ACV Auctions (NASDAQ:ACVA) Given New $27.00 Price Target at Citigroup

ACV Auctions (NASDAQ:ACVA) had its target price increased by Citigroup from $22.00 to $27.00 in a research report report published on Wednesday,Benzinga reports. The firm currently has a buy rating on the stock.

Several other analysts have also issued reports on the stock. Jefferies Financial Group raised their price target on shares of ACV Auctions from $22.00 to $25.00 and gave the stock a “buy” rating in a research report on Tuesday, October 22nd. 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 research note on Tuesday, September 17th. B. Riley raised their price objective on ACV Auctions from $24.00 to $27.00 and gave the stock a “buy” rating in a research report on Tuesday. Barrington Research restated an “outperform” rating and set a $23.00 price objective on shares of ACV Auctions in a research report on Monday, November 4th. 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 target price for the company. Two investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $23.50.

ACV Auctions Stock Up 1.4 %

Shares of ACVA stock opened at $22.71 on Wednesday. ACV Auctions has a 12 month low of $12.84 and a 12 month high of $23.46. 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 firm has a market cap of $3.81 billion, a PE ratio of -48.32 and a beta of 1.59. The stock has a 50 day moving average of $19.60 and a 200-day moving average of $18.63.

Insider Activity

In other news, COO Vikas Mehta sold 154,324 shares of the business’s stock in a transaction that occurred on Tuesday, September 10th. The stock was sold at an average price of $19.19, for a total value of $2,961,477.56. Following the transaction, the chief operating officer now directly owns 432,457 shares of the company’s stock, valued at $8,298,849.83. The trade was a 26.30 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Craig Eric Anderson sold 7,500 shares of the firm’s stock in a transaction on Thursday, September 12th. The shares were sold at an average price of $20.00, for a total value of $150,000.00. Following the sale, the insider now directly owns 328,167 shares of the company’s stock, valued at $6,563,340. This represents a 2.23 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 525,937 shares of company stock worth $10,479,997. Corporate insiders own 8.50% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Comerica Bank raised its stake in shares of ACV Auctions by 5,045.7% in the first quarter. Comerica Bank now owns 63,550 shares of the company’s stock worth $1,193,000 after acquiring an additional 62,315 shares during the last quarter. William Blair Investment Management LLC lifted its holdings in ACV Auctions by 4.1% during the 2nd quarter. William Blair Investment Management LLC now owns 5,013,642 shares of the company’s stock worth $91,499,000 after buying an additional 198,228 shares in the last quarter. Swedbank AB bought a new position in ACV Auctions in the 1st quarter valued at $15,016,000. Harbor Capital Advisors Inc. increased its stake in shares of ACV Auctions by 383.7% in the 3rd quarter. Harbor Capital Advisors Inc. now owns 153,050 shares of the company’s stock valued at $3,112,000 after buying an additional 121,411 shares during the period. Finally, Essex Investment Management Co. LLC bought a new stake in shares of ACV Auctions during the third quarter worth $2,915,000. Institutional investors and hedge funds own 88.55% of the company’s stock.

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.