ACV Auctions Inc. (NASDAQ:ACVA) Given Consensus Recommendation of “Moderate Buy” by Analysts

ACV Auctions Inc. (NASDAQ:ACVA) has been assigned an average rating of “Moderate Buy” from the ten research firms that are presently covering the firm, Marketbeat reports. Two investment analysts have rated the stock with a hold recommendation and eight have given a buy recommendation to the company. The average twelve-month price target among brokers that have covered the stock in the last year is $23.80.

ACVA has been the topic of a number of research reports. B. Riley raised 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 raised their price target 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. Raymond James began 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 objective for the company. Needham & Company LLC reissued a “buy” rating and issued a $28.00 target price (up previously from $26.00) on shares of ACV Auctions in a research note on Thursday. Finally, Citigroup upped their price target on shares of ACV Auctions from $22.00 to $27.00 and gave the stock a “buy” rating in a research report on Wednesday, November 27th.

Insider Transactions at ACV Auctions

In other ACV Auctions news, insider Michael Waterman sold 18,001 shares of the stock in a transaction that occurred on Tuesday, October 15th. The stock was sold at an average price of $18.79, for a total transaction of $338,238.79. Following the transaction, the insider now owns 337,190 shares of the company’s stock, valued at $6,335,800.10. This trade represents a 5.07 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO William Zerella sold 32,500 shares of ACV Auctions stock in a transaction that occurred on Tuesday, October 15th. The stock was sold at an average price of $18.79, for a total value of $610,675.00. Following the completion of the transaction, the chief financial officer now owns 490,482 shares of the company’s stock, valued at approximately $9,216,156.78. The trade was a 6.21 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 99,099 shares of company stock valued at $1,998,394. 8.50% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On ACV Auctions

Large investors have recently added to or reduced their stakes in the company. Massachusetts Financial Services Co. MA increased its stake in ACV Auctions by 47.6% during the second quarter. Massachusetts Financial Services Co. MA now owns 7,758,163 shares of the company’s stock valued at $141,586,000 after purchasing an additional 2,502,064 shares during the last quarter. Spyglass Capital Management LLC grew its position in shares of ACV Auctions by 69.1% during the 3rd quarter. Spyglass Capital Management LLC now owns 2,614,245 shares of the company’s stock valued at $53,148,000 after buying an additional 1,068,356 shares during the last quarter. Wellington Management Group LLP acquired a new stake in ACV Auctions during the third quarter worth about $21,540,000. Bank of New York Mellon Corp lifted its holdings in ACV Auctions by 217.5% in the second quarter. Bank of New York Mellon Corp now owns 1,391,070 shares of the company’s stock worth $25,387,000 after acquiring an additional 952,929 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC bought a new position in ACV Auctions in the second quarter worth about $8,567,000. 88.55% of the stock is currently owned by institutional investors.

ACV Auctions Trading Down 1.4 %

Shares of ACVA opened at $21.80 on Friday. ACV Auctions has a twelve month low of $12.84 and a twelve month high of $23.46. The firm has a market capitalization of $3.65 billion, a P/E ratio of -46.38 and a beta of 1.70. The company has a current ratio of 1.51, a quick ratio of 1.51 and a debt-to-equity ratio of 0.25. The stock’s fifty day simple moving average is $20.59 and its 200 day simple moving average is $19.20.

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.