ACV Auctions (NASDAQ:ACVA) Receives “Buy” Rating from Needham & Company LLC

ACV Auctions (NASDAQ:ACVA)‘s stock had its “buy” rating reiterated by equities researchers at Needham & Company LLC in a research report issued to clients and investors on Thursday, Stock Target Advisor reports. They currently have a $28.00 price target on the stock. Needham & Company LLC’s target price suggests a potential upside of 29.21% from the company’s previous close.

ACVA has been the subject of several other research reports. Piper Sandler raised their price target 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. B. Riley lifted their target price on ACV Auctions from $24.00 to $27.00 and gave the stock a “buy” rating in a report on Tuesday, November 26th. JMP Securities reaffirmed a “market outperform” rating and set a $25.00 price target on shares of ACV Auctions in a report on Monday, December 16th. Jefferies Financial Group lifted their price objective on ACV Auctions from $22.00 to $25.00 and gave the stock a “buy” rating in a report on Tuesday, October 22nd. Finally, Raymond James began coverage on shares of ACV Auctions in a research note on Friday, September 27th. They set a “market perform” rating and a $22.00 target price on the stock. Two equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat.com, ACV Auctions presently has a consensus rating of “Moderate Buy” and a consensus price target of $23.80.

ACV Auctions Stock Performance

Shares of ACVA stock opened at $21.67 on Thursday. The company has a market capitalization of $3.63 billion, a price-to-earnings ratio of -46.11 and a beta of 1.70. The company has a debt-to-equity ratio of 0.25, a quick ratio of 1.51 and a current ratio of 1.51. ACV Auctions has a one year low of $12.84 and a one year high of $23.46. The company’s 50-day moving average is $20.48 and its 200 day moving average is $19.15.

Insiders Place Their Bets

In related news, insider Michael Waterman sold 18,001 shares of the business’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 transaction of $338,238.79. Following the completion of the transaction, the insider now directly owns 337,190 shares in the company, valued at approximately $6,335,800.10. The trade was a 5.07 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO William Zerella sold 32,500 shares of the stock in a transaction that occurred on Tuesday, November 26th. The stock was sold at an average price of $22.41, for a total transaction of $728,325.00. Following the completion of the sale, the chief financial officer now directly owns 490,482 shares of the company’s stock, valued at $10,991,701.62. This represents a 6.21 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 99,099 shares of company stock worth $1,998,394. Company insiders own 8.50% of the company’s stock.

Institutional Trading of ACV Auctions

Hedge funds and other institutional investors have recently modified their holdings of the company. Park Place Capital Corp boosted 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 worth $56,000 after buying an additional 706 shares during the period. MCF Advisors LLC boosted its stake in shares of ACV Auctions by 107.0% in the third quarter. MCF Advisors LLC now owns 1,480 shares of the company’s stock worth $30,000 after acquiring an additional 765 shares during the period. Amalgamated Bank boosted its stake in shares of ACV Auctions by 18.0% in the second quarter. Amalgamated Bank now owns 5,120 shares of the company’s stock worth $93,000 after acquiring an additional 782 shares during the period. Blue Trust Inc. grew its position in shares of ACV Auctions by 165.2% during the third quarter. Blue Trust Inc. now owns 1,419 shares of the company’s stock worth $29,000 after purchasing an additional 884 shares in the last quarter. Finally, Icon Wealth Advisors LLC raised its stake in ACV Auctions by 13.5% during the 3rd quarter. Icon Wealth Advisors LLC now owns 11,048 shares of the company’s stock valued at $225,000 after purchasing an additional 1,317 shares during the period. 88.55% of the stock is owned by hedge funds and other institutional investors.

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.