ACV Auctions (NASDAQ:ACVA) Stock Price Up 4.3% – What’s Next?

Shares of ACV Auctions Inc. (NASDAQ:ACVA) were up 4.3% during mid-day trading on Wednesday . The company traded as high as $21.18 and last traded at $21.18. Approximately 710,575 shares were traded during mid-day trading, a decline of 28% from the average daily volume of 983,051 shares. The stock had previously closed at $20.30.

Wall Street Analysts Forecast Growth

ACVA has been the subject of a number of analyst reports. Barrington Research reiterated an “outperform” rating and set a $23.00 price target on shares of ACV Auctions in a research report on Monday, November 4th. Raymond James assumed coverage on shares of ACV Auctions in a report on Friday, September 27th. They issued a “market perform” rating and a $22.00 price objective for the company. Jefferies Financial Group raised their target price on shares of ACV Auctions from $22.00 to $25.00 and gave the company a “buy” rating in a research note on Tuesday, October 22nd. Needham & Company LLC reaffirmed a “buy” rating and issued a $28.00 price target (up from $26.00) on shares of ACV Auctions in a research note on Thursday, December 26th. Finally, Piper Sandler raised 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 equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. According to MarketBeat.com, ACV Auctions presently has a consensus rating of “Moderate Buy” and an average target price of $23.80.

ACV Auctions Price Performance

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 market cap of $3.48 billion, a PE ratio of -44.15 and a beta of 1.69. The stock has a 50 day moving average of $21.26 and a two-hundred day moving average of $19.42.

Insider Activity

In other news, insider Michael Waterman sold 30,162 shares of the business’s stock in a transaction on Tuesday, January 7th. The shares were sold at an average price of $20.53, for a total transaction of $619,225.86. Following the transaction, the insider now directly owns 314,738 shares in the company, valued at $6,461,571.14. The trade was a 8.75 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO William Zerella sold 32,500 shares of the company’s stock in a transaction 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 completion of the transaction, the chief financial officer now directly owns 490,482 shares in the company, valued at $9,216,156.78. This trade represents a 6.21 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 160,663 shares of company stock worth $3,308,640 over the last 90 days. 8.50% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the company. Park Place Capital Corp raised its stake in shares of ACV Auctions by 34.1% during the 3rd quarter. Park Place Capital Corp now owns 2,779 shares of the company’s stock worth $56,000 after purchasing an additional 706 shares in the last quarter. MCF Advisors LLC raised its position 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 acquiring an additional 765 shares in the last quarter. Amalgamated Bank lifted its stake in ACV Auctions by 18.0% in the second quarter. Amalgamated Bank now owns 5,120 shares of the company’s stock valued at $93,000 after acquiring an additional 782 shares during the last quarter. Blue Trust Inc. grew its position in ACV Auctions by 165.2% in the third quarter. Blue Trust Inc. now owns 1,419 shares of the company’s stock worth $29,000 after acquiring an additional 884 shares in the last quarter. Finally, Icon Wealth Advisors LLC grew its position in ACV Auctions by 13.5% in the third quarter. Icon Wealth Advisors LLC now owns 11,048 shares of the company’s stock worth $225,000 after acquiring an additional 1,317 shares in the last quarter. Hedge funds and other institutional investors own 88.55% of the company’s stock.

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.