ACV Auctions (NASDAQ:ACVA) Earns “Buy” Rating from Needham & Company LLC

ACV Auctions (NASDAQ:ACVA)‘s stock had its “buy” rating reiterated by equities research analysts at Needham & Company LLC in a research note issued on Tuesday,Benzinga reports. They currently have a $26.00 target price on the stock. Needham & Company LLC’s price target indicates a potential upside of 14.49% from the stock’s previous close.

ACVA has been the topic of a number of other research reports. Raymond James assumed 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 target on the stock. JMP Securities boosted their price target on shares of ACV Auctions from $21.00 to $24.00 and gave the stock a “market outperform” rating in a research report on Tuesday, September 17th. Piper Sandler boosted their price target 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. 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 research report on Tuesday, October 22nd. Finally, Barrington Research reiterated an “outperform” rating and set a $23.00 target price on shares of ACV Auctions in a research report on Monday, November 4th. Two equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat, ACV Auctions has a consensus rating of “Moderate Buy” and a consensus target price of $23.50.

ACV Auctions Stock Up 1.4 %

Shares of NASDAQ ACVA opened at $22.71 on Tuesday. The company has a market capitalization of $3.81 billion, a P/E ratio of -48.32 and a beta of 1.59. ACV Auctions has a 52-week low of $12.84 and a 52-week high of $23.46. The company has a debt-to-equity ratio of 0.25, a quick ratio of 1.51 and a current ratio of 1.51. The company’s 50 day moving average price is $19.60 and its 200-day moving average price is $18.63.

Insiders Place Their Bets

In related news, CEO George Chamoun sold 111,363 shares of the stock in a transaction dated Tuesday, September 17th. The shares were sold at an average price of $20.27, for a total transaction of $2,257,328.01. Following the completion of the transaction, the chief executive officer now owns 928,166 shares in the company, valued at approximately $18,813,924.82. This represents a 10.71 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Andrew Peer sold 1,795 shares of the stock in a transaction dated Thursday, September 19th. The shares were sold at an average price of $21.00, for a total transaction of $37,695.00. Following the transaction, the vice president now owns 62,956 shares of the company’s stock, valued at approximately $1,322,076. The trade was a 2.77 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 525,937 shares of company stock worth $10,479,997. Insiders own 8.50% of the company’s stock.

Hedge Funds Weigh In On ACV Auctions

Several institutional investors have recently added to or reduced their stakes in the stock. Park Place Capital Corp lifted its holdings in ACV Auctions by 34.1% during the third quarter. Park Place Capital Corp now owns 2,779 shares of the company’s stock valued at $56,000 after purchasing an additional 706 shares during the last quarter. MCF Advisors LLC lifted its holdings in 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 holdings 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 last quarter. Blue Trust Inc. lifted its holdings in ACV Auctions by 165.2% during 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 last quarter. Finally, Icon Wealth Advisors LLC lifted its holdings in ACV Auctions by 13.5% during the third quarter. Icon Wealth Advisors LLC now owns 11,048 shares of the company’s stock valued at $225,000 after purchasing an additional 1,317 shares during the last quarter. 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.