ACV Auctions (NASDAQ:ACVA) Price Target Cut to $16.00 by Analysts at Needham & Company LLC

ACV Auctions (NASDAQ:ACVA) had its price target cut by Needham & Company LLC from $25.00 to $16.00 in a research report released on Tuesday morning, MarketBeat reports. They currently have a buy rating on the stock.

ACVA has been the subject of several other reports. JPMorgan Chase & Co. lowered their price objective on shares of ACV Auctions from $20.00 to $19.00 and set an “overweight” rating for the company in a research note on Thursday, July 17th. JMP Securities boosted their price objective on shares of ACV Auctions from $18.00 to $20.00 and gave the company a “market outperform” rating in a research note on Wednesday, July 2nd. Bank of America lowered their price objective on shares of ACV Auctions from $20.00 to $16.50 and set a “buy” rating for the company in a research note on Tuesday. Finally, Citigroup decreased their price target on shares of ACV Auctions from $21.00 to $17.00 and set a “buy” rating for the company in a research report on Tuesday. Two analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. According to MarketBeat.com, ACV Auctions currently has a consensus rating of “Moderate Buy” and an average target price of $19.67.

ACV Auctions Stock Down 16.2%

Shares of NASDAQ ACVA opened at $11.19 on Tuesday. ACV Auctions has a 52-week low of $10.26 and a 52-week high of $23.46. The firm has a fifty day moving average of $15.39 and a 200-day moving average of $16.06. The stock has a market capitalization of $1.91 billion, a PE ratio of -22.83 and a beta of 1.69. The company has a quick ratio of 1.56, a current ratio of 1.56 and a debt-to-equity ratio of 0.28.

Insiders Place Their Bets

In other ACV Auctions news, insider Michael Waterman sold 34,339 shares of the company’s stock in a transaction dated Tuesday, July 8th. The shares were sold at an average price of $16.05, for a total value of $551,140.95. Following the completion of the transaction, the insider directly owned 379,957 shares of the company’s stock, valued at $6,098,309.85. This represents a 8.29% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Craig Eric Anderson sold 15,000 shares of the company’s stock in a transaction dated Tuesday, July 22nd. The shares were sold at an average price of $15.04, for a total transaction of $225,600.00. Following the completion of the transaction, the insider directly owned 340,799 shares of the company’s stock, valued at approximately $5,125,616.96. The trade was a 4.22% decrease in their ownership of the stock. The disclosure for this sale can be found here. 2.90% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On ACV Auctions

A number of institutional investors and hedge funds have recently added to or reduced their stakes in ACVA. Versant Capital Management Inc boosted its position in ACV Auctions by 464.4% in the 1st quarter. Versant Capital Management Inc now owns 2,201 shares of the company’s stock valued at $31,000 after buying an additional 1,811 shares during the last quarter. BI Asset Management Fondsmaeglerselskab A S acquired a new stake in shares of ACV Auctions in the 1st quarter valued at about $35,000. CWM LLC raised its stake in shares of ACV Auctions by 77.4% in the 2nd quarter. CWM LLC now owns 4,642 shares of the company’s stock valued at $75,000 after purchasing an additional 2,026 shares in the last quarter. GAMMA Investing LLC raised its stake in shares of ACV Auctions by 3,005.8% in the 1st quarter. GAMMA Investing LLC now owns 5,932 shares of the company’s stock valued at $84,000 after purchasing an additional 5,741 shares in the last quarter. Finally, Neo Ivy Capital Management acquired a new stake in shares of ACV Auctions in the 2nd quarter valued at about $87,000. 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.