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

Shares of ACV Auctions Inc. (NASDAQ:ACVA) have been given a consensus recommendation of “Moderate Buy” by the eight research firms that are presently covering the stock, MarketBeat.com reports. Two investment analysts have rated the stock with a hold recommendation and six have assigned a buy recommendation to the company. The average 1 year price objective among analysts that have updated their coverage on the stock in the last year is $22.63.

Several equities research analysts have recently issued reports on ACVA shares. Piper Sandler increased their price objective on shares of ACV Auctions from $16.00 to $18.00 and gave the stock a “neutral” rating in a research report on Friday, November 8th. Jefferies Financial Group lifted their price target on ACV Auctions from $22.00 to $25.00 and gave the company a “buy” rating in a research note on Tuesday, October 22nd. Barrington Research reiterated an “outperform” rating and set a $23.00 price objective on shares of ACV Auctions in a report on Monday, November 4th. Raymond James started coverage on ACV Auctions in a research note on Friday, September 27th. They issued a “market perform” rating and a $22.00 target price on the stock. Finally, Needham & Company LLC upped their price target on ACV Auctions from $23.00 to $26.00 and gave the stock a “buy” rating in a research report on Friday, November 8th.

ACV Auctions Price Performance

NASDAQ ACVA opened at $20.72 on Friday. 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 $21.31. The business has a 50 day simple moving average of $19.29 and a 200 day simple moving average of $18.40. The stock has a market cap of $3.45 billion, a price-to-earnings ratio of -44.09 and a beta of 1.59.

Insiders Place Their Bets

In other news, CFO William Zerella sold 32,500 shares of the company’s stock in a transaction dated Tuesday, October 15th. The shares were sold at an average price of $18.79, for a total value of $610,675.00. Following the sale, the chief financial officer now directly owns 490,482 shares of the company’s stock, valued at approximately $9,216,156.78. This represents a 6.21 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Andrew Peer sold 1,795 shares of ACV Auctions stock in a transaction dated Thursday, September 19th. The stock was sold at an average price of $21.00, for a total value of $37,695.00. Following the transaction, the vice president now owns 62,956 shares of the company’s stock, valued at $1,322,076. The trade was a 2.77 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 709,426 shares of company stock valued at $13,792,090 in the last 90 days. 8.50% of the stock is currently owned by insiders.

Institutional Investors Weigh In On ACV Auctions

Hedge funds have recently added to or reduced their stakes in the business. Blue Trust Inc. lifted its stake in shares of ACV Auctions by 165.2% during the 3rd quarter. Blue Trust Inc. now owns 1,419 shares of the company’s stock worth $29,000 after buying an additional 884 shares during the last quarter. MCF Advisors LLC raised 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 valued at $30,000 after acquiring an additional 765 shares during the period. Park Place Capital Corp lifted its position in ACV Auctions by 34.1% during the third quarter. Park Place Capital Corp now owns 2,779 shares of the company’s stock worth $56,000 after acquiring an additional 706 shares during the last quarter. Amalgamated Bank boosted its holdings in shares of ACV Auctions by 18.0% during the second quarter. Amalgamated Bank now owns 5,120 shares of the company’s stock worth $93,000 after acquiring an additional 782 shares during the period. Finally, Verdence Capital Advisors LLC acquired a new position in shares of ACV Auctions in the third quarter valued at approximately $206,000. 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.