ACV Auctions (NASDAQ:ACVA – Get Rating) had its target price lowered by Needham & Company LLC from $14.00 to $9.00 in a report issued on Tuesday, MarketBeat reports. The brokerage currently has a buy rating on the stock.
ACVA has been the topic of a number of other reports. Trust Financial lowered their price target on shares of ACV Auctions from $30.00 to $18.00 in a report on Thursday, May 12th. Barrington Research started coverage on shares of ACV Auctions in a research report on Friday, June 10th. They set an outperform rating and a $18.00 price objective for the company. Canaccord Genuity Group reduced their objective price on shares of ACV Auctions from $25.00 to $22.00 in a research report on Thursday, May 12th. Citigroup restated a buy rating and set a $20.00 price objective on shares of ACV Auctions in a research report on Wednesday, April 20th. Finally, JMP Securities reduced their objective price on shares of ACV Auctions from $20.00 to $10.00 and set a market outperform rating for the company in a research report on Thursday, June 30th. Twelve analysts have rated the stock with a buy rating, according to MarketBeat.com, ACV Auctions currently has a consensus rating of Buy and a consensus price target of $21.85.
Shares of NASDAQ ACVA opened at $6.91 on Tuesday. The company’s fifty day moving average price is $8.59 and its 200 day moving average price is $12.44. ACV Auctions has a 1 year low of $6.10 and a 1 year high of $24.94. The company has a market capitalization of $1.09 billion, a PE ratio of -11.91 and a beta of 1.28. The company has a debt-to-equity ratio of 0.11, a quick ratio of 2.07 and a current ratio of 2.07.
ACV Auctions (NASDAQ:ACVA – Get Rating) last announced its quarterly earnings results on Wednesday, May 11th. The company reported ($0.19) earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of ($0.19). ACV Auctions had a negative net margin of 23.08% and a negative return on equity of 16.00%. The firm had revenue of $103.07 million for the quarter, compared to the consensus estimate of $101.44 million. During the same period in the prior year, the firm posted ($0.51) earnings per share. On average, equities analysts expect that ACV Auctions will post -0.71 EPS for the current year.
In related news, insider Michael Waterman sold 2,931 shares of the company’s stock in a transaction dated Monday, May 2nd. The shares were sold at an average price of $12.75, for a total value of $37,370.25. Following the completion of 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 Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 11.64% of the company’s stock.
Several institutional investors and hedge funds have recently made changes to their positions in ACVA. Ovata Capital Management Ltd purchased a new position in ACV Auctions during the first quarter worth about $25,000. Citigroup Inc. boosted its stake in ACV Auctions by 359.1% during the first quarter. Citigroup Inc. Now owns 3,641 shares of the company’s stock worth $54,000 after buying an additional 2,848 shares during the period. Ensign Peak Advisors Inc purchased a new position in ACV Auctions during the first quarter worth about $94,000. Confluence Wealth Services Inc. purchased a new position in ACV Auctions during the fourth quarter worth about $133,000. Finally, Zurcher Cantonalbank Zurich Cantonalbank purchased a new position in ACV Auctions during the fourth quarter worth about $139,000. 75.75% of the stock is owned by hedge funds and other institutional investors.
ACV Auctions Company Profile (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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