ACV Auctions (NASDAQ:ACVA) Sets New 1-Year High – Here’s Why

Shares of ACV Auctions Inc. (NASDAQ:ACVA) hit a new 52-week high on Monday . The stock traded as high as $22.40 and last traded at $22.40, with a volume of 1637 shares trading hands. The stock had previously closed at $21.97.

Analyst Ratings Changes

ACVA has been the topic of several analyst reports. Raymond James started coverage on shares of ACV Auctions in a research note on Friday, September 27th. They issued a “market perform” rating and a $22.00 target price on the stock. Needham & Company LLC restated a “buy” rating and issued a $26.00 price objective on shares of ACV Auctions in a research report on Tuesday. Barrington Research reiterated an “outperform” rating and set a $23.00 target price on shares of ACV Auctions in a report on Monday, November 4th. JMP Securities boosted their price target on ACV Auctions from $21.00 to $24.00 and gave the company a “market outperform” rating in a report on Tuesday, September 17th. Finally, B. Riley increased their price objective on ACV Auctions from $24.00 to $27.00 and gave the stock a “buy” rating in a report on Tuesday. Two research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to MarketBeat.com, ACV Auctions currently has an average rating of “Moderate Buy” and a consensus target price of $23.11.

ACV Auctions Stock Performance

The firm has a market cap of $3.75 billion, a P/E ratio of -47.64 and a beta of 1.59. 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 business has a fifty day simple moving average of $19.56 and a 200-day simple moving average of $18.60.

Insider Activity at ACV Auctions

In related news, CFO William Zerella sold 32,500 shares of the company’s stock in a transaction dated Tuesday, October 15th. The shares were sold at an average price of $18.79, for a total value of $610,675.00. Following the transaction, the chief financial officer now owns 490,482 shares in the company, valued at $9,216,156.78. The trade was a 6.21 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, COO Vikas Mehta sold 154,324 shares of the firm’s stock in a transaction dated Tuesday, September 10th. The shares were sold at an average price of $19.19, for a total transaction of $2,961,477.56. Following the sale, the chief operating officer now owns 432,457 shares of the company’s stock, valued at approximately $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 a total of 493,437 shares of company stock valued at $9,751,672 in the last three months. Company insiders own 8.50% of the company’s stock.

Institutional Investors Weigh In On ACV Auctions

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