ACV Auctions (NYSE:ACVA) Downgraded to Hold Rating by Northcoast Research

Northcoast Research cut shares of ACV Auctions (NYSE:ACVA) from a strong-buy rating to a hold rating in a research note published on Tuesday morning,Zacks reports.

ACVA has been the topic of several other research reports. Weiss Ratings upgraded ACV Auctions from a “sell (e+)” rating to a “sell (d-)” rating in a report on Wednesday, August 5th. Stephens raised shares of ACV Auctions from an “equal weight” rating to an “overweight” rating and set a $10.50 price objective for the company in a research note on Tuesday, August 11th. Citizens Jmp cut shares of ACV Auctions from an “outperform” rating to a “market perform” rating in a research report on Tuesday, August 11th. Citigroup increased their target price on shares of ACV Auctions from $8.50 to $10.50 and gave the company a “neutral” rating in a research note on Monday, September 14th. Finally, CJS Securities lowered shares of ACV Auctions from a “market outperform” rating to a “market perform” rating in a report on Tuesday, September 15th. Five investment analysts have rated the stock with a Buy rating, seven have given a Hold rating and four have issued a Sell rating to the company’s stock. According to MarketBeat, the company has an average rating of “Hold” and a consensus price target of $9.70.

ACV Auctions Price Performance

NYSE:ACVA opened at $10.46 on Tuesday. The firm has a market capitalization of $1.78 billion, a price-to-earnings ratio of -29.04 and a beta of 1.84. ACV Auctions has a 1 year low of $4.07 and a 1 year high of $10.53. The business has a 50 day simple moving average of $7.97 and a 200-day simple moving average of $6.46. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.52 and a quick ratio of 1.52.

Institutional Investors Weigh In On ACV Auctions

A number of institutional investors and hedge funds have recently modified their holdings of ACVA. Atreides Management LP grew its position in ACV Auctions by 125.2% in the 4th quarter. Atreides Management LP now owns 12,411,800 shares of the company’s stock valued at $99,543,000 after acquiring an additional 6,901,010 shares during the last quarter. Arvin Capital Management LP lifted its position in shares of ACV Auctions by 272.8% during the fourth quarter. Arvin Capital Management LP now owns 2,296,913 shares of the company’s stock worth $18,421,000 after purchasing an additional 1,680,723 shares during the last quarter. Senvest Management LLC boosted its stake in shares of ACV Auctions by 9.0% during the first quarter. Senvest Management LLC now owns 3,530,785 shares of the company’s stock valued at $14,971,000 after purchasing an additional 291,729 shares during the period. Royce & Associates LP boosted its stake in shares of ACV Auctions by 141.7% during the fourth quarter. Royce & Associates LP now owns 1,736,476 shares of the company’s stock valued at $13,927,000 after purchasing an additional 1,018,084 shares during the period. Finally, CenterBook Partners LP grew its holdings in shares of ACV Auctions by 61.6% in the fourth quarter. CenterBook Partners LP now owns 917,549 shares of the company’s stock worth $7,359,000 after purchasing an additional 349,750 shares during the last quarter. 88.55% of the stock is owned by institutional investors.

About ACV Auctions

ACV Auctions Inc (NYSE: ACVA) operates a digital marketplace for wholesale vehicle transactions. Its platform connects automotive dealers with sellers, including franchised and independent dealerships, commercial partners and other participants in the wholesale vehicle market, enabling vehicles to be bought and sold through online auctions.

The company provides services designed to support the wholesale transaction process, including vehicle inspections and condition reports, digital auction tools, transportation and logistics coordination, and post-sale protection and arbitration services.