ACV Auctions (NASDAQ:ACVA) Price Target Cut to $21.00 by Analysts at The Goldman Sachs Group

ACV Auctions (NASDAQ:ACVA) had its target price reduced by The Goldman Sachs Group from $26.00 to $21.00 in a research report report published on Tuesday,Benzinga reports. They currently have a buy rating on the stock.

ACVA has been the subject of a number of other research reports. Needham & Company LLC decreased their price target on ACV Auctions from $25.00 to $16.00 and set a “buy” rating for the company in a research report on Tuesday. Citigroup decreased their price target on ACV Auctions from $21.00 to $17.00 and set a “buy” rating for the company in a research report on Tuesday. JPMorgan Chase & Co. decreased their price target on ACV Auctions from $20.00 to $19.00 and set an “overweight” rating for the company in a research report on Thursday, July 17th. Bank of America decreased their price target on ACV Auctions from $20.00 to $16.50 and set a “buy” rating for the company in a research report on Tuesday. Finally, JMP Securities decreased their price target on ACV Auctions from $20.00 to $18.00 and set a “market outperform” rating for the company in a research report on Tuesday. Two equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $19.67.

ACV Auctions Price Performance

NASDAQ:ACVA opened at $11.19 on Tuesday. The company has a quick ratio of 1.56, a current ratio of 1.56 and a debt-to-equity ratio of 0.28. ACV Auctions has a 52-week low of $10.26 and a 52-week high of $23.46. The firm has a market cap of $1.91 billion, a P/E ratio of -22.83 and a beta of 1.69. The business’s 50-day moving average price is $15.39 and its 200 day moving average price is $16.06.

Insider Activity

In other news, insider Craig Eric Anderson sold 15,000 shares of ACV Auctions stock in a transaction dated Tuesday, July 22nd. The stock was sold at an average price of $15.04, for a total transaction of $225,600.00. Following the completion of the sale, the insider directly owned 340,799 shares in the company, valued at $5,125,616.96. The trade was a 4.22% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Michael Waterman sold 34,339 shares of ACV Auctions stock in a transaction dated Tuesday, July 8th. The shares were sold at an average price of $16.05, for a total value of $551,140.95. Following the sale, the insider owned 379,957 shares of the company’s stock, valued at approximately $6,098,309.85. This represents a 8.29% decrease in their ownership of the stock. 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 institutional investors have recently made changes to their positions in the company. Brighton Jones LLC lifted its holdings in shares of ACV Auctions by 2.1% during the 2nd quarter. Brighton Jones LLC now owns 40,703 shares of the company’s stock valued at $660,000 after buying an additional 823 shares during the last quarter. Verdence Capital Advisors LLC lifted its holdings in shares of ACV Auctions by 6.4% during the 2nd quarter. Verdence Capital Advisors LLC now owns 15,845 shares of the company’s stock valued at $257,000 after buying an additional 960 shares during the last quarter. Bessemer Group Inc. lifted its holdings in shares of ACV Auctions by 14.5% during the 1st quarter. Bessemer Group Inc. now owns 9,911 shares of the company’s stock valued at $140,000 after buying an additional 1,257 shares during the last quarter. SG Americas Securities LLC lifted its holdings in shares of ACV Auctions by 5.7% during the 2nd quarter. SG Americas Securities LLC now owns 27,302 shares of the company’s stock valued at $443,000 after buying an additional 1,467 shares during the last quarter. Finally, Bank of Montreal Can lifted its holdings in ACV Auctions by 13.8% in the 2nd quarter. Bank of Montreal Can now owns 14,384 shares of the company’s stock worth $233,000 after purchasing an additional 1,746 shares during the last quarter. 88.55% of the stock is currently owned by institutional investors and hedge funds.

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.