JMP Securities Reiterates Market Outperform Rating for ACV Auctions (NASDAQ:ACVA)

ACV Auctions (NASDAQ:ACVA - Get Free Report)'s stock had its "market outperform" rating reissued by equities researchers at JMP Securities in a research report issued on Monday,Benzinga reports. They presently have a $25.00 target price on the stock. JMP Securities' price target indicates a potential upside of 17.76% from the company's current price.

Other equities analysts have also issued research reports about the stock. Piper Sandler increased their price target on shares of ACV Auctions from $16.00 to $18.00 and gave the company a "neutral" rating in a research report on Friday, November 8th. Citigroup raised their target price on ACV Auctions from $22.00 to $27.00 and gave the stock a "buy" rating in a research note on Wednesday, November 27th. B. Riley upped their price target on shares of ACV Auctions from $24.00 to $27.00 and gave the stock a "buy" rating in a report on Tuesday, November 26th. Barrington Research reissued an "outperform" rating and issued a $23.00 price target on shares of ACV Auctions in a research note on Monday, November 4th. Finally, Raymond James assumed coverage on ACV Auctions in a report on Friday, September 27th. They set a "market perform" rating and a $22.00 price objective on the stock. Two equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat.com, ACV Auctions currently has an average rating of "Moderate Buy" and a consensus price target of $23.60.

ACV Auctions Stock Performance

NASDAQ:ACVA traded up $0.93 during trading on Monday, reaching $21.23. The company's stock had a trading volume of 1,045,535 shares, compared to its average volume of 1,257,560. ACV Auctions has a 12 month low of $12.84 and a 12 month high of $23.46. The firm has a market cap of $3.56 billion, a price-to-earnings ratio of -43.19 and a beta of 1.70. The firm has a 50 day moving average of $20.08 and a 200-day moving average of $18.96. The company has a debt-to-equity ratio of 0.25, a quick ratio of 1.51 and a current ratio of 1.51.

Insider Activity

In other news, CFO William Zerella sold 32,500 shares of the company's stock in a transaction on Tuesday, November 26th. The stock was sold at an average price of $22.41, for a total transaction of $728,325.00. Following the transaction, the chief financial officer now directly owns 490,482 shares of the company's stock, valued at $10,991,701.62. This represents a 6.21 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, VP Andrew Peer sold 1,795 shares of the stock in a transaction on Thursday, September 19th. The shares were sold at an average price of $21.00, for a total value of $37,695.00. Following the sale, the vice president now directly owns 62,956 shares in the company, valued at $1,322,076. This trade represents a 2.77 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 364,113 shares of company stock worth $7,368,519. Insiders own 8.50% of the company's stock.

Hedge Funds Weigh In On ACV Auctions

Several hedge funds and other institutional investors have recently modified their holdings of the company. Massachusetts Financial Services Co. MA raised its position in ACV Auctions by 11.6% in the third quarter. Massachusetts Financial Services Co. MA now owns 8,655,640 shares of the company's stock worth $175,969,000 after acquiring an additional 897,477 shares during the period. William Blair Investment Management LLC grew its stake in shares of ACV Auctions by 4.1% during the 2nd quarter. William Blair Investment Management LLC now owns 5,013,642 shares of the company's stock valued at $91,499,000 after acquiring an additional 198,228 shares during the period. Jennison Associates LLC raised its stake in ACV Auctions by 6.8% during the 3rd quarter. Jennison Associates LLC now owns 4,247,932 shares of the company's stock worth $86,360,000 after acquiring an additional 271,970 shares during the period. Geode Capital Management LLC lifted its holdings 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 valued at $71,516,000 after purchasing an additional 67,969 shares in the last quarter. Finally, State Street Corp lifted its holdings in ACV Auctions by 3.7% during the third quarter. State Street Corp now owns 3,242,388 shares of the company's stock valued at $65,918,000 after purchasing an additional 115,700 shares in the last quarter. 88.55% of the stock is owned by 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.