ACV Auctions (NASDAQ:ACVA) Price Target Raised to $27.00

ACV Auctions (NASDAQ:ACVA) had its price target upped by B. Riley from $24.00 to $27.00 in a report released on Tuesday,Benzinga reports. The brokerage currently has a buy rating on the stock.

Several other analysts have also commented on ACVA. Raymond James assumed coverage on shares of ACV Auctions in a research note on Friday, September 27th. They issued a “market perform” rating and a $22.00 target price on the stock. Piper Sandler raised their price objective on ACV Auctions from $16.00 to $18.00 and gave the company a “neutral” rating in a research note on Friday, November 8th. Barrington Research restated 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 lifted their price target on shares of ACV Auctions from $22.00 to $25.00 and gave the company a “buy” rating in a research report on Tuesday, October 22nd. Finally, Needham & Company LLC restated a “buy” rating and set a $26.00 price objective on shares of ACV Auctions in a research note on Tuesday. Two equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $23.50.

ACV Auctions Trading Down 0.4 %

Shares of ACVA stock opened at $22.62 on Tuesday. The company has a market cap of $3.79 billion, a P/E ratio of -48.13 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. ACV Auctions has a fifty-two week low of $12.84 and a fifty-two week high of $23.46. The stock has a 50 day simple moving average of $19.69 and a two-hundred day simple moving average of $18.69.

Insiders Place Their Bets

In related news, COO Vikas Mehta sold 154,324 shares of the firm’s stock in a transaction that occurred on Tuesday, September 10th. The stock was sold at an average price of $19.19, for a total transaction of $2,961,477.56. Following the completion of the sale, the chief operating officer now directly owns 432,457 shares of the company’s stock, valued at approximately $8,298,849.83. This trade represents a 26.30 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO William Zerella sold 32,500 shares of the business’s stock in a transaction dated Tuesday, October 15th. The shares were sold at an average price of $18.79, for a total transaction of $610,675.00. Following the completion of the sale, the chief financial officer now owns 490,482 shares of the company’s stock, valued at approximately $9,216,156.78. This represents a 6.21 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 525,937 shares of company stock valued at $10,479,997. Insiders own 8.50% of the company’s stock.

Hedge Funds Weigh In On ACV Auctions

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in ACVA. Price T Rowe Associates Inc. MD increased its stake in shares of ACV Auctions by 6.3% during the first quarter. Price T Rowe Associates Inc. MD now owns 77,547 shares of the company’s stock worth $1,456,000 after purchasing an additional 4,621 shares in the last quarter. Bayesian Capital Management LP lifted its position in shares of ACV Auctions by 220.9% during the 1st quarter. Bayesian Capital Management LP now owns 33,411 shares of the company’s stock worth $627,000 after purchasing an additional 23,000 shares during the last quarter. Comerica Bank increased its stake in ACV Auctions by 5,045.7% in the first quarter. Comerica Bank now owns 63,550 shares of the company’s stock valued at $1,193,000 after purchasing an additional 62,315 shares during the last quarter. Swedbank AB acquired a new stake in shares of ACV Auctions during the first quarter worth about $15,016,000. Finally, Harbor Capital Advisors Inc. acquired a new stake in ACV Auctions during the 2nd quarter worth $577,000. Hedge funds and other institutional investors 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.