Citigroup Forecasts Strong Price Appreciation for ACV Auctions (NASDAQ:ACVA) Stock

ACV Auctions (NASDAQ:ACVA) had its target price upped by stock analysts at Citigroup from $22.00 to $27.00 in a report released on Wednesday,Benzinga reports. The firm currently has a “buy” rating on the stock. Citigroup’s price target indicates a potential upside of 18.89% from the company’s current price.

ACVA has been the subject of a number of other research reports. Barrington Research reiterated an “outperform” rating and issued a $23.00 price target on shares of ACV Auctions in a report on Monday, November 4th. JMP Securities increased their target price on shares of ACV Auctions from $21.00 to $24.00 and gave the company a “market outperform” rating in a report on Tuesday, September 17th. Piper Sandler boosted their price target on ACV Auctions from $16.00 to $18.00 and gave the stock a “neutral” rating in a research note on Friday, November 8th. Needham & Company LLC reaffirmed a “buy” rating and set a $26.00 price objective on shares of ACV Auctions in a report on Tuesday. Finally, Raymond James began coverage on ACV Auctions in a report on Friday, September 27th. They issued a “market perform” rating and a $22.00 target price on the stock. Two research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $23.50.

ACV Auctions Price Performance

Shares of NASDAQ:ACVA opened at $22.71 on Wednesday. ACV Auctions has a 52 week low of $12.84 and a 52 week high of $23.46. The company has a 50-day moving average price of $19.65 and a 200 day moving average price of $18.66. The company has a market cap of $3.81 billion, a P/E ratio of -48.32 and a beta of 1.59. The company has a quick ratio of 1.51, a current ratio of 1.51 and a debt-to-equity ratio of 0.25.

Insider Transactions at ACV Auctions

In other ACV Auctions news, CEO George Chamoun sold 111,363 shares of the business’s stock in a transaction dated Tuesday, September 17th. The stock was sold at an average price of $20.27, for a total transaction of $2,257,328.01. Following the completion of the sale, the chief executive officer now owns 928,166 shares of the company’s stock, valued at approximately $18,813,924.82. The trade was a 10.71 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Andrew Peer sold 1,795 shares of the company’s stock in a transaction dated Thursday, September 19th. The stock was sold at an average price of $21.00, for a total value of $37,695.00. Following the sale, the vice president now owns 62,956 shares of the company’s stock, valued at $1,322,076. This represents a 2.77 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 525,937 shares of company stock worth $10,479,997 in the last three months. Company insiders own 8.50% of the company’s stock.

Institutional Investors Weigh In On ACV Auctions

Large investors have recently made changes to their positions in the business. Comerica Bank boosted its position in ACV Auctions by 5,045.7% during the 1st quarter. Comerica Bank now owns 63,550 shares of the company’s stock worth $1,193,000 after purchasing an additional 62,315 shares during the period. William Blair Investment Management LLC boosted its position in shares of ACV Auctions by 4.1% in the second quarter. William Blair Investment Management LLC now owns 5,013,642 shares of the company’s stock worth $91,499,000 after buying an additional 198,228 shares during the period. Swedbank AB purchased a new stake in shares of ACV Auctions in the first quarter worth about $15,016,000. Harbor Capital Advisors Inc. grew its stake in shares of ACV Auctions by 383.7% in the third quarter. Harbor Capital Advisors Inc. now owns 153,050 shares of the company’s stock valued at $3,112,000 after buying an additional 121,411 shares in the last quarter. Finally, Essex Investment Management Co. LLC purchased a new stake in shares of ACV Auctions during the 3rd quarter valued at about $2,915,000. Institutional investors and hedge funds own 88.55% 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. 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.