ACV Auctions (NASDAQ:ACVA) Sets New 52-Week High – Time to Buy?

ACV Auctions Inc. (NASDAQ:ACVA) hit a new 52-week high during trading on Monday . The stock traded as high as $21.41 and last traded at $21.14, with a volume of 376135 shares traded. The stock had previously closed at $20.72.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on ACVA shares. JMP Securities boosted 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 report on Tuesday, September 17th. Needham & Company LLC boosted their target price on shares of ACV Auctions from $23.00 to $26.00 and gave the company a “buy” rating in a research note on Friday, November 8th. Raymond James started coverage on shares of ACV Auctions in a research note on Friday, September 27th. They set a “market perform” rating and a $22.00 price objective for the company. Barrington Research reaffirmed an “outperform” rating and set a $23.00 price objective on shares of ACV Auctions in a research note on Monday, November 4th. Finally, Piper Sandler upped their price objective on shares of ACV Auctions from $16.00 to $18.00 and gave the company a “neutral” rating in a research note on Friday, November 8th. Two analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $22.63.

ACV Auctions Stock Performance

The stock has a market cap of $3.60 billion, a PE ratio of -45.66 and a beta of 1.59. The company has a debt-to-equity ratio of 0.25, a quick ratio of 1.51 and a current ratio of 1.51. The stock has a fifty day simple moving average of $19.39 and a two-hundred day simple moving average of $18.48.

Insider Activity

In related news, VP Andrew Peer sold 1,795 shares of the firm’s stock in a transaction on Thursday, September 19th. The stock was sold at an average price of $21.00, for a total transaction of $37,695.00. Following the transaction, the vice president now directly owns 62,956 shares in the company, valued at $1,322,076. This trade represents a 2.77 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Brian Hirsch sold 61,666 shares of the firm’s stock in a transaction on Friday, August 23rd. The stock was sold at an average price of $18.63, for a total value of $1,148,837.58. Following the transaction, the director now owns 9,239 shares in the company, valued at $172,122.57. This trade represents a 86.97 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 709,426 shares of company stock worth $13,792,090. 8.50% of the stock is currently owned by insiders.

Hedge Funds Weigh In On ACV Auctions

Large investors have recently added to or reduced their stakes in the company. Park Place Capital Corp increased its position in ACV Auctions by 34.1% in the third quarter. Park Place Capital Corp now owns 2,779 shares of the company’s stock worth $56,000 after buying an additional 706 shares during the period. MCF Advisors LLC boosted its stake in ACV Auctions by 107.0% during the third quarter. MCF Advisors LLC now owns 1,480 shares of the company’s stock valued at $30,000 after buying an additional 765 shares in the last quarter. Amalgamated Bank boosted its stake in ACV Auctions by 18.0% during the second quarter. Amalgamated Bank now owns 5,120 shares of the company’s stock valued at $93,000 after buying an additional 782 shares in the last quarter. Blue Trust Inc. boosted its position in shares of ACV Auctions by 165.2% in the 3rd 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 period. Finally, Icon Wealth Advisors LLC boosted its position in shares of ACV Auctions by 13.5% in the 3rd quarter. Icon Wealth Advisors LLC now owns 11,048 shares of the company’s stock valued at $225,000 after purchasing an additional 1,317 shares during the period. 88.55% of the stock is currently owned by institutional investors.

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.