its holdings in ACV Auctions by 65.8% in the fourth quarter. Blue Trust Inc. now owns 2,352 shares of the company’s stock valued at $48,000 after buying an additional 933 shares in the last quarter. Icon Wealth Advisors LLC grew its holdings in shares of ACV Auctions by 13.5% in the 3rd quarter. Icon Wealth Advisors LLC now owns 11,048 shares of the company’s stock worth $225,000 after acquiring an additional 1,317 shares during the period. Arizona State Retirement System increased its stake in ACV Auctions by 3.6% in the 4th quarter. Arizona State Retirement System now owns 44,126 shares of the company’s stock valued at $953,000 after purchasing an additional 1,520 shares in the last quarter. California State Teachers Retirement System raised its holdings in ACV Auctions by 1.4% during the fourth quarter. California State Teachers Retirement System now owns 141,873 shares of the company’s stock worth $3,064,000 after purchasing an additional 1,906 shares during the last quarter. Finally, Franklin Resources Inc. boosted its position in ACV Auctions by 5.3% during the third quarter. Franklin Resources Inc. now owns 40,935 shares of the company’s stock worth $768,000 after purchasing an additional 2,057 shares in the last quarter. Hedge funds and other institutional investors own 88.55% of the company’s stock.

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.