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

ACV Auctions (NASDAQ:ACVA)‘s stock had its “buy” rating reaffirmed by equities researchers at Needham & Company LLC in a research report issued on Thursday, Stock Target Advisor reports. They presently have a $28.00 price objective on the stock. Needham & Company LLC’s target price points to a potential upside of 29.21% from the stock’s previous close.

ACVA has been the subject of several other research reports. JMP Securities restated a “market outperform” rating and set a $25.00 price target on shares of ACV Auctions in a report on Monday, December 16th. Citigroup boosted their price target on shares of ACV Auctions from $22.00 to $27.00 and gave the stock a “buy” rating in a research report on Wednesday, November 27th. Piper Sandler upped their price target 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. Jefferies Financial Group lifted their price objective 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, Raymond James initiated coverage on shares of ACV Auctions in a research report on Friday, September 27th. They set a “market perform” rating and a $22.00 target price on the stock. Two investment analysts have rated the stock with a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $23.80.

ACV Auctions Stock Up 1.2 %

ACVA opened at $21.67 on Thursday. The company has a market capitalization of $3.63 billion, a PE ratio of -46.11 and a beta of 1.70. The firm has a 50-day simple moving average of $20.48 and a two-hundred day simple moving average of $19.15. The company has a quick ratio of 1.51, a current ratio of 1.51 and a debt-to-equity ratio of 0.25. ACV Auctions has a 52 week low of $12.84 and a 52 week high of $23.46.

Insiders Place Their Bets

In other ACV Auctions news, insider Michael Waterman sold 16,098 shares of the stock in a transaction on Tuesday, October 1st. The stock was sold at an average price of $19.95, for a total value of $321,155.10. Following the sale, the insider now owns 348,155 shares in the company, valued at $6,945,692.25. This trade represents a 4.42 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO William Zerella sold 32,500 shares of ACV Auctions stock in a transaction on Tuesday, October 15th. The stock was sold at an average price of $18.79, for a total value of $610,675.00. Following the sale, the chief financial officer now owns 490,482 shares of the company’s stock, valued at approximately $9,216,156.78. This trade represents a 6.21 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 99,099 shares of company stock valued at $1,998,394 over the last 90 days. Insiders own 8.50% of the company’s stock.

Hedge Funds Weigh In On ACV Auctions

A number of hedge funds have recently added to or reduced their stakes in ACVA. Blue Trust Inc. boosted its holdings in shares of ACV Auctions by 165.2% in the third quarter. Blue Trust Inc. now owns 1,419 shares of the company’s stock valued at $29,000 after purchasing an additional 884 shares during the period. MCF Advisors LLC lifted its holdings in shares of ACV Auctions by 107.0% in 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 lifted its holdings in shares of ACV Auctions by 34.1% in 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 grew its position in shares of ACV Auctions by 18.0% during the 2nd quarter. Amalgamated Bank now owns 5,120 shares of the company’s stock worth $93,000 after buying an additional 782 shares in the last quarter. Finally, Verdence Capital Advisors LLC purchased a new position in shares of ACV Auctions during the third quarter valued at $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.