ACV Auctions (NASDAQ:ACVA) Given Market Outperform Rating at JMP Securities

JMP Securities restated their market outperform rating on shares of ACV Auctions (NASDAQ:ACVA) in a research report sent to investors on Monday,Benzinga reports. They currently have a $25.00 price objective on the stock.

A number of other research firms have also recently issued reports on ACVA. B. Riley upped their price objective on ACV Auctions from $24.00 to $27.00 and gave the stock a “buy” rating in a report on Tuesday, November 26th. Piper Sandler upped their price objective on ACV Auctions from $16.00 to $18.00 and gave the stock a “neutral” rating in a report on Friday, November 8th. Barrington Research reiterated an “outperform” rating and issued a $23.00 price objective on shares of ACV Auctions in a report on Monday, November 4th. Jefferies Financial Group upped their price objective on ACV Auctions from $22.00 to $25.00 and gave the stock a “buy” rating in a report on Tuesday, October 22nd. Finally, Raymond James started coverage on ACV Auctions in a report on Friday, September 27th. They issued a “market perform” rating and a $22.00 price objective for the company. Two research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat, ACV Auctions presently has an average rating of “Moderate Buy” and a consensus target price of $23.60.

ACV Auctions Price Performance

ACV Auctions stock opened at $21.23 on Monday. ACV Auctions has a 52 week low of $12.84 and a 52 week high of $23.46. The business has a 50-day simple moving average of $20.13 and a 200 day simple moving average of $18.99. The company has a quick ratio of 1.51, a current ratio of 1.51 and a debt-to-equity ratio of 0.25. The stock has a market cap of $3.56 billion, a price-to-earnings ratio of -45.17 and a beta of 1.70.

Insider Buying and Selling at ACV Auctions

In other news, CFO William Zerella sold 32,500 shares of the stock in a transaction that occurred on Tuesday, November 26th. The stock was sold at an average price of $22.41, for a total value of $728,325.00. Following the completion of the transaction, the chief financial officer now owns 490,482 shares of the company’s stock, valued at approximately $10,991,701.62. This represents a 6.21 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Andrew Peer sold 1,795 shares of the firm’s stock in a transaction that occurred on Thursday, September 19th. The shares were sold at an average price of $21.00, for a total value of $37,695.00. Following the transaction, the vice president now directly owns 62,956 shares of the company’s stock, valued at approximately $1,322,076. This trade represents a 2.77 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 100,894 shares of company stock valued at $2,036,089 in the last 90 days. Insiders own 8.50% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Bank of New York Mellon Corp increased its holdings in shares of ACV Auctions by 217.5% in the 2nd quarter. Bank of New York Mellon Corp now owns 1,391,070 shares of the company’s stock worth $25,387,000 after purchasing an additional 952,929 shares in the last quarter. Allspring Global Investments Holdings LLC bought a new stake in shares of ACV Auctions in the 2nd quarter worth $8,567,000. Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in shares of ACV Auctions by 21.9% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 26,478 shares of the company’s stock worth $483,000 after purchasing an additional 4,752 shares in the last quarter. Principal Financial Group Inc. increased its holdings in shares of ACV Auctions by 33.1% in the 2nd quarter. Principal Financial Group Inc. now owns 61,903 shares of the company’s stock worth $1,130,000 after purchasing an additional 15,390 shares in the last quarter. Finally, Rhumbline Advisers increased its holdings in shares of ACV Auctions by 17.0% in the 2nd quarter. Rhumbline Advisers now owns 209,976 shares of the company’s stock worth $3,832,000 after purchasing an additional 30,450 shares in the last quarter. Institutional investors 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.