ACV Auctions (NASDAQ:ACVA) Earns Buy Rating from Needham & Company LLC

ACV Auctions (NASDAQ:ACVA)‘s stock had its “buy” rating reissued by stock analysts at Needham & Company LLC in a report issued on Thursday, Marketbeat.com reports. They presently have a $28.00 target price on the stock, up from their previous target price of $26.00. Needham & Company LLC’s target price suggests a potential upside of 28.44% from the stock’s current price.

Several other brokerages also recently weighed in on ACVA. JMP Securities reiterated a “market outperform” rating and set a $25.00 price objective on shares of ACV Auctions in a research note on Monday, December 16th. Barrington Research reissued an “outperform” rating and issued a $23.00 price target on shares of ACV Auctions in a report on Monday, November 4th. Jefferies Financial Group raised their price objective on shares of ACV Auctions from $22.00 to $25.00 and gave the stock a “buy” rating in a research note on Tuesday, October 22nd. Raymond James started coverage on shares of ACV Auctions in a research note on Friday, September 27th. They issued a “market perform” rating and a $22.00 target price for the company. Finally, Citigroup raised their price target on shares of ACV Auctions from $22.00 to $27.00 and gave the company a “buy” rating in a research report on Wednesday, November 27th. Two equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $23.80.

ACV Auctions Price Performance

Shares of NASDAQ:ACVA opened at $21.80 on Thursday. ACV Auctions has a twelve month low of $12.84 and a twelve month high of $23.46. 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 company has a market cap of $3.65 billion, a PE ratio of -46.38 and a beta of 1.70. The company’s 50 day moving average is $20.59 and its 200 day moving average is $19.19.

Insider Buying and Selling at ACV Auctions

In other ACV Auctions news, insider Michael Waterman sold 18,001 shares of the business’s stock in a transaction on Tuesday, October 15th. The shares were sold at an average price of $18.79, for a total value of $338,238.79. Following the completion of the transaction, the insider now owns 337,190 shares in the company, valued at $6,335,800.10. The trade was a 5.07 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CFO William Zerella sold 32,500 shares of the stock in a transaction on Tuesday, November 26th. The shares were sold at an average price of $22.41, for a total value of $728,325.00. Following the completion of the sale, the chief financial officer now owns 490,482 shares in the company, valued at approximately $10,991,701.62. The trade was a 6.21 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 99,099 shares of company stock worth $1,998,394 in the last ninety days. 8.50% of the stock is owned by insiders.

Hedge Funds Weigh In On ACV Auctions

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Blue Trust Inc. increased its holdings in shares of ACV Auctions by 165.2% in the 3rd quarter. Blue Trust Inc. now owns 1,419 shares of the company’s stock valued at $29,000 after acquiring an additional 884 shares during the last quarter. MCF Advisors LLC increased its position in shares of ACV Auctions by 107.0% during the third quarter. MCF Advisors LLC now owns 1,480 shares of the company’s stock worth $30,000 after purchasing an additional 765 shares in the last quarter. Park Place Capital Corp lifted its holdings in shares of ACV Auctions by 34.1% in the 3rd quarter. Park Place Capital Corp now owns 2,779 shares of the company’s stock valued at $56,000 after purchasing an additional 706 shares during the last quarter. Amalgamated Bank boosted its position in shares of ACV Auctions by 18.0% in 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. Finally, Verdence Capital Advisors LLC purchased a new position in ACV Auctions during the 3rd quarter worth approximately $206,000. Hedge funds and other institutional investors 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.