ACV Auctions (NASDAQ:ACVA) Given Buy Rating at Needham & Company LLC

Needham & Company LLC reissued their buy rating on shares of ACV Auctions (NASDAQ:ACVA) in a research note released on Tuesday morning,Benzinga reports. They currently have a $26.00 price target on the stock.

Several other analysts have also issued reports on ACVA. Piper Sandler upped their price target 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. 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. Raymond James began coverage on ACV Auctions in a report on Friday, September 27th. They set a “market perform” rating and a $22.00 price objective for the company. Jefferies Financial Group lifted their price target on ACV Auctions from $22.00 to $25.00 and gave the stock a “buy” rating in a report on Tuesday, October 22nd. Finally, JMP Securities upped their price objective on ACV Auctions from $21.00 to $24.00 and gave the company a “market outperform” rating in a report on Tuesday, September 17th. Two analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $23.50.

ACV Auctions Stock Down 0.4 %

ACV Auctions stock opened at $22.62 on Tuesday. The company has a market cap of $3.79 billion, a P/E ratio of -48.13 and a beta of 1.59. The company has a fifty day simple moving average of $19.69 and a 200 day simple moving average of $18.69. The company has a current ratio of 1.51, a quick ratio of 1.51 and a debt-to-equity ratio of 0.25. ACV Auctions has a 1-year low of $12.84 and a 1-year high of $23.46.

Insider Activity at ACV Auctions

In related news, COO Vikas Mehta sold 154,324 shares of ACV Auctions stock in a transaction on Tuesday, September 10th. The shares were sold at an average price of $19.19, for a total value of $2,961,477.56. Following the completion of the sale, the chief operating officer now owns 432,457 shares of the company’s stock, valued at approximately $8,298,849.83. This trade represents a 26.30 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Craig Eric Anderson sold 7,500 shares of the firm’s stock in a transaction on Thursday, September 12th. The shares were sold at an average price of $20.00, for a total transaction of $150,000.00. Following the completion of the transaction, the insider now directly owns 328,167 shares in the company, valued at $6,563,340. This trade represents a 2.23 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 525,937 shares of company stock worth $10,479,997 in the last 90 days. Corporate insiders own 8.50% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the stock. Park Place Capital Corp increased its stake in 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 buying an additional 706 shares during the last quarter. MCF Advisors LLC grew its holdings in shares of ACV Auctions by 107.0% in the third quarter. MCF Advisors LLC now owns 1,480 shares of the company’s stock valued at $30,000 after acquiring an additional 765 shares in the last quarter. Amalgamated Bank lifted its holdings in 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. Blue Trust Inc. increased its position 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 valued at $29,000 after purchasing an additional 884 shares during the last quarter. Finally, Icon Wealth Advisors LLC raised its stake in shares of ACV Auctions by 13.5% during the 3rd quarter. Icon Wealth Advisors LLC now owns 11,048 shares of the company’s stock worth $225,000 after purchasing an additional 1,317 shares during the period. Hedge funds and other institutional investors own 88.55% of the company’s stock.

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.