ACV Auctions (NASDAQ:ACVA) Price Target Raised to $27.00

ACV Auctions (NASDAQ:ACVA) had its target price upped by Citigroup from $22.00 to $27.00 in a report published on Wednesday,Benzinga reports. They currently have a buy rating on the stock.

A number of other research firms have also recently commented on ACVA. Jefferies Financial Group increased their target price on shares of ACV Auctions from $22.00 to $25.00 and gave the company a “buy” rating in a research report on Tuesday, October 22nd. Barrington Research reiterated an “outperform” rating and set a $23.00 price target on shares of ACV Auctions in a research report on Monday, November 4th. B. Riley raised their price objective on shares of ACV Auctions from $24.00 to $27.00 and gave the stock a “buy” rating in a research note on Tuesday. Raymond James assumed coverage on shares of ACV Auctions in a research report on Friday, September 27th. They set a “market perform” rating and a $22.00 price target on the stock. Finally, JMP Securities increased their target price on shares of ACV Auctions from $21.00 to $24.00 and gave the stock a “market outperform” rating in a research note on Tuesday, September 17th. Two equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $23.50.

ACV Auctions Trading Down 0.4 %

ACVA stock opened at $22.62 on Wednesday. The company has a debt-to-equity ratio of 0.25, a current ratio of 1.51 and a quick ratio of 1.51. The company has a market capitalization of $3.79 billion, a PE ratio of -48.13 and a beta of 1.59. The firm’s 50-day moving average is $19.69 and its 200 day moving average is $18.69. ACV Auctions has a 12 month low of $12.84 and a 12 month high of $23.46.

Insider Buying and Selling

In related news, 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 in the company, valued at $10,991,701.62. This represents a 6.21 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Michael Waterman sold 18,001 shares of the company’s stock in a transaction that occurred on Tuesday, October 15th. The stock was sold at an average price of $18.79, for a total value of $338,238.79. Following the sale, the insider now owns 337,190 shares of the company’s stock, valued at $6,335,800.10. This trade represents a 5.07 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 525,937 shares of company stock valued at $10,479,997 in the last three months. 8.50% of the stock is owned by corporate insiders.

Institutional Trading of ACV Auctions

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Blue Trust Inc. raised its holdings in ACV Auctions by 165.2% in the third quarter. Blue Trust Inc. now owns 1,419 shares of the company’s stock valued at $29,000 after buying an additional 884 shares during the period. MCF Advisors LLC boosted its position in ACV Auctions by 107.0% during the 3rd quarter. MCF Advisors LLC now owns 1,480 shares of the company’s stock worth $30,000 after purchasing an additional 765 shares during the period. Park Place Capital Corp increased its holdings in ACV Auctions by 34.1% in the 3rd quarter. Park Place Capital Corp now owns 2,779 shares of the company’s stock valued at $56,000 after purchasing an additional 706 shares in the last quarter. Amalgamated Bank lifted its stake in shares of ACV Auctions by 18.0% during the second quarter. Amalgamated Bank now owns 5,120 shares of the company’s stock worth $93,000 after purchasing an additional 782 shares in the last quarter. Finally, Verdence Capital Advisors LLC purchased a new stake in shares of ACV Auctions in the third quarter worth about $206,000. 88.55% of the stock is currently 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.