ACV Auctions (NASDAQ:ACVA) Given New $18.00 Price Target at JMP Securities

ACV Auctions (NASDAQ:ACVA) had its target price reduced by JMP Securities from $20.00 to $18.00 in a report published on Tuesday morning,Benzinga reports. They currently have a market outperform rating on the stock.

ACVA has been the topic of a number of other research reports. Citigroup decreased their target price on shares of ACV Auctions from $21.00 to $17.00 and set a “buy” rating on the stock in a report on Tuesday. Bank of America decreased their price target on shares of ACV Auctions from $20.00 to $16.50 and set a “buy” rating on the stock in a report on Tuesday. JPMorgan Chase & Co. decreased their price target on shares of ACV Auctions from $20.00 to $19.00 and set an “overweight” rating on the stock in a report on Thursday, July 17th. Finally, Needham & Company LLC decreased their price target on shares of ACV Auctions from $25.00 to $16.00 and set a “buy” rating on the stock in a report on Tuesday. Two analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $19.67.

ACV Auctions Trading Down 16.2%

NASDAQ:ACVA opened at $11.19 on Tuesday. ACV Auctions has a one year low of $10.26 and a one year high of $23.46. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.56 and a quick ratio of 1.56. The firm has a 50-day moving average of $15.39 and a 200-day moving average of $16.06. The company has a market cap of $1.91 billion, a PE ratio of -22.83 and a beta of 1.69.

Insider Buying and Selling

In related news, insider Craig Eric Anderson sold 15,000 shares of the firm’s stock in a transaction that occurred on Tuesday, July 22nd. The shares were sold at an average price of $15.04, for a total value of $225,600.00. Following the transaction, the insider owned 340,799 shares of the company’s stock, valued at approximately $5,125,616.96. This trade represents a 4.22% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Michael Waterman sold 34,339 shares of the firm’s stock in a transaction that occurred on Tuesday, July 8th. The stock was sold at an average price of $16.05, for a total transaction of $551,140.95. Following the completion of the transaction, the insider directly owned 379,957 shares in the company, valued at approximately $6,098,309.85. The trade was a 8.29% decrease in their position. The disclosure for this sale can be found here. Insiders own 2.90% of the company’s stock.

Institutional Investors Weigh In On ACV Auctions

Several large investors have recently bought and sold shares of ACVA. Brighton Jones LLC purchased a new stake in shares of ACV Auctions during the fourth quarter valued at $392,000. LPL Financial LLC purchased a new stake in shares of ACV Auctions during the fourth quarter valued at about $226,000. Wells Fargo & Company MN lifted its position in shares of ACV Auctions by 55.3% during the fourth quarter. Wells Fargo & Company MN now owns 83,413 shares of the company’s stock valued at $1,802,000 after buying an additional 29,717 shares during the last quarter. Russell Investments Group Ltd. lifted its position in shares of ACV Auctions by 5,705.8% during the fourth quarter. Russell Investments Group Ltd. now owns 25,894 shares of the company’s stock valued at $559,000 after buying an additional 25,448 shares during the last quarter. Finally, Raymond James Financial Inc. acquired a new position in shares of ACV Auctions during the fourth quarter valued at about $4,704,000. Institutional investors own 88.55% of the company’s stock.

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.