ACV Auctions’ (ACVA) “Buy” Rating Reiterated at Needham & Company LLC

Needham & Company LLC restated their buy rating on shares of ACV Auctions (NASDAQ:ACVA) in a report published on Tuesday,Benzinga reports. Needham & Company LLC currently has a $26.00 price target on the stock.

A number of other research firms 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 research note on Monday, November 4th. Raymond James initiated coverage on ACV Auctions in a research report on Friday, September 27th. They issued a “market perform” rating and a $22.00 target price for the company. Piper Sandler lifted their price target on ACV Auctions from $16.00 to $18.00 and gave the company a “neutral” rating in a research report on Friday, November 8th. JMP Securities increased their price objective on ACV Auctions from $21.00 to $24.00 and gave the stock a “market outperform” rating in a report on Tuesday, September 17th. Finally, Jefferies Financial Group boosted their target price on shares of ACV Auctions from $22.00 to $25.00 and gave the company a “buy” rating in a report on Tuesday, October 22nd. Two research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. According to MarketBeat, ACV Auctions currently has an average rating of “Moderate Buy” and an average target price of $23.11.

ACV Auctions Stock Down 2.5 %

Shares of NASDAQ ACVA opened at $22.39 on Tuesday. The firm has a fifty day simple moving average of $19.56 and a two-hundred day simple moving average of $18.60. ACV Auctions has a 12 month low of $12.84 and a 12 month high of $23.46. 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 firm has a market capitalization of $3.75 billion, a PE ratio of -47.64 and a beta of 1.59.

Insider Transactions at ACV Auctions

In other news, insider Michael Waterman sold 18,001 shares of the stock in a transaction that occurred on Tuesday, October 15th. The shares were sold at an average price of $18.79, for a total transaction of $338,238.79. Following the sale, the insider now owns 337,190 shares in the company, valued at $6,335,800.10. This represents a 5.07 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO William Zerella sold 32,500 shares of the business’s stock in a transaction that occurred on Tuesday, October 15th. The stock was sold at an average price of $18.79, for a total transaction of $610,675.00. Following the completion of the transaction, the chief financial officer now owns 490,482 shares of the company’s stock, valued at approximately $9,216,156.78. The trade was a 6.21 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 493,437 shares of company stock valued at $9,751,672. Insiders own 8.50% of the company’s stock.

Institutional Investors Weigh In On ACV Auctions

Several institutional investors have recently modified their holdings of the business. Park Place Capital Corp lifted its stake in ACV Auctions by 34.1% during the 3rd quarter. Park Place Capital Corp now owns 2,779 shares of the company’s stock valued at $56,000 after acquiring an additional 706 shares during the period. MCF Advisors LLC raised its holdings in shares of ACV Auctions by 107.0% during the third quarter. MCF Advisors LLC now owns 1,480 shares of the company’s stock valued at $30,000 after purchasing an additional 765 shares during the last quarter. Amalgamated Bank lifted its position 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 purchasing an additional 782 shares during the period. Blue Trust Inc. boosted its holdings in ACV Auctions by 165.2% in 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 last quarter. Finally, Icon Wealth Advisors LLC grew its position in ACV Auctions by 13.5% in the 3rd quarter. Icon Wealth Advisors LLC now owns 11,048 shares of the company’s stock worth $225,000 after purchasing an additional 1,317 shares during the period. 88.55% of the stock is owned by hedge funds and other 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.