ACV Auctions Inc. (NASDAQ:ACVA) Given Average Rating of “Moderate Buy” by Brokerages

ACV Auctions Inc. (NASDAQ:ACVA) has been assigned an average rating of “Moderate Buy” from the ten ratings firms that are presently covering the firm, MarketBeat Ratings reports. Three investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. The average 12 month price objective among analysts that have updated their coverage on the stock in the last year is $23.65.

Several brokerages have commented on ACVA. Piper Sandler increased their price target on ACV Auctions from $16.00 to $18.00 and gave the company a “neutral” rating in a report on Friday, November 8th. Barrington Research reiterated an “outperform” rating and issued a $23.00 target price on shares of ACV Auctions in a research note on Monday, November 4th. Raymond James started 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 for the company. Needham & Company LLC restated a “buy” rating and set a $28.00 price target (up from $26.00) on shares of ACV Auctions in a report on Thursday, December 26th. Finally, B. Riley lifted their price objective on ACV Auctions from $24.00 to $27.00 and gave the stock a “buy” rating in a research note on Tuesday, November 26th.

Insider Buying and Selling at ACV Auctions

In other ACV Auctions news, CFO William Zerella sold 15,000 shares of ACV Auctions stock in a transaction on Tuesday, January 7th. The shares were sold at an average price of $20.57, for a total transaction of $308,550.00. Following the sale, the chief financial officer now owns 462,452 shares in the company, valued at $9,512,637.64. The trade was a 3.14 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Michael Waterman sold 30,162 shares of the firm’s stock in a transaction dated Tuesday, January 7th. The stock was sold at an average price of $20.53, for a total transaction of $619,225.86. Following the transaction, the insider now directly owns 314,738 shares of the company’s stock, valued at $6,461,571.14. The trade was a 8.75 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 110,162 shares of company stock valued at $2,359,726 in the last quarter. Corporate insiders own 8.50% of the company’s stock.

Hedge Funds Weigh In On ACV Auctions

A number of hedge funds have recently modified their holdings of ACVA. Spyglass Capital Management LLC grew its stake in ACV Auctions by 69.1% during the third quarter. Spyglass Capital Management LLC now owns 2,614,245 shares of the company’s stock worth $53,148,000 after buying an additional 1,068,356 shares during the last quarter. Wellington Management Group LLP bought a new stake in ACV Auctions during the 3rd quarter worth approximately $21,540,000. Massachusetts Financial Services Co. MA increased its holdings in ACV Auctions by 11.6% during 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 purchasing an additional 897,477 shares in the last quarter. Driehaus Capital Management LLC raised its position in ACV Auctions by 48.0% in the 2nd quarter. Driehaus Capital Management LLC now owns 1,232,238 shares of the company’s stock valued at $22,488,000 after purchasing an additional 399,402 shares during the last quarter. Finally, JPMorgan Chase & Co. grew its holdings in shares of ACV Auctions by 10.9% during the third quarter. JPMorgan Chase & Co. now owns 3,167,615 shares of the company’s stock worth $64,398,000 after purchasing an additional 311,465 shares during the last quarter. 88.55% of the stock is owned by institutional investors and hedge funds.

ACV Auctions Stock Performance

ACVA opened at $21.44 on Thursday. The stock has a 50-day moving average of $21.57 and a 200-day moving average of $19.62. The company has a debt-to-equity ratio of 0.25, a quick ratio of 1.51 and a current ratio of 1.51. ACV Auctions has a 52-week low of $12.84 and a 52-week high of $23.46. The company has a market cap of $3.59 billion, a PE ratio of -45.62 and a beta of 1.69.

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.