ACV Auctions Inc. (NASDAQ:ACVA) Given Consensus Rating of “Moderate Buy” by Brokerages

ACV Auctions Inc. (NASDAQ:ACVA) has been assigned an average recommendation of “Moderate Buy” from the ten analysts that are presently covering the company, MarketBeat Ratings reports. Two investment analysts have rated the stock with a hold recommendation and eight have assigned a buy recommendation to the company. The average 1 year price target among analysts that have issued ratings on the stock in the last year is $23.50.

Several research analysts have recently commented on ACVA shares. Piper Sandler lifted their price target 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. JMP Securities lifted their target price on ACV Auctions from $21.00 to $24.00 and gave the company a “market outperform” rating in a research note on Tuesday, September 17th. Needham & Company LLC reaffirmed a “buy” rating and set a $26.00 target price on shares of ACV Auctions in a report on Tuesday, November 26th. Jefferies Financial Group raised their price target on ACV Auctions from $22.00 to $25.00 and gave the stock a “buy” rating in a report on Tuesday, October 22nd. Finally, B. Riley upped their price objective on ACV Auctions from $24.00 to $27.00 and gave the stock a “buy” rating in a research note on Tuesday, November 26th.

ACV Auctions Stock Performance

ACV Auctions stock opened at $22.34 on Wednesday. The company has a debt-to-equity ratio of 0.25, a current ratio of 1.51 and a quick ratio of 1.51. ACV Auctions has a 12 month low of $12.84 and a 12 month high of $23.46. The company has a fifty day moving average price of $19.91 and a two-hundred day moving average price of $18.87. The company has a market cap of $3.75 billion, a PE ratio of -47.53 and a beta of 1.70.

Insider Buying and Selling at ACV Auctions

In other news, COO Vikas Mehta sold 154,324 shares of the firm’s stock in a transaction 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 transaction, 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 ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO George Chamoun sold 111,363 shares of the company’s stock in a transaction dated Tuesday, September 17th. The stock was sold at an average price of $20.27, for a total transaction of $2,257,328.01. Following the completion of the sale, the chief executive officer now directly owns 928,166 shares of the company’s stock, valued at $18,813,924.82. The trade was a 10.71 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 525,937 shares of company stock valued at $10,479,997 in the last quarter. 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. Price T Rowe Associates Inc. MD lifted its position in ACV Auctions by 6.3% in 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 during the period. Comerica Bank increased its position in shares of ACV Auctions by 5,045.7% during the 1st 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 period. Harbor Capital Advisors Inc. bought a new stake in shares of ACV Auctions in the 2nd quarter worth $577,000. Two Star Manager LLC acquired a new stake in shares of ACV Auctions in the second quarter valued at $2,069,000. Finally, Bank of New York Mellon Corp boosted its stake in ACV Auctions by 217.5% during 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 buying an additional 952,929 shares in the last quarter. 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.