B. Riley Financial Cuts ACV Auctions (NASDAQ:ACVA) Price Target to $16.00

ACV Auctions (NASDAQ:ACVA) had its price target lowered by B. Riley Financial from $17.00 to $16.00 in a research note issued to investors on Tuesday,Benzinga reports. The brokerage currently has a buy rating on the stock.

Several other equities analysts also recently issued reports on ACVA. Needham & Company LLC restated a “buy” rating and set a $9.00 price objective on shares of ACV Auctions in a report on Tuesday. Barrington Research lowered shares of ACV Auctions from an “outperform” rating to a “market perform” rating in a research note on Thursday, November 6th. Bank of America reaffirmed an “underperform” rating and issued a $6.00 price target (down from $16.50) on shares of ACV Auctions in a report on Thursday, November 6th. Royal Bank Of Canada raised shares of ACV Auctions to an “outperform” rating in a report on Tuesday. Finally, Barclays upped their target price on ACV Auctions to $8.00 and gave the company an “equal weight” rating in a research report on Wednesday, January 21st. Eight research analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $11.41.

ACV Auctions Stock Performance

Shares of ACVA stock opened at $4.70 on Tuesday. ACV Auctions has a 12-month low of $4.45 and a 12-month high of $17.54. The business’s fifty day simple moving average is $7.70 and its 200-day simple moving average is $8.70. The company has a current ratio of 1.56, a quick ratio of 1.56 and a debt-to-equity ratio of 0.28. The company has a market cap of $808.34 million, a PE ratio of -9.58 and a beta of 1.63.

ACV Auctions (NASDAQ:ACVA) last announced its earnings results on Monday, February 23rd. The company reported ($0.11) earnings per share for the quarter, missing the consensus estimate of ($0.01) by ($0.10). ACV Auctions had a negative return on equity of 12.94% and a negative net margin of 12.51%.The business had revenue of $183.65 million for the quarter, compared to analysts’ expectations of $181.96 million. During the same quarter last year, the firm earned ($0.16) earnings per share. The firm’s quarterly revenue was up 15.2% compared to the same quarter last year. Analysts expect that ACV Auctions will post -0.07 earnings per share for the current fiscal year.

Insider Buying and Selling at ACV Auctions

In related news, CEO George Chamoun acquired 31,172 shares of the firm’s stock in a transaction dated Monday, December 15th. The stock was acquired at an average price of $7.97 per share, with a total value of $248,440.84. Following the acquisition, the chief executive officer directly owned 2,618,714 shares in the company, valued at $20,871,150.58. This represents a 1.20% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders own 2.90% of the company’s stock.

Hedge Funds Weigh In On ACV Auctions

Several institutional investors and hedge funds have recently modified their holdings of the business. Atreides Management LP raised its stake in ACV Auctions by 125.2% in the 4th quarter. Atreides Management LP now owns 12,411,800 shares of the company’s stock valued at $99,543,000 after purchasing an additional 6,901,010 shares during the last quarter. William Blair Investment Management LLC grew its holdings in shares of ACV Auctions by 3.3% during the third quarter. William Blair Investment Management LLC now owns 11,471,709 shares of the company’s stock worth $113,685,000 after buying an additional 362,003 shares in the last quarter. Massachusetts Financial Services Co. MA raised its position in shares of ACV Auctions by 0.6% in the second quarter. Massachusetts Financial Services Co. MA now owns 9,143,400 shares of the company’s stock valued at $148,306,000 after buying an additional 58,570 shares during the last quarter. Wasatch Advisors LP lifted its stake in shares of ACV Auctions by 301.0% in the second quarter. Wasatch Advisors LP now owns 7,295,400 shares of the company’s stock worth $118,331,000 after buying an additional 5,475,874 shares in the last quarter. Finally, ArrowMark Colorado Holdings LLC boosted its position in ACV Auctions by 30.4% during the third quarter. ArrowMark Colorado Holdings LLC now owns 6,337,335 shares of the company’s stock worth $62,803,000 after acquiring an additional 1,475,932 shares during the last quarter. Hedge funds and other institutional investors own 88.55% of the company’s stock.

About ACV Auctions

ACV Auctions operates a digital marketplace that connects automotive dealers through a mobile-first platform for wholesale vehicle auctions. The company’s software enables dealers to list, inspect and bid on used vehicles in real time, leveraging smartphone-based condition reporting, high-resolution imagery and data analytics to streamline the buying and selling process. ACV Auctions also offers subscription-based access to its auction platform, supplemental reconditioning services and financing tools designed to help dealers optimize inventory turn and reduce risk.

Since its founding in 2014, ACV Auctions has expanded its technology offerings beyond core auction services to include dealer management integrations, transportation logistics coordination and title management solutions.