JMP Securities Reaffirms Market Outperform Rating for ACV Auctions (NASDAQ:ACVA)

ACV Auctions (NASDAQ:ACVA)‘s stock had its “market outperform” rating reaffirmed by equities researchers at JMP Securities in a report issued on Wednesday, Benzinga reports. They presently have a $19.00 price objective on the stock. JMP Securities’ price objective would indicate a potential upside of 7.04% from the company’s previous close.

ACVA has been the topic of several other reports. Northcoast Research upgraded shares of ACV Auctions from a “neutral” rating to a “buy” rating and set a $22.00 price target on the stock in a research report on Wednesday, January 10th. Needham & Company LLC reiterated a “buy” rating and issued a $23.00 price target on shares of ACV Auctions in a research report on Thursday, February 22nd. Two research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $20.21.

ACV Auctions Stock Performance

ACVA stock traded up $0.46 on Wednesday, hitting $17.75. The company had a trading volume of 703,843 shares, compared to its average volume of 1,214,111. The company has a current ratio of 2.12, a quick ratio of 2.12 and a debt-to-equity ratio of 0.25. ACV Auctions has a 12-month low of $11.58 and a 12-month high of $19.54. The stock has a market cap of $2.91 billion, a price-to-earnings ratio of -38.83 and a beta of 1.57. The stock’s 50-day simple moving average is $17.20 and its 200 day simple moving average is $15.41.

ACV Auctions (NASDAQ:ACVA) last released its quarterly earnings results on Wednesday, February 21st. The company reported ($0.12) earnings per share for the quarter, topping the consensus estimate of ($0.13) by $0.01. ACV Auctions had a negative net margin of 15.64% and a negative return on equity of 13.97%. The business had revenue of $118.38 million for the quarter, compared to the consensus estimate of $117.62 million. As a group, equities research analysts expect that ACV Auctions will post -0.29 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, insider Craig Eric Anderson sold 7,500 shares of ACV Auctions stock in a transaction dated Tuesday, April 9th. The shares were sold at an average price of $18.50, for a total transaction of $138,750.00. Following the completion of the transaction, the insider now directly owns 194,525 shares of the company’s stock, valued at approximately $3,598,712.50. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In other news, insider Craig Eric Anderson sold 7,500 shares of the business’s stock in a transaction dated Tuesday, April 9th. The shares were sold at an average price of $18.50, for a total value of $138,750.00. Following the completion of the sale, the insider now owns 194,525 shares in the company, valued at approximately $3,598,712.50. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, COO Vikas Mehta sold 13,399 shares of the business’s stock in a transaction dated Thursday, April 4th. The shares were sold at an average price of $18.55, for a total transaction of $248,551.45. Following the completion of the sale, the chief operating officer now owns 321,475 shares of the company’s stock, valued at approximately $5,963,361.25. The disclosure for this sale can be found here. In the last ninety days, insiders sold 1,475,208 shares of company stock valued at $26,568,349. Company insiders own 13.67% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of the company. Congress Asset Management Co. MA raised its stake in shares of ACV Auctions by 21.8% during the 1st quarter. Congress Asset Management Co. MA now owns 482,881 shares of the company’s stock worth $9,064,000 after acquiring an additional 86,525 shares in the last quarter. Los Angeles Capital Management LLC grew its position in ACV Auctions by 95.8% during the 1st quarter. Los Angeles Capital Management LLC now owns 43,380 shares of the company’s stock worth $814,000 after purchasing an additional 21,230 shares during the last quarter. Price T Rowe Associates Inc. MD grew its position in ACV Auctions by 4.9% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 72,926 shares of the company’s stock worth $1,105,000 after purchasing an additional 3,427 shares during the last quarter. GSA Capital Partners LLP purchased a new stake in ACV Auctions during the 4th quarter worth approximately $479,000. Finally, Legal & General Group Plc grew its position in ACV Auctions by 7.9% during the 4th quarter. Legal & General Group Plc now owns 130,640 shares of the company’s stock worth $1,979,000 after purchasing an additional 9,617 shares during the last quarter. 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.