Stephens Begins Coverage on ACV Auctions (NASDAQ:ACVA)

Stephens assumed coverage on shares of ACV Auctions (NASDAQ:ACVA - Get Free Report) in a research note issued on Wednesday, Marketbeat reports. The brokerage set an "equal weight" rating and a $20.50 price target on the stock. Stephens' price objective would indicate a potential downside of 4.38% from the company's current price.

A number of other equities research analysts have also recently commented on the stock. Citigroup raised their price objective 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. Needham & Company LLC restated a "buy" rating and set a $28.00 price target (up previously from $26.00) on shares of ACV Auctions in a research report on Thursday, December 26th. JMP Securities reiterated a "market outperform" rating and issued a $25.00 price objective on shares of ACV Auctions in a research report on Monday, December 16th. Piper Sandler raised their target price on ACV Auctions from $16.00 to $18.00 and gave the company a "neutral" rating in a research report on Friday, November 8th. Finally, Jefferies Financial Group lifted their price target on ACV Auctions from $22.00 to $25.00 and gave the company a "buy" rating in a research note on Tuesday, October 22nd. Three analysts have rated the stock with a hold rating and seven have given a buy rating to the company's stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $23.65.

ACV Auctions Stock Performance

Shares of ACVA stock traded down $0.81 on Wednesday, hitting $21.44. The company had a trading volume of 856,570 shares, compared to its average volume of 1,130,813. ACV Auctions has a twelve month low of $12.84 and a twelve month high of $23.46. The company has a quick ratio of 1.51, a current ratio of 1.51 and a debt-to-equity ratio of 0.25. The firm has a market cap of $3.59 billion, a P/E ratio of -45.62 and a beta of 1.69. The company has a 50-day moving average price of $21.55 and a 200-day moving average price of $19.61.

Insider Activity

In related news, CFO William Zerella sold 32,500 shares of the business's stock in a transaction dated Monday, December 30th. The shares were sold at an average price of $21.65, for a total transaction of $703,625.00. Following the sale, the chief financial officer now owns 490,482 shares of the company's stock, valued at approximately $10,618,935.30. The trade was a 6.21 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Michael Waterman sold 30,162 shares of the business's stock in a transaction on Tuesday, January 7th. The stock was sold at an average price of $20.53, for a total value of $619,225.86. Following the sale, the insider now owns 314,738 shares in the company, valued at approximately $6,461,571.14. The trade was a 8.75 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 110,162 shares of company stock valued at $2,359,726. 8.50% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On ACV Auctions

Several institutional investors and hedge funds have recently modified their holdings of ACVA. Spyglass Capital Management LLC lifted its holdings in shares of ACV Auctions by 69.1% during the 3rd quarter. Spyglass Capital Management LLC now owns 2,614,245 shares of the company's stock valued at $53,148,000 after acquiring an additional 1,068,356 shares in the last quarter. Wellington Management Group LLP acquired a new stake in ACV Auctions during the third quarter valued at approximately $21,540,000. 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 last quarter. Driehaus Capital Management LLC grew its position in shares of ACV Auctions by 48.0% during the 2nd quarter. Driehaus Capital Management LLC now owns 1,232,238 shares of the company's stock valued at $22,488,000 after buying an additional 399,402 shares during the last quarter. Finally, JPMorgan Chase & Co. raised its position in shares of ACV Auctions by 10.9% during the 3rd quarter. JPMorgan Chase & Co. now owns 3,167,615 shares of the company's stock worth $64,398,000 after purchasing an additional 311,465 shares during the period. 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.