Brokerages Set ACV Auctions Inc. (NASDAQ:ACVA) PT at $39.50

ACV Auctions Inc. (NASDAQ:ACVA) has been given an average rating of “Hold” by the twelve analysts that are presently covering the stock, Marketbeat reports. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and four have issued a buy rating on the company. The average 1 year price target among brokers that have issued a report on the stock in the last year is $39.50.

Several research firms have recently weighed in on ACVA. Zacks Investment Research cut shares of ACV Auctions from a “hold” rating to a “sell” rating in a report on Monday, May 31st. Jefferies Financial Group began coverage on shares of ACV Auctions in a report on Monday, April 19th. They issued a “buy” rating and a $45.00 price target on the stock. JMP Securities began coverage on shares of ACV Auctions in a report on Monday, April 19th. They issued an “outperform” rating and a $45.00 price target on the stock. Citigroup began coverage on shares of ACV Auctions in a report on Monday, April 19th. They issued a “neutral” rating on the stock. Finally, Canaccord Genuity began coverage on shares of ACV Auctions in a report on Monday, April 19th. They issued a “buy” rating and a $43.00 price target on the stock.

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Alliancebernstein L.P. bought a new position in ACV Auctions in the first quarter valued at $3,639,000. Jennison Associates LLC purchased a new stake in ACV Auctions during the first quarter valued at about $15,103,000. Iridian Asset Management LLC CT purchased a new stake in ACV Auctions during the first quarter valued at about $7,073,000. The Manufacturers Life Insurance Company purchased a new stake in ACV Auctions during the first quarter valued at about $519,000. Finally, Brown University purchased a new stake in ACV Auctions during the first quarter valued at about $8,653,000. 13.34% of the stock is currently owned by institutional investors and hedge funds.

Shares of ACVA stock opened at $24.10 on Tuesday. The firm’s fifty day simple moving average is $30.42. 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 1 year low of $22.66 and a 1 year high of $37.77.

ACV Auctions (NASDAQ:ACVA) last issued its earnings results on Wednesday, May 12th. The company reported ($0.51) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.83) by $0.32. The business had revenue of $69.09 million for the quarter, compared to the consensus estimate of $55.47 million. As a group, sell-side analysts expect that ACV Auctions will post -0.83 EPS for the current fiscal year.

ACV Auctions Company Profile

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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Analyst Recommendations for ACV Auctions (NASDAQ:ACVA)

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