ACV Auctions Inc. (NASDAQ:ACVA) Given Consensus Rating of “Buy” by Brokerages

ACV Auctions Inc. (NASDAQ:ACVAGet Rating) has earned an average rating of “Buy” from the thirteen research firms that are currently covering the stock, Marketbeat.com reports. One investment analyst has rated the stock with a hold rating and eight have issued a buy rating on the company. The average 12 month price target among brokers that have issued ratings on the stock in the last year is $24.42.

Several analysts have issued reports on ACVA shares. Citigroup restated a “buy” rating and issued a $20.00 price target on shares of ACV Auctions in a research report on Wednesday, April 20th. JMP Securities decreased their target price on shares of ACV Auctions from $32.00 to $20.00 in a research report on Wednesday, May 18th. Stephens upgraded shares of ACV Auctions from an “equal weight” rating to an “overweight” rating and lifted their target price for the company from $17.00 to $19.00 in a research report on Wednesday, March 2nd. Zacks Investment Research lowered shares of ACV Auctions from a “buy” rating to a “hold” rating in a research report on Monday, May 16th. Finally, Truist Financial decreased their target price on shares of ACV Auctions from $30.00 to $18.00 in a research report on Thursday, May 12th.

ACV Auctions stock opened at $8.05 on Tuesday. The company has a current ratio of 2.07, a quick ratio of 2.07 and a debt-to-equity ratio of 0.11. The company has a market capitalization of $1.26 billion, a P/E ratio of -13.88 and a beta of 1.16. The firm’s fifty day simple moving average is $12.94 and its 200-day simple moving average is $15.27. ACV Auctions has a 1-year low of $7.52 and a 1-year high of $27.00.

ACV Auctions (NASDAQ:ACVAGet Rating) last posted its quarterly earnings results on Wednesday, May 11th. The company reported ($0.19) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($0.19). ACV Auctions had a negative net margin of 23.08% and a negative return on equity of 16.00%. During the same period last year, the business posted ($0.51) EPS. On average, equities research analysts predict that ACV Auctions will post -0.71 earnings per share for the current year.

In other news, insider Michael Waterman sold 2,931 shares of the business’s stock in a transaction on Monday, May 2nd. The shares were sold at an average price of $12.75, for a total value of $37,370.25. Following the sale, the insider now owns 66,964 shares of the company’s stock, valued at $853,791. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website.

Hedge funds and other institutional investors have recently bought and sold shares of the business. Goldman Sachs Group Inc. bought a new stake in ACV Auctions during the third quarter worth $3,638,000. Cubist Systematic Strategies LLC raised its position in ACV Auctions by 1,336.1% during the third quarter. Cubist Systematic Strategies LLC now owns 165,508 shares of the company’s stock worth $2,961,000 after acquiring an additional 153,983 shares in the last quarter. Jennison Associates LLC raised its position in ACV Auctions by 44.4% during the fourth quarter. Jennison Associates LLC now owns 1,064,158 shares of the company’s stock worth $20,049,000 after acquiring an additional 327,396 shares in the last quarter. HarbourVest Partners LLC raised its position in ACV Auctions by 16.9% during the third quarter. HarbourVest Partners LLC now owns 46,813 shares of the company’s stock worth $837,000 after acquiring an additional 6,764 shares in the last quarter. Finally, Two Sigma Investments LP raised its position in ACV Auctions by 70.7% during the third quarter. Two Sigma Investments LP now owns 73,578 shares of the company’s stock worth $1,316,000 after acquiring an additional 30,480 shares in the last quarter. 75.75% of the stock is currently owned by hedge funds and other institutional investors.

About ACV Auctions (Get Rating)

ACV Auctions Inc operates a digital marketplace that connects buyers and sellers for the online auction of wholesale vehicles. It also provides data services that offer insights into the condition and value of used vehicles, as well as offers customer financing services. ACV Auctions Inc was incorporated in 2014 and is headquartered in Buffalo, New York.

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