ACV Auctions (NASDAQ:ACVA) Stock Price Up 4.3% – What’s Next?

ACV Auctions Inc. (NASDAQ:ACVA)’s stock price traded up 4.3% on Wednesday . The company traded as high as $21.18 and last traded at $21.18. 710,575 shares traded hands during mid-day trading, a decline of 28% from the average session volume of 983,051 shares. The stock had previously closed at $20.30.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on ACVA. B. Riley lifted their price target on shares of ACV Auctions from $24.00 to $27.00 and gave the company a “buy” rating in a research report on Tuesday, November 26th. Barrington Research reiterated an “outperform” rating and set a $23.00 target price on shares of ACV Auctions in a report on Monday, November 4th. Citigroup boosted their price target on ACV Auctions from $22.00 to $27.00 and gave the stock a “buy” rating in a research note on Wednesday, November 27th. JMP Securities reiterated a “market outperform” rating and issued a $25.00 price objective on shares of ACV Auctions in a report on Monday, December 16th. Finally, Piper Sandler upped their target price on shares of ACV Auctions from $16.00 to $18.00 and gave the company a “neutral” rating in a research note on Friday, November 8th. Two analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $23.80.

ACV Auctions Stock Performance

The stock has a market cap of $3.54 billion, a P/E ratio of -44.98 and a beta of 1.69. The company has a debt-to-equity ratio of 0.25, a current ratio of 1.51 and a quick ratio of 1.51. The firm’s 50-day moving average price is $21.04 and its 200-day moving average price is $19.37.

Insider Buying and Selling

In related news, CFO William Zerella sold 32,500 shares of the stock in a transaction dated Monday, December 30th. The shares were sold at an average price of $21.65, for a total value of $703,625.00. Following the completion of the transaction, the chief financial officer now owns 490,482 shares of the company’s stock, valued at approximately $10,618,935.30. This trade represents a 6.21 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Michael Waterman sold 18,001 shares of the business’s stock in a transaction that occurred on Tuesday, October 15th. The stock was sold at an average price of $18.79, for a total value of $338,238.79. Following the sale, the insider now directly 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 disclosure for this sale can be found here. Over the last three months, insiders have sold 115,501 shares of company stock worth $2,380,864. Corporate insiders own 8.50% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the company. Blue Trust Inc. lifted 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 worth $29,000 after acquiring an additional 884 shares during the last quarter. MCF Advisors LLC boosted 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 valued at $30,000 after buying an additional 765 shares during the period. Park Place Capital Corp grew its stake in shares of ACV Auctions by 34.1% during the third 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. Amalgamated Bank raised its holdings in shares of ACV Auctions by 18.0% in the second quarter. Amalgamated Bank now owns 5,120 shares of the company’s stock worth $93,000 after buying an additional 782 shares during the period. Finally, Verdence Capital Advisors LLC bought a new stake in shares of ACV Auctions during the 3rd quarter worth approximately $206,000. 88.55% of the stock is 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.