ACV Auctions (NASDAQ:ACVA) Hits New 12-Month High at $19.79

ACV Auctions Inc. (NASDAQ:ACVA)’s stock price hit a new 52-week high on Monday . The company traded as high as $19.79 and last traded at $19.68, with a volume of 659651 shares traded. The stock had previously closed at $18.96.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on ACVA shares. JMP Securities reaffirmed a “market outperform” rating and set a $21.00 target price on shares of ACV Auctions in a research report on Wednesday, July 10th. Piper Sandler increased their price target on shares of ACV Auctions from $15.00 to $16.00 and gave the stock a “neutral” rating in a research report on Thursday, May 9th. Barrington Research reiterated an “outperform” rating and set a $23.00 price objective on shares of ACV Auctions in a report on Friday, August 16th. Needham & Company LLC reaffirmed a “buy” rating and issued a $23.00 target price on shares of ACV Auctions in a research report on Monday, June 3rd. Finally, JPMorgan Chase & Co. upgraded ACV Auctions from a “neutral” rating to an “overweight” rating and set a $21.00 price target for the company in a report on Monday, June 10th. One research analyst has rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $21.00.

ACV Auctions Price Performance

The company has a market cap of $3.18 billion, a price-to-earnings ratio of -40.52 and a beta of 1.54. The company has a current ratio of 1.62, a quick ratio of 1.62 and a debt-to-equity ratio of 0.27. The company has a fifty day moving average price of $17.74 and a two-hundred day moving average price of $17.65.

Insider Activity at ACV Auctions

In related news, Director Brian Hirsch sold 8,221 shares of ACV Auctions stock in a transaction dated Wednesday, May 29th. The shares were sold at an average price of $18.29, for a total transaction of $150,362.09. Following the completion of the transaction, the director now directly owns 95,520 shares of the company’s stock, valued at approximately $1,747,060.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other ACV Auctions news, Director Brian Hirsch sold 8,221 shares of ACV Auctions stock in a transaction on Wednesday, May 29th. The stock was sold at an average price of $18.29, for a total value of $150,362.09. Following the completion of the transaction, the director now owns 95,520 shares in the company, valued at approximately $1,747,060.80. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO William Zerella sold 32,500 shares of the stock in a transaction on Tuesday, August 6th. The stock was sold at an average price of $15.19, for a total value of $493,675.00. Following the sale, the chief financial officer now owns 503,077 shares in the company, valued at approximately $7,641,739.63. The disclosure for this sale can be found here. Insiders have sold a total of 773,535 shares of company stock valued at $13,820,805 in the last 90 days. 8.50% of the stock is owned by corporate insiders.

Institutional Trading of ACV Auctions

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Handelsbanken Fonder AB increased its holdings in ACV Auctions by 27.1% in the fourth quarter. Handelsbanken Fonder AB now owns 25,300 shares of the company’s stock valued at $383,000 after purchasing an additional 5,400 shares during the last quarter. State of New Jersey Common Pension Fund D raised its position in shares of ACV Auctions by 10.3% in the 4th quarter. State of New Jersey Common Pension Fund D now owns 167,280 shares of the company’s stock valued at $2,534,000 after acquiring an additional 15,679 shares during the period. M&T Bank Corp grew its holdings in ACV Auctions by 19.1% during the fourth quarter. M&T Bank Corp now owns 129,592 shares of the company’s stock valued at $1,963,000 after purchasing an additional 20,827 shares during the period. Charles Schwab Investment Management Inc. increased its stake in ACV Auctions by 1.8% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,044,415 shares of the company’s stock valued at $15,823,000 after purchasing an additional 18,626 shares in the last quarter. Finally, TimesSquare Capital Management LLC boosted its position in shares of ACV Auctions by 12.1% during the fourth quarter. TimesSquare Capital Management LLC now owns 1,213,103 shares of the company’s stock worth $18,379,000 after purchasing an additional 130,710 shares in the last quarter. 88.55% of the stock is owned by 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.