ACV Auctions Inc. (NASDAQ:ACVA) Receives $19.45 Consensus Price Target from Brokerages

Shares of ACV Auctions Inc. (NASDAQ:ACVA) have been assigned an average rating of “Moderate Buy” from the eleven ratings firms that are currently covering the stock, Marketbeat.com reports. One investment analyst has rated the stock with a hold rating and ten have given a buy rating to the company. The average 1 year price objective among analysts that have covered the stock in the last year is $19.4545.

Several analysts have issued reports on ACVA shares. Needham & Company LLC reduced their price target on shares of ACV Auctions from $25.00 to $16.00 and set a “buy” rating on the stock in a report on Tuesday, August 12th. Stephens reduced their target price on ACV Auctions from $16.00 to $11.50 and set an “equal weight” rating on the stock in a research note on Tuesday, August 12th. Citigroup dropped their price target on ACV Auctions from $21.00 to $17.00 and set a “buy” rating for the company in a research report on Tuesday, August 12th. The Goldman Sachs Group cut their price target on ACV Auctions from $26.00 to $21.00 and set a “buy” rating for the company in a report on Tuesday, August 12th. Finally, JMP Securities decreased their price target on shares of ACV Auctions from $20.00 to $18.00 and set a “market outperform” rating on the stock in a research note on Tuesday, August 12th.

Insiders Place Their Bets

In related news, insider Craig Eric Anderson sold 15,000 shares of the stock in a transaction dated Tuesday, July 22nd. The stock was sold at an average price of $15.04, for a total transaction of $225,600.00. Following the transaction, the insider directly owned 340,799 shares in the company, valued at approximately $5,125,616.96. This represents a 4.22% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, insider Michael Waterman sold 34,339 shares of ACV Auctions stock in a transaction dated Tuesday, July 8th. The shares were sold at an average price of $16.05, for a total value of $551,140.95. Following the completion of the sale, the insider owned 379,957 shares of the company’s stock, valued at $6,098,309.85. This trade represents a 8.29% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 51,089 shares of company stock worth $794,433. Corporate insiders own 2.90% of the company’s stock.

Hedge Funds Weigh In On ACV Auctions

Several institutional investors and hedge funds have recently bought and sold shares of ACVA. Versant Capital Management Inc grew its stake in shares of ACV Auctions by 464.4% during the 1st quarter. Versant Capital Management Inc now owns 2,201 shares of the company’s stock valued at $31,000 after buying an additional 1,811 shares during the period. BI Asset Management Fondsmaeglerselskab A S acquired a new position in ACV Auctions in the first quarter valued at $35,000. CWM LLC grew its position in ACV Auctions by 77.4% during the second quarter. CWM LLC now owns 4,642 shares of the company’s stock valued at $75,000 after acquiring an additional 2,026 shares during the period. GAMMA Investing LLC raised its holdings in shares of ACV Auctions by 3,005.8% in the 1st quarter. GAMMA Investing LLC now owns 5,932 shares of the company’s stock worth $84,000 after purchasing an additional 5,741 shares during the period. Finally, Neo Ivy Capital Management purchased a new position in shares of ACV Auctions in the 2nd quarter worth about $87,000. Institutional investors and hedge funds own 88.55% of the company’s stock.

ACV Auctions Price Performance

ACV Auctions stock opened at $10.09 on Tuesday. The firm has a market capitalization of $1.74 billion, a PE ratio of -20.58 and a beta of 1.64. ACV Auctions has a 52 week low of $9.56 and a 52 week high of $23.46. The firm’s 50-day simple moving average is $11.55 and its 200 day simple moving average is $14.15. The company has a quick ratio of 1.56, a current ratio of 1.56 and a debt-to-equity ratio of 0.28.

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.