ACV Auctions (NASDAQ:ACVA) Stock Rating Reaffirmed by Barrington Research

Barrington Research restated their outperform rating on shares of ACV Auctions (NASDAQ:ACVA) in a report released on Friday morning, Benzinga reports. The firm currently has a $23.00 price objective on the stock.

A number of other brokerages have also recently commented on ACVA. Piper Sandler boosted their price objective on ACV Auctions from $15.00 to $16.00 and gave the stock a neutral rating in a research note on Thursday, May 9th. JMP Securities reissued a market outperform rating and set a $21.00 price target on shares of ACV Auctions in a research report on Wednesday, July 10th. JPMorgan Chase & Co. raised shares of ACV Auctions from a neutral rating to an overweight rating and set a $21.00 price objective for the company in a research report on Monday, June 10th. Finally, Needham & Company LLC reissued a buy rating and set a $23.00 target price on shares of ACV Auctions in a research report on Monday, June 3rd. One investment analyst has rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of Moderate Buy and an average price target of $21.00.

ACV Auctions Stock Performance

ACV Auctions stock opened at $18.62 on Friday. The company has a market cap of $3.07 billion, a price-to-earnings ratio of -38.79 and a beta of 1.54. ACV Auctions has a 12 month low of $12.84 and a 12 month high of $19.63. The company has a debt-to-equity ratio of 0.27, a current ratio of 1.62 and a quick ratio of 1.62. The stock’s 50-day moving average is $17.70 and its 200-day moving average is $17.52.

Insider Activity at ACV Auctions

In other news, insider Craig Eric Anderson sold 7,500 shares of the company’s stock in a transaction that occurred on Tuesday, July 2nd. The stock was sold at an average price of $17.81, for a total transaction of $133,575.00. Following the completion of the transaction, the insider now directly owns 328,167 shares of the company’s stock, valued at $5,844,654.27. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other ACV Auctions news, insider Craig Eric Anderson sold 7,500 shares of the firm’s stock in a transaction on Tuesday, July 2nd. The stock was sold at an average price of $17.81, for a total value of $133,575.00. Following the sale, the insider now directly owns 328,167 shares in the company, valued at $5,844,654.27. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO William Zerella sold 276,900 shares of the business’s stock in a transaction on Tuesday, June 11th. The shares were sold at an average price of $18.13, for a total transaction of $5,020,197.00. Following the transaction, the chief financial officer now directly owns 515,671 shares of the company’s stock, valued at approximately $9,349,115.23. The disclosure for this sale can be found here. Insiders sold a total of 711,869 shares of company stock valued at $12,671,967 in the last quarter. Insiders own 8.50% of the company’s stock.

Institutional Trading of ACV Auctions

Several hedge funds have recently added to or reduced their stakes in the business. Massachusetts Financial Services Co. MA lifted its stake in shares of ACV Auctions by 47.6% in the 2nd quarter. Massachusetts Financial Services Co. MA now owns 7,758,163 shares of the company’s stock worth $141,586,000 after acquiring an additional 2,502,064 shares during the period. Bank of New York Mellon Corp raised its holdings in ACV Auctions by 217.5% during the second 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. Swedbank AB acquired a new stake in ACV Auctions in the first quarter worth approximately $15,016,000. TimesSquare Capital Management LLC boosted its stake in ACV Auctions by 45.6% during the 1st quarter. TimesSquare Capital Management LLC now owns 1,765,822 shares of the company’s stock valued at $33,144,000 after purchasing an additional 552,719 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC acquired a new position in shares of ACV Auctions during the 2nd quarter valued at $8,567,000. 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.