ACV Auctions Inc. (NASDAQ:ACVA) Receives Consensus Rating of “Moderate Buy” from Analysts

ACV Auctions Inc. (NASDAQ:ACVA) has been assigned an average rating of “Moderate Buy” from the ten brokerages that are currently covering the company, Marketbeat.com reports. Two analysts have rated the stock with a hold recommendation and eight have issued a buy recommendation on the company. The average 12 month target price among analysts that have covered the stock in the last year is $23.50.

Several equities analysts recently commented on ACVA shares. 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 report on Friday, November 8th. Barrington Research reaffirmed an “outperform” rating and issued a $23.00 price objective on shares of ACV Auctions in a research report on Monday, November 4th. Needham & Company LLC reissued a “buy” rating and set a $26.00 price target on shares of ACV Auctions in a research report on Tuesday, November 26th. Raymond James initiated 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 for the company. Finally, Citigroup raised their price target on shares of ACV Auctions from $22.00 to $27.00 and gave the stock a “buy” rating in a research report on Wednesday, November 27th.

ACV Auctions Stock Performance

Shares of ACV Auctions stock opened at $22.83 on Wednesday. The firm has a market capitalization of $3.83 billion, a P/E ratio of -48.57 and a beta of 1.70. The company has a quick ratio of 1.51, a current ratio of 1.51 and a debt-to-equity ratio of 0.25. The company has a 50 day moving average price of $19.77 and a 200 day moving average price of $18.77. ACV Auctions has a 52 week low of $12.84 and a 52 week high of $23.46.

Insider Activity at ACV Auctions

In other ACV Auctions news, insider Michael Waterman sold 18,001 shares of ACV Auctions stock in a transaction on Tuesday, October 15th. The shares were sold at an average price of $18.79, for a total transaction 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. The trade was a 5.07 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO William Zerella sold 76,856 shares of ACV Auctions stock in a transaction on Tuesday, September 17th. The stock was sold at an average price of $20.26, for a total transaction of $1,557,102.56. Following the sale, the chief financial officer now directly owns 503,077 shares in the company, valued at approximately $10,192,340.02. This trade represents a 13.25 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 525,937 shares of company stock valued at $10,479,997. 8.50% of the stock is owned by company insiders.

Institutional Investors Weigh In On ACV Auctions

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Comerica Bank boosted its position in shares of ACV Auctions by 5,045.7% during the 1st quarter. Comerica Bank now owns 63,550 shares of the company’s stock valued at $1,193,000 after acquiring an additional 62,315 shares during the last quarter. William Blair Investment Management LLC boosted its position in shares of 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 acquiring an additional 198,228 shares during the last quarter. Harbor Capital Advisors Inc. boosted its position in shares of ACV Auctions by 383.7% during the 3rd quarter. Harbor Capital Advisors Inc. now owns 153,050 shares of the company’s stock valued at $3,112,000 after acquiring an additional 121,411 shares during the last quarter. Quantbot Technologies LP acquired a new position in shares of ACV Auctions during the 3rd quarter valued at about $2,035,000. Finally, Essex Investment Management Co. LLC acquired a new position in shares of ACV Auctions during the 3rd quarter valued at about $2,915,000. Institutional investors and hedge funds 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.