ACV Auctions’ (ACVA) “Buy” Rating Reiterated at Needham & Company LLC

Needham & Company LLC reissued their buy rating on shares of ACV Auctions (NASDAQ:ACVA) in a report released on Thursday, Marketbeat reports. The brokerage currently has a $28.00 price target on the stock, up from their prior price target of $26.00.

Several other equities analysts have also recently commented on ACVA. Citigroup increased their target price on ACV Auctions from $22.00 to $27.00 and gave the company a “buy” rating in a research note on Wednesday, November 27th. Piper Sandler increased their price objective 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. Raymond James assumed coverage on shares of ACV Auctions in a report on Friday, September 27th. They set a “market perform” rating and a $22.00 price objective for the company. B. Riley upped their target price on shares of ACV Auctions from $24.00 to $27.00 and gave the company a “buy” rating in a research note on Tuesday, November 26th. Finally, Barrington Research reiterated an “outperform” rating and issued a $23.00 price target on shares of ACV Auctions in a research note on Monday, November 4th. Two equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $23.80.

ACV Auctions Trading Down 1.4 %

NASDAQ:ACVA opened at $21.80 on Thursday. The stock has a market cap of $3.65 billion, a price-to-earnings ratio of -46.38 and a beta of 1.70. ACV Auctions has a one year low of $12.84 and a one year high of $23.46. The company has a debt-to-equity ratio of 0.25, a quick ratio of 1.51 and a current ratio of 1.51. The business’s 50-day simple moving average is $20.59 and its 200 day simple moving average is $19.20.

Insider Activity

In other ACV Auctions news, insider Michael Waterman sold 16,098 shares of ACV Auctions stock in a transaction on Tuesday, October 1st. The stock was sold at an average price of $19.95, for a total transaction of $321,155.10. Following the sale, the insider now owns 348,155 shares of the company’s stock, valued at $6,945,692.25. The trade was a 4.42 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO William Zerella sold 32,500 shares of the company’s stock in a transaction on Tuesday, November 26th. The shares were sold at an average price of $22.41, for a total value of $728,325.00. Following the completion of the sale, the chief financial officer now owns 490,482 shares of the company’s stock, valued at approximately $10,991,701.62. This trade represents a 6.21 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 99,099 shares of company stock valued at $1,998,394. 8.50% of the stock is currently owned by insiders.

Institutional Investors Weigh In On ACV Auctions

A number of institutional investors have recently bought and sold shares of the business. Massachusetts Financial Services Co. MA increased its stake in shares of ACV Auctions by 47.6% in the second quarter. Massachusetts Financial Services Co. MA now owns 7,758,163 shares of the company’s stock worth $141,586,000 after purchasing an additional 2,502,064 shares during the period. Spyglass Capital Management LLC lifted its position in ACV Auctions by 69.1% during the 3rd quarter. Spyglass Capital Management LLC now owns 2,614,245 shares of the company’s stock valued at $53,148,000 after purchasing an additional 1,068,356 shares during the period. Wellington Management Group LLP acquired a new position in ACV Auctions in the third quarter valued at approximately $21,540,000. Bank of New York Mellon Corp boosted its position in shares of ACV Auctions by 217.5% in the 2nd 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 during the last quarter. Finally, Allspring Global Investments Holdings LLC bought a new position in ACV Auctions during the second quarter worth about $8,567,000. 88.55% of the stock is currently owned by institutional investors and hedge funds.

ACV Auctions Company Profile

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.