Brokerages Set ACV Auctions Inc. (NASDAQ:ACVA) Price Target at $23.80

ACV Auctions Inc. (NASDAQ:ACVA) has been assigned a consensus rating of “Moderate Buy” from the ten research firms that are covering the firm, Marketbeat.com reports. Two equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. The average 12-month price target among brokerages that have covered the stock in the last year is $23.80.

A number of research firms have issued reports on ACVA. Piper Sandler upped their target price on shares of ACV Auctions from $16.00 to $18.00 and gave the company a “neutral” rating in a report 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 on the stock. Needham & Company LLC reaffirmed a “buy” rating and issued a $28.00 target price (up from $26.00) on shares of ACV Auctions in a research note on Thursday, December 26th. Barrington Research reissued an “outperform” rating and set a $23.00 price target on shares of ACV Auctions in a research note on Monday, November 4th. Finally, Citigroup lifted their price objective on ACV Auctions from $22.00 to $27.00 and gave the company a “buy” rating in a research report on Wednesday, November 27th.

ACV Auctions Stock Down 3.1 %

Shares of NASDAQ:ACVA opened at $20.94 on Friday. 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 company has a market capitalization of $3.51 billion, a P/E ratio of -44.55 and a beta of 1.70. ACV Auctions has a 52-week low of $12.84 and a 52-week high of $23.46. The stock’s fifty day simple moving average is $20.79 and its 200-day simple moving average is $19.27.

Insider Activity

In other news, CFO William Zerella sold 32,500 shares of the stock in a transaction dated Tuesday, November 26th. The stock was sold at an average price of $22.41, for a total value of $728,325.00. Following the completion of the sale, the chief financial officer now owns 490,482 shares in the company, valued at approximately $10,991,701.62. This trade represents a 6.21 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Michael Waterman sold 18,001 shares of the business’s stock in a transaction that occurred on Tuesday, October 15th. The stock was sold at an average price of $18.79, for a total value of $338,238.79. Following the transaction, the insider now directly owns 337,190 shares in the company, valued at $6,335,800.10. This trade represents a 5.07 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 115,501 shares of company stock valued at $2,380,864 in the last three months. Corporate insiders own 8.50% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in ACVA. William Blair Investment Management LLC boosted its holdings in ACV Auctions by 4.1% in the second quarter. William Blair Investment Management LLC now owns 5,013,642 shares of the company’s stock worth $91,499,000 after purchasing an additional 198,228 shares during the period. Quadrature Capital Ltd bought a new stake in shares of ACV Auctions during the 3rd quarter valued at about $566,000. Quantbot Technologies LP acquired a new stake in ACV Auctions during the third quarter worth about $2,035,000. State Street Corp lifted its holdings in ACV Auctions by 3.7% in the third quarter. State Street Corp now owns 3,242,388 shares of the company’s stock worth $65,918,000 after acquiring an additional 115,700 shares during the last quarter. Finally, Harbor Capital Advisors Inc. boosted its stake in ACV Auctions by 383.7% in the third quarter. Harbor Capital Advisors Inc. now owns 153,050 shares of the company’s stock valued at $3,112,000 after acquiring an additional 121,411 shares during the period. 88.55% of the stock is currently owned by hedge funds and other institutional investors.

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.