ACV Auctions Inc. (NASDAQ:ACVA) Receives Average Rating of “Moderate Buy” from Analysts

Shares of ACV Auctions Inc. (NASDAQ:ACVA) have been given an average rating of “Moderate Buy” by the ten brokerages that are currently covering the company, MarketBeat.com reports. Two research analysts have rated the stock with a hold recommendation and eight have assigned a buy recommendation to the company. The average twelve-month price objective among brokerages that have issued ratings on the stock in the last year is $23.50.

Several equities research analysts recently weighed in on the stock. B. Riley boosted their price target on shares of ACV Auctions from $24.00 to $27.00 and gave the stock a “buy” rating in a research report on Tuesday, November 26th. Raymond James initiated coverage on shares of ACV Auctions in a research note on Friday, September 27th. They set a “market perform” rating and a $22.00 price target on the stock. Needham & Company LLC reaffirmed a “buy” rating and set a $26.00 price target on shares of ACV Auctions in a research note on Tuesday, November 26th. Citigroup upped their price target on shares of ACV Auctions from $22.00 to $27.00 and gave the company a “buy” rating in a research note on Wednesday, November 27th. Finally, JMP Securities upped their price target on shares of ACV Auctions from $21.00 to $24.00 and gave the company a “market outperform” rating in a research note on Tuesday, September 17th.

Insider Activity

In other ACV Auctions news, COO Vikas Mehta sold 154,324 shares of the stock in a transaction dated Tuesday, September 10th. The shares were sold at an average price of $19.19, for a total transaction of $2,961,477.56. Following the transaction, the chief operating officer now directly owns 432,457 shares in the company, valued at $8,298,849.83. This represents a 26.30 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Andrew Peer sold 1,795 shares of the stock in a transaction dated Thursday, September 19th. The stock was sold at an average price of $21.00, for a total transaction of $37,695.00. Following the transaction, the vice president now owns 62,956 shares in the company, valued at approximately $1,322,076. The trade was a 2.77 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 525,937 shares of company stock valued at $10,479,997. 8.50% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Massachusetts Financial Services Co. MA boosted its holdings in shares of ACV Auctions by 11.6% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 8,655,640 shares of the company’s stock valued at $175,969,000 after buying an additional 897,477 shares in the last quarter. William Blair Investment Management LLC boosted its holdings in shares of ACV Auctions by 4.1% in the 2nd quarter. William Blair Investment Management LLC now owns 5,013,642 shares of the company’s stock valued at $91,499,000 after buying an additional 198,228 shares in the last quarter. Jennison Associates LLC boosted its holdings in shares of ACV Auctions by 6.8% in the 3rd quarter. Jennison Associates LLC now owns 4,247,932 shares of the company’s stock valued at $86,360,000 after buying an additional 271,970 shares in the last quarter. Geode Capital Management LLC boosted its holdings in shares of ACV Auctions by 2.0% in the 3rd quarter. Geode Capital Management LLC now owns 3,517,088 shares of the company’s stock valued at $71,516,000 after buying an additional 67,969 shares in the last quarter. Finally, State Street Corp boosted its holdings in shares of ACV Auctions by 3.7% in the 3rd quarter. State Street Corp now owns 3,242,388 shares of the company’s stock valued at $65,918,000 after buying an additional 115,700 shares in the last quarter. 88.55% of the stock is currently owned by institutional investors.

ACV Auctions Trading Down 1.5 %

ACV Auctions stock opened at $22.83 on Wednesday. The stock has a market cap of $3.83 billion, a P/E ratio of -48.57 and a beta of 1.70. The company has a debt-to-equity ratio of 0.25, a current ratio of 1.51 and a quick ratio of 1.51. ACV Auctions has a 1 year low of $12.84 and a 1 year high of $23.46. The firm’s 50 day moving average price is $19.77 and its 200-day moving average price is $18.77.

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.