ACV Auctions (NASDAQ:ACVA) Now Covered by Stephens

Stephens initiated coverage on shares of ACV Auctions (NASDAQ:ACVA) in a research note released on Wednesday morning, MarketBeat.com reports. The brokerage issued an equal weight rating and a $20.50 target price on the stock.

ACVA has been the subject of several other reports. Barrington Research reiterated an “outperform” rating and set a $23.00 target price on shares of ACV Auctions in a research report on Monday, November 4th. B. Riley upped their target price on shares of ACV Auctions from $24.00 to $27.00 and gave the stock a “buy” rating in a research report on Tuesday, November 26th. JMP Securities restated a “market outperform” rating and set a $25.00 price target on shares of ACV Auctions in a research report on Monday, December 16th. Citigroup increased their price objective on ACV Auctions from $22.00 to $27.00 and gave the company a “buy” rating in a research report on Wednesday, November 27th. Finally, Raymond James initiated coverage on ACV Auctions in a research report on Friday, September 27th. They issued a “market perform” rating and a $22.00 target price for the company. Three research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. According to data from MarketBeat, ACV Auctions has an average rating of “Moderate Buy” and a consensus target price of $23.65.

ACV Auctions Stock Performance

NASDAQ:ACVA opened at $21.44 on Wednesday. The stock has a market cap of $3.59 billion, a P/E ratio of -45.62 and a beta of 1.69. 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 business’s 50-day moving average price is $21.57 and its two-hundred day moving average price is $19.62. ACV Auctions has a twelve month low of $12.84 and a twelve month high of $23.46.

Insider Buying and Selling at ACV Auctions

In other ACV Auctions news, insider Michael Waterman sold 30,162 shares of the company’s stock in a transaction that occurred on Tuesday, January 7th. The stock was sold at an average price of $20.53, for a total transaction of $619,225.86. Following the completion of the transaction, the insider now owns 314,738 shares of the company’s stock, valued at $6,461,571.14. This represents a 8.75 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CFO William Zerella sold 32,500 shares of the business’s stock in a transaction that occurred on Monday, December 30th. The shares were sold at an average price of $21.65, for a total value of $703,625.00. Following the transaction, the chief financial officer now directly owns 490,482 shares in the company, valued at $10,618,935.30. This trade represents a 6.21 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 110,162 shares of company stock worth $2,359,726. 8.50% of the stock is currently owned by company insiders.

Institutional Trading of ACV Auctions

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Spyglass Capital Management LLC raised its holdings in ACV Auctions by 69.1% in the third quarter. Spyglass Capital Management LLC now owns 2,614,245 shares of the company’s stock worth $53,148,000 after purchasing an additional 1,068,356 shares in the last quarter. Wellington Management Group LLP purchased a new position in ACV Auctions during the 3rd quarter valued at about $21,540,000. Massachusetts Financial Services Co. MA boosted its stake in ACV Auctions by 11.6% during the third quarter. Massachusetts Financial Services Co. MA now owns 8,655,640 shares of the company’s stock worth $175,969,000 after acquiring an additional 897,477 shares in the last quarter. Driehaus Capital Management LLC grew its holdings in ACV Auctions by 48.0% in the second quarter. Driehaus Capital Management LLC now owns 1,232,238 shares of the company’s stock worth $22,488,000 after purchasing an additional 399,402 shares during the period. Finally, JPMorgan Chase & Co. increased its stake 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 valued at $64,398,000 after purchasing an additional 311,465 shares in the last quarter. 88.55% of the stock is currently owned by hedge funds and other 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.