ACV Auctions’ (ACVA) “Buy” Rating Reaffirmed at Needham & Company LLC

Needham & Company LLC reiterated their buy rating on shares of ACV Auctions (NASDAQ:ACVA) in a report released on Thursday, Marketbeat.com reports. They currently have a $28.00 target price on the stock, up from their prior target price of $26.00.

Other analysts have also recently issued reports about the stock. Jefferies Financial Group upped their price objective on shares of ACV Auctions from $22.00 to $25.00 and gave the stock a “buy” rating in a research note on Tuesday, October 22nd. Raymond James began coverage on shares of ACV Auctions in a research report on Friday, September 27th. They set a “market perform” rating and a $22.00 target price on the stock. Barrington Research reiterated an “outperform” rating and set a $23.00 price target on shares of ACV Auctions in a research report on Monday, November 4th. Piper Sandler increased their price objective on shares of ACV Auctions from $16.00 to $18.00 and gave the company a “neutral” rating in a report on Friday, November 8th. Finally, Citigroup increased their price target on ACV Auctions from $22.00 to $27.00 and gave the company a “buy” rating in a research note on Wednesday, November 27th. Two investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $23.80.

ACV Auctions Stock Performance

ACVA stock opened at $22.12 on Thursday. The firm has a 50 day moving average of $20.54 and a two-hundred day moving average of $19.17. ACV Auctions has a 12 month low of $12.84 and a 12 month high of $23.46. The company has a market capitalization of $3.71 billion, a price-to-earnings ratio of -47.06 and a beta of 1.70. 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 Buying and Selling at ACV Auctions

In other ACV Auctions news, insider Michael Waterman sold 18,001 shares of the business’s stock in a transaction on Tuesday, October 15th. The stock was sold at an average price of $18.79, for a total value of $338,238.79. Following the sale, the insider now directly owns 337,190 shares in the company, valued at $6,335,800.10. The trade was a 5.07 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO William Zerella sold 32,500 shares of the stock in a transaction 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 transaction, the chief financial officer now owns 490,482 shares of the company’s stock, valued at $10,991,701.62. The trade was a 6.21 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 99,099 shares of company stock worth $1,998,394. Insiders own 8.50% of the company’s stock.

Institutional Investors Weigh In On ACV Auctions

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in ACVA. Blue Trust Inc. increased its stake in shares of ACV Auctions by 165.2% in the third quarter. Blue Trust Inc. now owns 1,419 shares of the company’s stock worth $29,000 after purchasing an additional 884 shares in the last quarter. MCF Advisors LLC boosted its holdings in ACV Auctions by 107.0% in the 3rd quarter. MCF Advisors LLC now owns 1,480 shares of the company’s stock worth $30,000 after buying an additional 765 shares during the period. Park Place Capital Corp grew its stake in ACV Auctions by 34.1% in the 3rd quarter. Park Place Capital Corp now owns 2,779 shares of the company’s stock valued at $56,000 after buying an additional 706 shares in the last quarter. Amalgamated Bank raised its holdings in ACV Auctions by 18.0% during the 2nd quarter. Amalgamated Bank now owns 5,120 shares of the company’s stock valued at $93,000 after acquiring an additional 782 shares during the period. Finally, Verdence Capital Advisors LLC purchased a new stake in shares of ACV Auctions during the third quarter worth $206,000. 88.55% of the stock is currently 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.