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

Shares of ACV Auctions Inc. (NASDAQ:ACVA) have received an average recommendation of “Moderate Buy” from the ten brokerages that are covering the stock, Marketbeat reports. Two investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. The average 1-year price objective among brokers that have issued ratings on the stock in the last year is $23.80.

A number of research analysts have issued reports on the stock. Citigroup boosted their target price on shares of ACV Auctions from $22.00 to $27.00 and gave the company a “buy” rating in a research note on Wednesday, November 27th. Raymond James initiated coverage on ACV Auctions in a report on Friday, September 27th. They issued a “market perform” rating and a $22.00 price objective for the company. Piper Sandler raised their target price on ACV Auctions from $16.00 to $18.00 and gave the company a “neutral” rating in a research report on Friday, November 8th. Jefferies Financial Group boosted their price target on ACV Auctions from $22.00 to $25.00 and gave the stock a “buy” rating in a research report on Tuesday, October 22nd. Finally, B. Riley raised their price target on ACV Auctions from $24.00 to $27.00 and gave the company a “buy” rating in a report on Tuesday, November 26th.

Insider Buying and Selling

In related news, CFO William Zerella sold 32,500 shares of the firm’s stock in a transaction that occurred on Tuesday, November 26th. The shares were 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 in the company, valued at approximately $10,991,701.62. This trade represents a 6.21 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Michael Waterman sold 18,001 shares of ACV Auctions 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 owns 337,190 shares in the company, valued at approximately $6,335,800.10. This trade represents a 5.07 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 99,099 shares of company stock valued at $1,998,394 over the last three months. Company insiders own 8.50% of the company’s stock.

Institutional Trading of ACV Auctions

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

ACV Auctions Stock Performance

ACVA stock opened at $21.80 on Friday. The stock’s fifty day moving average is $20.59 and its two-hundred day moving average is $19.20. The stock has a market capitalization of $3.65 billion, a price-to-earnings ratio of -46.38 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 1 year low of $12.84 and a 1 year high of $23.46.

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.