JPMorgan Chase & Co. Cuts ACV Auctions (NASDAQ:ACVA) Price Target to $20.00

ACV Auctions (NASDAQ:ACVA) had its price target cut by research analysts at JPMorgan Chase & Co. from $24.00 to $20.00 in a report released on Thursday,Benzinga reports. The firm currently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s target price would suggest a potential upside of 37.19% from the stock’s previous close.

Other equities research analysts also recently issued reports about the company. JMP Securities reissued a “market outperform” rating and set a $25.00 target price on shares of ACV Auctions in a research report on Monday, December 16th. Needham & Company LLC restated a “buy” rating and issued a $25.00 target price on shares of ACV Auctions in a research note on Wednesday, March 12th. Piper Sandler raised ACV Auctions from a “neutral” rating to an “overweight” rating and raised their target price for the stock from $18.00 to $20.00 in a research report on Thursday, March 20th. Bank of America raised shares of ACV Auctions from a “neutral” rating to a “buy” rating and lowered their price target for the company from $22.00 to $20.00 in a report on Wednesday, March 12th. Finally, Stephens raised shares of ACV Auctions to a “hold” rating in a report on Saturday, February 1st. Two investment analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. According to data from MarketBeat.com, ACV Auctions presently has an average rating of “Moderate Buy” and an average price target of $23.14.

ACV Auctions Stock Performance

ACVA stock traded down $0.70 during mid-day trading on Thursday, reaching $14.58. 1,387,947 shares of the stock traded hands, compared to its average volume of 1,403,377. The firm has a market capitalization of $2.46 billion, a PE ratio of -29.77 and a beta of 1.73. The business has a 50-day moving average of $18.34 and a two-hundred day moving average of $19.66. ACV Auctions has a 52 week low of $12.77 and a 52 week high of $23.46. The company has a quick ratio of 1.56, a current ratio of 1.56 and a debt-to-equity ratio of 0.28.

ACV Auctions (NASDAQ:ACVA) last issued its quarterly earnings results on Wednesday, February 19th. The company reported ($0.14) EPS for the quarter, topping the consensus estimate of ($0.15) by $0.01. ACV Auctions had a negative return on equity of 12.94% and a negative net margin of 12.51%. The company had revenue of $159.51 million for the quarter, compared to the consensus estimate of $156.77 million. As a group, equities analysts predict that ACV Auctions will post -0.07 EPS for the current fiscal year.

Insider Transactions at ACV Auctions

In related news, insider Michael Waterman sold 30,162 shares of ACV Auctions stock in a transaction dated Tuesday, January 7th. The stock was sold at an average price of $20.53, for a total value of $619,225.86. Following the completion of the transaction, the insider now directly owns 314,738 shares of the company’s stock, valued at $6,461,571.14. The trade was a 8.75 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO William Zerella sold 15,000 shares of the company’s stock in a transaction dated Tuesday, March 11th. The stock was sold at an average price of $13.53, for a total transaction of $202,950.00. Following the transaction, the chief financial officer now owns 766,266 shares in the company, valued at approximately $10,367,578.98. This trade represents a 1.92 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 455,911 shares of company stock valued at $7,480,541 in the last three months. 8.50% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On ACV Auctions

A number of institutional investors have recently modified their holdings of ACVA. Wellington Management Group LLP grew its stake in shares of ACV Auctions by 61.3% during the fourth quarter. Wellington Management Group LLP now owns 1,708,551 shares of the company’s stock valued at $36,905,000 after purchasing an additional 649,039 shares during the last quarter. California State Teachers Retirement System increased its stake in shares of ACV Auctions by 1.4% in the 4th quarter. California State Teachers Retirement System now owns 141,873 shares of the company’s stock valued at $3,064,000 after buying an additional 1,906 shares during the period. Universal Beteiligungs und Servicegesellschaft mbH bought a new stake in shares of ACV Auctions during the fourth quarter worth $4,026,000. Integrated Advisors Network LLC acquired a new position in shares of ACV Auctions during the fourth quarter valued at $200,000. Finally, Mackenzie Financial Corp acquired a new position in shares of ACV Auctions during the fourth quarter valued at $206,000. 88.55% of the stock is owned by institutional investors.

About ACV Auctions

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.