ACV Auctions (NASDAQ:ACVA) Raised to Hold at Zacks Investment Research

ACV Auctions (NASDAQ:ACVA) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research report issued on Thursday, Zacks.com reports.

According to Zacks, “ACV Auctions Inc. provides an online automotive marketplace for dealers and commercial partners. ACV Auctions Inc. is based in BUFFALO, N.Y. “

A number of other research firms have also weighed in on ACVA. Piper Sandler assumed coverage on shares of ACV Auctions in a research report on Monday, April 19th. They issued a “neutral” rating and a $36.00 price target for the company. JPMorgan Chase & Co. assumed coverage on shares of ACV Auctions in a research report on Monday, April 19th. They issued a “neutral” rating and a $30.00 price target for the company. assumed coverage on shares of ACV Auctions in a research report on Monday, April 19th. They issued a “neutral” rating and a $40.00 price target for the company. Canaccord Genuity initiated coverage on shares of ACV Auctions in a research report on Monday, April 19th. They issued a “buy” rating and a $43.00 price target for the company. Finally, JMP Securities initiated coverage on shares of ACV Auctions in a report on Monday, April 19th. They issued an “outperform” rating and a $45.00 target price on the stock. Eight research analysts have rated the stock with a hold rating and four have given a buy rating to the company. The company currently has an average rating of “Hold” and an average price target of $39.50.

NASDAQ ACVA traded up $0.62 during trading hours on Thursday, hitting $22.05. 14,448 shares of the company’s stock traded hands, compared to its average volume of 544,317. The stock has a fifty day simple moving average of $24.67. The company has a current ratio of 2.76, a quick ratio of 2.76 and a debt-to-equity ratio of 0.01. ACV Auctions has a 52 week low of $19.96 and a 52 week high of $37.77.

ACV Auctions (NASDAQ:ACVA) last posted its quarterly earnings results on Wednesday, May 12th. The company reported ($0.51) earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.83) by $0.32. The firm had revenue of $69.09 million during the quarter, compared to the consensus estimate of $55.47 million. Sell-side analysts predict that ACV Auctions will post -0.83 EPS for the current year.

In other news, insider Michael Waterman sold 94,086 shares of the stock in a transaction on Tuesday, July 6th. The shares were sold at an average price of $23.74, for a total value of $2,233,601.64. The sale was disclosed in a filing with the SEC, which is available at this link.

A number of institutional investors have recently modified their holdings of the business. Davidson Kempner Capital Management LP bought a new position in ACV Auctions during the 1st quarter worth about $3,802,000. Atreides Management LP bought a new position in ACV Auctions during the 1st quarter worth about $32,909,000. Bamco Inc. NY bought a new position in ACV Auctions during the 1st quarter worth about $48,240,000. Melvin Capital Management LP bought a new position in ACV Auctions during the 1st quarter worth about $24,227,000. Finally, Millennium Management LLC bought a new position in ACV Auctions during the 1st quarter worth about $7,160,000. Institutional investors own 13.81% of the company’s stock.

About ACV Auctions

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 transparent and accurate vehicle information to customers. ACV Auctions, Inc was incorporated in 2014 and is based in Buffalo, New York.

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