ACV Auctions' (ACVA) Buy Rating Reaffirmed at Needham & Company LLC

ACV Auctions (NASDAQ:ACVA - Get Free Report)'s stock had its "buy" rating reiterated by equities research analysts at Needham & Company LLC in a research report issued to clients and investors on Tuesday,Benzinga reports. They presently have a $26.00 target price on the stock. Needham & Company LLC's target price would indicate a potential upside of 16.28% from the company's current price.

Several other analysts also recently issued reports on ACVA. Barrington Research reissued an "outperform" rating and issued a $23.00 price target on shares of ACV Auctions in a report on Monday, November 4th. 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 shares of ACV Auctions from $22.00 to $25.00 and gave the stock a "buy" rating in a research report on Tuesday, October 22nd. Raymond James initiated coverage on shares of ACV Auctions in a research report on Friday, September 27th. They issued a "market perform" rating and a $22.00 price objective on the stock. Finally, Piper Sandler upped their target price on shares of ACV Auctions from $16.00 to $18.00 and gave the stock a "neutral" rating in a research report on Friday, November 8th. Two investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $23.11.

ACV Auctions Stock Performance

ACVA traded down $0.60 on Tuesday, hitting $22.36. 577,027 shares of the company's stock were exchanged, compared to its average volume of 1,263,949. 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 fifty day moving average of $19.56 and a two-hundred day moving average of $18.60. ACV Auctions has a twelve month low of $12.84 and a twelve month high of $23.46. The firm has a market cap of $3.75 billion, a PE ratio of -47.74 and a beta of 1.59.

Insider Buying and Selling at ACV Auctions

In other news, VP Andrew Peer sold 1,795 shares of the company's stock in a transaction on Thursday, September 19th. The stock was sold at an average price of $21.00, for a total value of $37,695.00. Following the completion of the sale, the vice president now owns 62,956 shares in the company, valued at $1,322,076. This represents a 2.77 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CFO William Zerella sold 32,500 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 $610,675.00. Following the transaction, the chief financial officer now directly owns 490,482 shares of the company's stock, valued at $9,216,156.78. This represents a 6.21 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 493,437 shares of company stock valued at $9,751,672. Company insiders own 8.50% of the company's stock.

Institutional Trading of ACV Auctions

A number of hedge funds and other institutional investors have recently made changes to their positions in ACVA. Blue Trust Inc. raised its position in shares of ACV Auctions by 165.2% during the third quarter. Blue Trust Inc. now owns 1,419 shares of the company's stock worth $29,000 after purchasing an additional 884 shares during the period. MCF Advisors LLC raised its holdings in ACV Auctions by 107.0% during the 3rd quarter. MCF Advisors LLC now owns 1,480 shares of the company's stock worth $30,000 after buying an additional 765 shares during the period. Park Place Capital Corp raised its holdings in ACV Auctions by 34.1% during the 3rd quarter. Park Place Capital Corp now owns 2,779 shares of the company's stock worth $56,000 after buying an additional 706 shares during the period. Amalgamated Bank lifted its stake in ACV Auctions by 18.0% during the second quarter. Amalgamated Bank now owns 5,120 shares of the company's stock valued at $93,000 after buying an additional 782 shares in the last quarter. Finally, Verdence Capital Advisors LLC acquired a new position in shares of ACV Auctions in the third quarter worth about $206,000. 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.