ACV Auctions Inc. (NASDAQ:ACVA) Receives $19.45 Average Target Price from Brokerages

Shares of ACV Auctions Inc. (NASDAQ:ACVA) have been given an average rating of “Moderate Buy” by the eleven ratings firms that are covering the firm, Marketbeat.com reports. One research analyst has rated the stock with a hold recommendation and ten have assigned a buy recommendation to the company. The average 1 year price objective among brokers that have issued ratings on the stock in the last year is $19.4545.

A number of research analysts have issued reports on the stock. Stephens dropped their target price on shares of ACV Auctions from $16.00 to $11.50 and set an “equal weight” rating for the company in a report on Tuesday, August 12th. Needham & Company LLC dropped their target price on shares of ACV Auctions from $25.00 to $16.00 and set a “buy” rating for the company in a report on Tuesday, August 12th. Citigroup dropped their target price on shares of ACV Auctions from $21.00 to $17.00 and set a “buy” rating for the company in a report on Tuesday, August 12th. JMP Securities dropped their target price on shares of ACV Auctions from $20.00 to $18.00 and set a “market outperform” rating for the company in a report on Tuesday, August 12th. Finally, The Goldman Sachs Group dropped their target price on shares of ACV Auctions from $26.00 to $21.00 and set a “buy” rating for the company in a report on Tuesday, August 12th.

ACV Auctions Price Performance

Shares of NASDAQ:ACVA opened at $10.10 on Tuesday. The company has a quick ratio of 1.56, a current ratio of 1.56 and a debt-to-equity ratio of 0.28. The company has a market cap of $1.74 billion, a P/E ratio of -20.60 and a beta of 1.64. ACV Auctions has a 52 week low of $9.56 and a 52 week high of $23.46. The company has a 50-day moving average price of $11.64 and a 200 day moving average price of $14.19.

Insider Transactions at ACV Auctions

In other news, insider Craig Eric Anderson sold 15,000 shares of the firm’s stock in a transaction that occurred on 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 $5,125,616.96. This trade represents a 4.22% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Michael Waterman sold 34,339 shares of the firm’s stock in a transaction that occurred on Tuesday, July 8th. The stock was sold at an average price of $16.05, for a total transaction of $551,140.95. Following the transaction, the insider directly owned 379,957 shares of the company’s stock, valued at approximately $6,098,309.85. This trade represents a 8.29% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 51,089 shares of company stock valued at $794,433. 2.90% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. Versant Capital Management Inc increased its stake in shares of ACV Auctions by 464.4% during the 1st quarter. Versant Capital Management Inc now owns 2,201 shares of the company’s stock worth $31,000 after purchasing an additional 1,811 shares in the last quarter. BI Asset Management Fondsmaeglerselskab A S purchased a new stake in ACV Auctions in the 1st quarter worth approximately $35,000. CWM LLC grew its stake in ACV Auctions by 77.4% in the 2nd quarter. CWM LLC now owns 4,642 shares of the company’s stock worth $75,000 after acquiring an additional 2,026 shares during the period. Neo Ivy Capital Management purchased a new stake in ACV Auctions in the 2nd quarter worth approximately $87,000. Finally, GAMMA Investing LLC grew its stake in ACV Auctions by 3,005.8% in the 1st quarter. GAMMA Investing LLC now owns 5,932 shares of the company’s stock worth $84,000 after acquiring an additional 5,741 shares during the period. 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.