ACV Auctions (NASDAQ:ACVA) Earns Buy Rating from Needham & Company LLC

ACV Auctions (NASDAQ:ACVA)‘s stock had its “buy” rating restated by Needham & Company LLC in a note issued to investors on Tuesday,Benzinga reports. They currently have a $26.00 price objective on the stock. Needham & Company LLC’s target price suggests a potential upside of 13.24% from the stock’s current price.

Other equities research analysts also recently issued reports about the stock. 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 research note on Friday, November 8th. JMP Securities raised 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. Jefferies Financial Group upped their price target on ACV Auctions from $22.00 to $25.00 and gave the stock a “buy” rating in a research note on Tuesday, October 22nd. Barrington Research reissued an “outperform” rating and issued a $23.00 price objective on shares of ACV Auctions in a research note on Monday, November 4th. Finally, Raymond James began coverage on ACV Auctions in a research report on Friday, September 27th. They set a “market perform” rating and a $22.00 target price on the stock. Two equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. According to MarketBeat.com, ACV Auctions currently has an average rating of “Moderate Buy” and a consensus price target of $22.63.

ACV Auctions Stock Performance

Shares of ACVA stock opened at $22.96 on Tuesday. The firm has a 50 day moving average of $19.56 and a 200-day moving average of $18.60. The company has a market cap of $3.85 billion, a price-to-earnings ratio of -48.85 and a beta of 1.59. The company has a quick ratio of 1.51, a current ratio of 1.51 and a debt-to-equity ratio of 0.25. ACV Auctions has a 52 week low of $12.84 and a 52 week high of $23.46.

Insider Buying and Selling at ACV Auctions

In related news, COO Vikas Mehta sold 154,324 shares of the firm’s stock in a transaction dated Tuesday, September 10th. The shares were 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 owns 432,457 shares in the company, valued at approximately $8,298,849.83. This trade represents a 26.30 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. 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 transaction, the chief financial officer now owns 490,482 shares in the company, valued at approximately $9,216,156.78. The trade was a 6.21 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 493,437 shares of company stock worth $9,751,672. Insiders own 8.50% of the company’s stock.

Institutional Trading of ACV Auctions

A number of large investors have recently bought and sold shares of ACVA. Geode Capital Management LLC boosted its position in ACV Auctions by 2.0% during the third quarter. Geode Capital Management LLC now owns 3,517,088 shares of the company’s stock worth $71,516,000 after purchasing an additional 67,969 shares during the period. Barclays PLC lifted its holdings in shares of ACV Auctions by 16.8% in the third quarter. Barclays PLC now owns 244,999 shares of the company’s stock worth $4,980,000 after buying an additional 35,155 shares in the last quarter. Y Intercept Hong Kong Ltd bought a new position in shares of ACV Auctions in the third quarter valued at approximately $315,000. Main Management ETF Advisors LLC purchased a new position in ACV Auctions during the third quarter valued at approximately $978,000. Finally, XTX Topco Ltd bought a new stake in ACV Auctions during the 3rd quarter worth approximately $651,000. 88.55% of the stock is 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.