JMP Securities Reiterates Market Outperform Rating for ACV Auctions (NASDAQ:ACVA)

JMP Securities reaffirmed their market outperform rating on shares of ACV Auctions (NASDAQ:ACVA) in a research report report published on Monday,Benzinga reports. JMP Securities currently has a $25.00 price target on the stock.

Several other research analysts have also recently issued reports on ACVA. Barrington Research reissued an “outperform” rating and set a $23.00 target price on shares of ACV Auctions in a report on Monday, November 4th. Jefferies Financial Group boosted their price objective on ACV Auctions from $22.00 to $25.00 and gave the company a “buy” rating in a report on Tuesday, October 22nd. Raymond James started coverage on ACV Auctions in a report on Friday, September 27th. They set a “market perform” rating and a $22.00 target price on the stock. Citigroup upped their price objective on ACV Auctions from $22.00 to $27.00 and gave the stock a “buy” rating in a research report on Wednesday, November 27th. Finally, B. Riley lifted their target price on shares of ACV Auctions from $24.00 to $27.00 and gave the company a “buy” rating in a report on Tuesday, November 26th. Two analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $23.60.

ACV Auctions Price Performance

Shares of NASDAQ ACVA opened at $20.21 on Monday. ACV Auctions has a 52 week low of $12.84 and a 52 week high of $23.46. The business’s 50 day moving average price is $20.20 and its 200 day moving average price is $19.02. 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 $3.39 billion, a P/E ratio of -43.00 and a beta of 1.70.

Insider Buying and Selling at ACV Auctions

In other ACV Auctions news, insider Michael Waterman sold 16,098 shares of ACV Auctions stock in a transaction dated Tuesday, October 1st. The shares were sold at an average price of $19.95, for a total transaction of $321,155.10. Following the completion of the sale, the insider now directly owns 348,155 shares in the company, valued at $6,945,692.25. This trade represents a 4.42 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO William Zerella sold 32,500 shares of the stock in a transaction that occurred on Tuesday, October 15th. The stock was sold at an average price of $18.79, for a total transaction of $610,675.00. Following the transaction, the chief financial officer now directly owns 490,482 shares of the company’s stock, valued at $9,216,156.78. The trade was a 6.21 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 99,099 shares of company stock worth $1,998,394. Insiders own 8.50% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the business. Bank of New York Mellon Corp raised its stake in shares of ACV Auctions by 217.5% in the second quarter. Bank of New York Mellon Corp now owns 1,391,070 shares of the company’s stock valued at $25,387,000 after acquiring an additional 952,929 shares in the last quarter. Allspring Global Investments Holdings LLC purchased a new stake in shares of ACV Auctions during the 2nd quarter worth $8,567,000. Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in ACV Auctions by 21.9% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 26,478 shares of the company’s stock valued at $483,000 after buying an additional 4,752 shares during the last quarter. Principal Financial Group Inc. raised its stake in ACV Auctions by 33.1% in the second quarter. Principal Financial Group Inc. now owns 61,903 shares of the company’s stock valued at $1,130,000 after buying an additional 15,390 shares in the last quarter. Finally, Rhumbline Advisers raised its stake in ACV Auctions by 17.0% in the second quarter. Rhumbline Advisers now owns 209,976 shares of the company’s stock valued at $3,832,000 after buying an additional 30,450 shares in the last quarter. 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.