ACV Auctions (NASDAQ:ACVA) Given “Outperform” Rating at Barrington Research

Barrington Research reaffirmed their outperform rating on shares of ACV Auctions (NASDAQ:ACVA) in a research note published on Friday morning, Benzinga reports. They currently have a $23.00 price target on the stock.

A number of other brokerages also recently commented on ACVA. Piper Sandler raised their price objective on ACV Auctions from $15.00 to $16.00 and gave the stock a neutral rating in a research report on Thursday, May 9th. JPMorgan Chase & Co. upgraded ACV Auctions from a neutral rating to an overweight rating and set a $21.00 target price for the company in a research note on Monday, June 10th. Needham & Company LLC reiterated a buy rating and set a $23.00 price target on shares of ACV Auctions in a research note on Monday, June 3rd. Finally, JMP Securities restated a market outperform rating and issued a $21.00 price objective on shares of ACV Auctions in a research note on Wednesday, July 10th. One research analyst has rated the stock with a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat, ACV Auctions presently has a consensus rating of Moderate Buy and an average price target of $21.00.

ACV Auctions Stock Up 0.3 %

NASDAQ ACVA opened at $18.62 on Friday. ACV Auctions has a twelve month low of $12.84 and a twelve month high of $19.63. The stock has a market cap of $3.07 billion, a PE ratio of -38.79 and a beta of 1.54. The firm has a 50-day simple moving average of $17.70 and a 200 day simple moving average of $17.52. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.62 and a current ratio of 1.62.

Insider Activity at ACV Auctions

In other news, Director Brian Hirsch sold 8,221 shares of the company’s stock in a transaction dated Wednesday, May 29th. The shares were sold at an average price of $18.29, for a total value of $150,362.09. Following the sale, the director now owns 95,520 shares of the company’s stock, valued at approximately $1,747,060.80. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In related news, Director Brian Hirsch sold 8,221 shares of the stock in a transaction that occurred on Wednesday, May 29th. The stock was sold at an average price of $18.29, for a total transaction of $150,362.09. Following the sale, the director now directly owns 95,520 shares in the company, valued at approximately $1,747,060.80. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CFO William Zerella sold 32,500 shares of ACV Auctions stock in a transaction on Tuesday, August 6th. The shares were sold at an average price of $15.19, for a total value of $493,675.00. Following the completion of the transaction, the chief financial officer now owns 503,077 shares of the company’s stock, valued at approximately $7,641,739.63. The disclosure for this sale can be found here. Insiders have sold a total of 711,869 shares of company stock valued at $12,671,967 in the last 90 days. 8.50% of the stock is owned by corporate insiders.

Institutional Trading of ACV Auctions

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Amalgamated Bank lifted its position 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 purchasing an additional 782 shares during the period. UMB Bank n.a. acquired a new position in ACV Auctions in the first quarter valued at approximately $114,000. Penn Mutual Asset Management LLC acquired a new position in ACV Auctions in the fourth quarter valued at approximately $153,000. Public Employees Retirement Association of Colorado bought a new position in ACV Auctions in the second quarter valued at approximately $225,000. Finally, Blair William & Co. IL grew its holdings in ACV Auctions by 14.7% during the 1st quarter. Blair William & Co. IL now owns 12,691 shares of the company’s stock worth $238,000 after acquiring an additional 1,626 shares during the period. Institutional investors and hedge funds own 88.55% of the company’s stock.

ACV Auctions Company Profile

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.