ACV Auctions Inc. (NASDAQ:ACVA) Given Average Recommendation of “Buy” by Brokerages

ACV Auctions Inc. (NASDAQ:ACVAGet Rating) has been assigned a consensus recommendation of “Buy” from the twelve analysts that are presently covering the company, MarketBeat Ratings reports. Eight equities research analysts have rated the stock with a buy recommendation. The average 1-year price target among brokerages that have covered the stock in the last year is $16.42.

ACVA has been the subject of several recent analyst reports. Guggenheim reduced their price objective on shares of ACV Auctions to $22.00 in a research note on Monday, August 15th. Citigroup reduced their price objective on shares of ACV Auctions from $13.00 to $11.00 in a research note on Thursday, November 10th. Jefferies Financial Group reduced their price objective on shares of ACV Auctions from $17.00 to $15.00 and set a “buy” rating for the company in a research note on Thursday, October 6th. Needham & Company LLC raised their price objective on shares of ACV Auctions from $9.00 to $12.00 and gave the company a “buy” rating in a research note on Wednesday, September 7th. Finally, Canaccord Genuity Group reduced their price objective on shares of ACV Auctions from $18.00 to $12.00 in a research note on Thursday, November 10th.

Insiders Place Their Bets

In other news, CEO George Chamoun sold 82,070 shares of the business’s stock in a transaction that occurred on Friday, October 28th. The shares were sold at an average price of $8.90, for a total value of $730,423.00. Following the completion of the transaction, the chief executive officer now owns 220,559 shares of the company’s stock, valued at $1,962,975.10. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. 11.64% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On ACV Auctions

Institutional investors have recently modified their holdings of the company. Ovata Capital Management Ltd purchased a new stake in ACV Auctions in the first quarter valued at approximately $25,000. Citigroup Inc. grew its holdings in ACV Auctions by 359.1% in the first quarter. Citigroup Inc. now owns 3,641 shares of the company’s stock valued at $54,000 after purchasing an additional 2,848 shares during the period. First Horizon Advisors Inc. grew its holdings in ACV Auctions by 130.4% in the second quarter. First Horizon Advisors Inc. now owns 4,208 shares of the company’s stock valued at $27,000 after purchasing an additional 2,382 shares during the period. Ensign Peak Advisors Inc purchased a new stake in ACV Auctions in the first quarter valued at approximately $94,000. Finally, Nisa Investment Advisors LLC purchased a new stake in ACV Auctions in the second quarter valued at approximately $42,000. Institutional investors and hedge funds own 66.01% of the company’s stock.

ACV Auctions Stock Down 2.8 %

Shares of NASDAQ ACVA opened at $8.60 on Tuesday. The company has a quick ratio of 2.14, a current ratio of 2.14 and a debt-to-equity ratio of 0.14. ACV Auctions has a 52 week low of $6.10 and a 52 week high of $22.82. The firm has a 50-day moving average price of $8.47 and a 200 day moving average price of $8.24. The stock has a market capitalization of $1.36 billion, a price-to-earnings ratio of -12.84 and a beta of 1.49.

ACV Auctions Company Profile

(Get Rating)

ACV Auctions Inc operates a digital marketplace that connects buyers and sellers for the online auction of wholesale vehicles. It also provides data services that offer insights into the condition and value of used vehicles, as well as offers customer financing services. ACV Auctions Inc was incorporated in 2014 and is headquartered in Buffalo, New York.

See Also

Analyst Recommendations for ACV Auctions (NASDAQ:ACVA)

Receive News & Ratings for ACV Auctions Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for ACV Auctions and related companies with MarketBeat.com's FREE daily email newsletter.