ACV Auctions (NASDAQ:ACVA) Hits New 1-Year High - Should You Buy?

ACV Auctions Inc. (NASDAQ:ACVA - Get Free Report)'s stock price reached a new 52-week high during trading on Monday . The stock traded as high as $21.41 and last traded at $21.14, with a volume of 376135 shares trading hands. The stock had previously closed at $20.72.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on the stock. Piper Sandler increased their price objective 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 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 assumed coverage on shares of ACV Auctions in a research note on Friday, September 27th. They set a "market perform" rating and a $22.00 price target for the company. Jefferies Financial Group raised their price target on shares of ACV Auctions from $22.00 to $25.00 and gave the stock a "buy" rating in a research note on Tuesday, October 22nd. Finally, Needham & Company LLC raised their price target on shares of ACV Auctions from $23.00 to $26.00 and gave the stock a "buy" rating in a research note on Friday, November 8th. Two research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $22.63.

ACV Auctions Stock Performance

The company's fifty day simple moving average is $19.29 and its 200 day simple moving average is $18.42. The company has a current ratio of 1.51, a quick ratio of 1.51 and a debt-to-equity ratio of 0.25. The stock has a market capitalization of $3.69 billion, a P/E ratio of -45.68 and a beta of 1.59.

Insider Buying and Selling at ACV Auctions

In other ACV Auctions news, VP Andrew Peer sold 1,795 shares of the firm's stock in a transaction that occurred on Thursday, September 19th. The shares were sold at an average price of $21.00, for a total transaction of $37,695.00. Following the completion of the transaction, the vice president now owns 62,956 shares of the company's stock, valued at approximately $1,322,076. This trade represents a 2.77 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO William Zerella sold 76,856 shares of the firm's stock in a transaction that occurred on Tuesday, September 17th. The shares were sold at an average price of $20.26, for a total transaction of $1,557,102.56. Following the transaction, the chief financial officer now directly owns 503,077 shares of the company's stock, valued at $10,192,340.02. This represents a 13.25 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 709,426 shares of company stock worth $13,792,090. 8.50% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of ACVA. ProShare Advisors LLC lifted its stake in shares of ACV Auctions by 8.5% during the 1st quarter. ProShare Advisors LLC now owns 22,843 shares of the company's stock valued at $429,000 after buying an additional 1,798 shares in the last quarter. Blair William & Co. IL lifted its stake in shares of ACV Auctions by 14.7% during the 1st quarter. Blair William & Co. IL now owns 12,691 shares of the company's stock valued at $238,000 after buying an additional 1,626 shares in the last quarter. Price T Rowe Associates Inc. MD lifted its stake in shares of ACV Auctions by 6.3% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 77,547 shares of the company's stock valued at $1,456,000 after buying an additional 4,621 shares in the last quarter. Bayesian Capital Management LP lifted its stake 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 valued at $627,000 after buying an additional 23,000 shares in the last quarter. Finally, Comerica Bank increased its holdings in ACV Auctions by 5,045.7% in the 1st quarter. Comerica Bank now owns 63,550 shares of the company's stock valued at $1,193,000 after acquiring an additional 62,315 shares during the last quarter. Hedge funds and other 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.