Analysts Set ACV Auctions Inc. (NASDAQ:ACVA) Target Price at $23.80

Shares of ACV Auctions Inc. (NASDAQ:ACVA) have been assigned a consensus rating of “Moderate Buy” from the ten ratings firms that are currently covering the company, Marketbeat.com reports. Two analysts have rated the stock with a hold recommendation and eight have issued a buy recommendation on the company. The average twelve-month price target among brokerages that have updated their coverage on the stock in the last year is $23.80.

ACVA has been the subject of a number of analyst reports. Raymond James began coverage on ACV Auctions in a research report on Friday, September 27th. They issued a “market perform” rating and a $22.00 price target for the company. Barrington Research reiterated an “outperform” rating and issued a $23.00 target price on shares of ACV Auctions in a report on Monday, November 4th. B. Riley boosted their price target on shares of ACV Auctions from $24.00 to $27.00 and gave the stock a “buy” rating in a report on Tuesday, November 26th. Citigroup upped their price objective on shares of ACV Auctions from $22.00 to $27.00 and gave the stock a “buy” rating in a research report on Wednesday, November 27th. Finally, Needham & Company LLC reissued a “buy” rating and set a $28.00 target price (up previously from $26.00) on shares of ACV Auctions in a research report on Thursday, December 26th.

ACV Auctions Stock Performance

Shares of ACV Auctions stock opened at $21.02 on Friday. ACV Auctions has a 52 week low of $12.84 and a 52 week high of $23.46. 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 has a 50 day moving average price of $20.93 and a 200-day moving average price of $19.32. The company has a market cap of $3.52 billion, a PE ratio of -44.72 and a beta of 1.70.

Insider Activity

In other news, CFO William Zerella sold 32,500 shares of the company’s stock in a transaction on Tuesday, November 26th. The stock was sold at an average price of $22.41, for a total transaction of $728,325.00. Following the transaction, the chief financial officer now owns 490,482 shares of the company’s stock, valued at $10,991,701.62. This represents a 6.21 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Michael Waterman sold 18,001 shares of ACV Auctions stock in a transaction dated Tuesday, October 15th. The stock was sold at an average price of $18.79, for a total value of $338,238.79. Following the completion of the sale, the insider now directly owns 337,190 shares of the company’s stock, valued at approximately $6,335,800.10. This trade represents a 5.07 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 115,501 shares of company stock valued at $2,380,864 in the last three months. Company insiders own 8.50% of the company’s stock.

Institutional Trading of ACV Auctions

Institutional investors have recently modified their holdings of the business. Massachusetts Financial Services Co. MA raised its holdings in ACV Auctions by 47.6% during the 2nd quarter. Massachusetts Financial Services Co. MA now owns 7,758,163 shares of the company’s stock valued at $141,586,000 after acquiring an additional 2,502,064 shares during the period. Spyglass Capital Management LLC grew its position in shares of ACV Auctions by 69.1% in the third quarter. Spyglass Capital Management LLC now owns 2,614,245 shares of the company’s stock valued at $53,148,000 after purchasing an additional 1,068,356 shares in the last quarter. Wellington Management Group LLP bought a new stake in shares of ACV Auctions during the 3rd quarter valued at $21,540,000. Bank of New York Mellon Corp lifted its holdings in ACV Auctions by 217.5% during the 2nd quarter. Bank of New York Mellon Corp now owns 1,391,070 shares of the company’s stock worth $25,387,000 after purchasing an additional 952,929 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC bought a new position in ACV Auctions in the 2nd quarter worth about $8,567,000. 88.55% of the stock is currently owned by hedge funds and other institutional investors.

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.