ACV Auctions Inc. (NASDAQ:ACVA) Receives Average Rating of "Moderate Buy" from Analysts

Shares of ACV Auctions Inc. (NASDAQ:ACVA - Get Free Report) have been assigned an average recommendation of "Moderate Buy" from the ten analysts that are covering the company, MarketBeat Ratings reports. Two equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. The average twelve-month price objective among brokers that have covered the stock in the last year is $23.50.

A number of analysts have recently issued reports on ACVA shares. Needham & Company LLC restated a "buy" rating and issued a $26.00 target price on shares of ACV Auctions in a report on Tuesday, November 26th. B. Riley increased their target price on ACV Auctions from $24.00 to $27.00 and gave the company a "buy" rating in a report on Tuesday, November 26th. JMP Securities upped their price target on shares of ACV Auctions from $21.00 to $24.00 and gave the stock a "market outperform" rating in a research note on Tuesday, September 17th. Raymond James initiated coverage on shares of ACV Auctions in a research note on Friday, September 27th. They issued a "market perform" rating and a $22.00 price target on the stock. Finally, Citigroup upped their price target on shares of ACV Auctions from $22.00 to $27.00 and gave the stock a "buy" rating in a research note on Wednesday, November 27th.

ACV Auctions Price Performance

Shares of NASDAQ:ACVA traded down $0.24 on Wednesday, reaching $22.59. 1,468,392 shares of the company traded hands, compared to its average volume of 1,263,555. The company's 50 day moving average is $19.81 and its 200-day moving average is $18.80. The stock has a market capitalization of $3.79 billion, a PE ratio of -48.04 and a beta of 1.70. ACV Auctions has a fifty-two week low of $12.84 and a fifty-two week high of $23.46. The company has a debt-to-equity ratio of 0.25, a current ratio of 1.51 and a quick ratio of 1.51.

Insiders Place Their Bets

In other news, CFO William Zerella sold 32,500 shares of the firm's stock in a transaction dated Tuesday, November 26th. The stock was sold at an average price of $22.41, for a total value of $728,325.00. Following the sale, the chief financial officer now directly owns 490,482 shares of the company's stock, valued at approximately $10,991,701.62. This trade represents a 6.21 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Michael Waterman sold 18,001 shares of the firm's stock in a transaction dated Tuesday, October 15th. The shares were sold at an average price of $18.79, for a total value of $338,238.79. Following the completion of the sale, the insider now directly owns 337,190 shares in the company, valued at approximately $6,335,800.10. This represents a 5.07 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 525,937 shares of company stock valued at $10,479,997 over the last three months. 8.50% of the stock is currently owned by insiders.

Institutional Investors Weigh In On ACV Auctions

Several hedge funds have recently made changes to their positions in the stock. Massachusetts Financial Services Co. MA lifted its stake in ACV Auctions by 11.6% during the third quarter. Massachusetts Financial Services Co. MA now owns 8,655,640 shares of the company's stock worth $175,969,000 after purchasing an additional 897,477 shares during the period. William Blair Investment Management LLC increased its holdings in shares of ACV Auctions by 4.1% in the second quarter. William Blair Investment Management LLC now owns 5,013,642 shares of the company's stock valued at $91,499,000 after purchasing an additional 198,228 shares in the last quarter. Jennison Associates LLC increased its holdings in shares of ACV Auctions by 6.8% in the third quarter. Jennison Associates LLC now owns 4,247,932 shares of the company's stock valued at $86,360,000 after purchasing an additional 271,970 shares in the last quarter. Geode Capital Management LLC increased its holdings in shares of ACV Auctions by 2.0% in 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 increased its holdings in shares of ACV Auctions by 3.7% in 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. 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.