B. Riley Raises ACV Auctions (NASDAQ:ACVA) Price Target to $27.00

ACV Auctions (NASDAQ:ACVA) had its target price hoisted by B. Riley from $24.00 to $27.00 in a research report report published on Tuesday,Benzinga reports. B. Riley currently has a buy rating on the stock.

Several other research analysts have also commented on ACVA. JMP Securities lifted their price objective 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. Barrington Research reaffirmed an “outperform” rating and set a $23.00 price objective on shares of ACV Auctions in a research note on Monday, November 4th. 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 for the company. Jefferies Financial Group boosted their target price on shares of ACV Auctions from $22.00 to $25.00 and gave the company a “buy” rating in a research note on Tuesday, October 22nd. Finally, Piper Sandler boosted their target price on shares of ACV Auctions from $16.00 to $18.00 and gave the company a “neutral” rating in a research note on Friday, November 8th. Two research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to MarketBeat.com, ACV Auctions currently has a consensus rating of “Moderate Buy” and a consensus target price of $23.11.

ACV Auctions Stock Down 2.5 %

NASDAQ ACVA opened at $22.39 on Tuesday. 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 fifty day moving average of $19.56 and a two-hundred day moving average of $18.60. The firm has a market capitalization of $3.75 billion, a price-to-earnings ratio of -47.64 and a beta of 1.59. ACV Auctions has a 52 week low of $12.84 and a 52 week high of $23.46.

Insider Activity at ACV Auctions

In related news, VP Andrew Peer sold 1,795 shares of ACV Auctions stock in a transaction dated Thursday, September 19th. The stock was sold at an average price of $21.00, for a total value of $37,695.00. Following the completion of the sale, the vice president now directly owns 62,956 shares in the company, valued at $1,322,076. The trade was a 2.77 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, COO Vikas Mehta sold 154,324 shares of the business’s stock in a transaction dated Tuesday, September 10th. The stock was sold at an average price of $19.19, for a total transaction of $2,961,477.56. Following the completion of the transaction, the chief operating officer now owns 432,457 shares of the company’s stock, valued at $8,298,849.83. This represents a 26.30 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 493,437 shares of company stock worth $9,751,672 over the last three months. 8.50% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On ACV Auctions

A number of large investors have recently added to or reduced their stakes in the company. Massachusetts Financial Services Co. MA raised its holdings 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 worth $175,969,000 after purchasing an additional 897,477 shares in the last quarter. William Blair Investment Management LLC grew its stake in shares of 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 worth $91,499,000 after acquiring an additional 198,228 shares during the last quarter. Jennison Associates LLC grew its stake in shares of ACV Auctions by 6.8% during the third 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 grew its stake in shares of ACV Auctions by 2.0% during the third quarter. Geode Capital Management LLC now owns 3,517,088 shares of the company’s stock worth $71,516,000 after acquiring an additional 67,969 shares during the last quarter. Finally, State Street Corp grew 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 worth $65,918,000 after acquiring an additional 115,700 shares during the last quarter. 88.55% of the stock is currently owned by 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.