ACV Auctions’ (ACVA) “Buy” Rating Reiterated at Needham & Company LLC

Needham & Company LLC reiterated their buy rating on shares of ACV Auctions (NASDAQ:ACVA) in a research report released on Tuesday morning,Benzinga reports. The firm currently has a $26.00 price objective on the stock.

ACVA has been the topic of several other research reports. 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 restated an “outperform” rating and issued a $23.00 price target on shares of ACV Auctions in a research report on Monday, November 4th. Piper Sandler increased their price objective 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 lifted their target price 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 initiated coverage on ACV Auctions in a research report on Friday, September 27th. They issued a “market perform” rating and a $22.00 price target for the company. Two investment analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $23.50.

ACV Auctions Price Performance

NASDAQ:ACVA opened at $22.71 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 business’s 50-day moving average price is $19.65 and its 200 day moving average price is $18.66. ACV Auctions has a 52-week low of $12.84 and a 52-week high of $23.46. The firm has a market cap of $3.81 billion, a P/E ratio of -48.32 and a beta of 1.59.

Insider Activity

In related news, COO Vikas Mehta sold 154,324 shares of the firm’s stock in a transaction that occurred on 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 completion of the sale, the chief operating officer now directly owns 432,457 shares in the company, valued at approximately $8,298,849.83. This trade represents a 26.30 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO George Chamoun sold 111,363 shares of the business’s stock in a transaction that occurred on Tuesday, September 17th. The shares were sold at an average price of $20.27, for a total transaction of $2,257,328.01. Following the transaction, the chief executive officer now directly owns 928,166 shares in the company, valued at $18,813,924.82. The trade was a 10.71 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 525,937 shares of company stock worth $10,479,997. 8.50% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On ACV Auctions

A number of hedge funds have recently modified their holdings of ACVA. Blue Trust Inc. boosted its position in ACV Auctions by 165.2% during the third quarter. Blue Trust Inc. now owns 1,419 shares of the company’s stock valued at $29,000 after purchasing an additional 884 shares during the last quarter. MCF Advisors LLC increased its position in ACV Auctions by 107.0% in the 3rd quarter. MCF Advisors LLC now owns 1,480 shares of the company’s stock worth $30,000 after purchasing an additional 765 shares during the last quarter. Park Place Capital Corp raised its stake in shares of ACV Auctions by 34.1% during the 3rd quarter. Park Place Capital Corp now owns 2,779 shares of the company’s stock worth $56,000 after purchasing an additional 706 shares in the last quarter. Amalgamated Bank lifted its holdings in shares of ACV Auctions by 18.0% during the 2nd quarter. Amalgamated Bank now owns 5,120 shares of the company’s stock valued at $93,000 after buying an additional 782 shares during the last quarter. Finally, Verdence Capital Advisors LLC bought a new stake in shares of ACV Auctions in the 3rd quarter valued at approximately $206,000. 88.55% of the stock is owned by institutional investors and hedge funds.

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.