ACV Auctions (NASDAQ:ACVA) Given “Buy” Rating at Needham & Company LLC

Needham & Company LLC reaffirmed their buy rating on shares of ACV Auctions (NASDAQ:ACVA) in a report issued on Tuesday morning,Benzinga reports. Needham & Company LLC currently has a $26.00 target price on the stock.

A number of other analysts have also weighed in on the stock. Barrington Research reaffirmed an “outperform” rating and set a $23.00 target price on shares of ACV Auctions in a report on Monday, November 4th. JMP Securities upped their price target on shares of ACV Auctions from $21.00 to $24.00 and gave the stock a “market outperform” rating in a report on Tuesday, September 17th. Raymond James began coverage on ACV Auctions in a research note on Friday, September 27th. They set a “market perform” rating and a $22.00 price objective for the company. Jefferies Financial Group upped their target price on ACV Auctions from $22.00 to $25.00 and gave the stock a “buy” rating in a research note on Tuesday, October 22nd. Finally, Piper Sandler lifted their price target on ACV Auctions from $16.00 to $18.00 and gave the company a “neutral” rating in a research report on Friday, November 8th. Two analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $23.11.

ACV Auctions Stock Performance

Shares of ACVA opened at $22.39 on Tuesday. ACV Auctions has a 52-week low of $12.84 and a 52-week high of $23.46. The stock’s 50-day simple moving average is $19.56 and its 200 day simple moving average is $18.60. 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 stock has a market capitalization of $3.75 billion, a price-to-earnings ratio of -47.64 and a beta of 1.59.

Insiders Place Their Bets

In other news, COO Vikas Mehta sold 154,324 shares of the business’s stock in a transaction that occurred on Tuesday, September 10th. The shares were sold at an average price of $19.19, for a total value of $2,961,477.56. Following the completion of the sale, the chief operating officer now directly owns 432,457 shares in the company, valued at approximately $8,298,849.83. The trade was a 26.30 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Craig Eric Anderson sold 7,500 shares of the stock in a transaction on Thursday, September 12th. The shares were sold at an average price of $20.00, for a total transaction of $150,000.00. Following the transaction, the insider now directly owns 328,167 shares in the company, valued at approximately $6,563,340. This represents a 2.23 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 493,437 shares of company stock valued at $9,751,672 over the last quarter. 8.50% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On ACV Auctions

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Massachusetts Financial Services Co. MA lifted its position in ACV Auctions by 11.6% in the third quarter. Massachusetts Financial Services Co. MA now owns 8,655,640 shares of the company’s stock valued at $175,969,000 after purchasing an additional 897,477 shares during the last quarter. William Blair Investment Management LLC boosted its position in ACV Auctions by 4.1% during the 2nd quarter. William Blair Investment Management LLC now owns 5,013,642 shares of the company’s stock valued at $91,499,000 after buying an additional 198,228 shares during the period. Jennison Associates LLC grew its holdings in ACV Auctions by 6.8% in the 3rd quarter. Jennison Associates LLC now owns 4,247,932 shares of the company’s stock worth $86,360,000 after acquiring an additional 271,970 shares during the last quarter. Geode Capital Management LLC increased its position in shares of ACV Auctions by 2.0% in the third quarter. Geode Capital Management LLC now owns 3,517,088 shares of the company’s stock valued at $71,516,000 after acquiring an additional 67,969 shares during the period. Finally, State Street Corp raised its stake in shares of ACV Auctions by 3.7% during the third quarter. State Street Corp now owns 3,242,388 shares of the company’s stock valued at $65,918,000 after acquiring an additional 115,700 shares during the last quarter. Institutional investors own 88.55% of the company’s stock.

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.