ACV Auctions (NASDAQ:ACVA) Price Target Lowered to $16.00 at Needham & Company LLC

ACV Auctions (NASDAQ:ACVA) had its target price decreased by Needham & Company LLC from $25.00 to $16.00 in a research note published on Tuesday, MarketBeat Ratings reports. Needham & Company LLC currently has a buy rating on the stock.

Other equities research analysts also recently issued research reports about the stock. JMP Securities raised their price objective on shares of ACV Auctions from $18.00 to $20.00 and gave the company a “market outperform” rating in a research report on Wednesday, July 2nd. Bank of America reduced their price target on shares of ACV Auctions from $20.00 to $16.50 and set a “buy” rating for the company in a research report on Tuesday. JPMorgan Chase & Co. reduced their price target on shares of ACV Auctions from $20.00 to $19.00 and set an “overweight” rating for the company in a research report on Thursday, July 17th. Finally, Citigroup reduced their price target on shares of ACV Auctions from $21.00 to $17.00 and set a “buy” 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 given a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $19.67.

ACV Auctions Price Performance

Shares of 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. The company has a market cap of $1.91 billion, a P/E ratio of -22.83 and a beta of 1.69. ACV Auctions has a 52 week low of $10.26 and a 52 week high of $23.46. The company has a 50-day moving average price of $15.39 and a 200 day moving average price of $16.06.

Insider Activity at ACV Auctions

In related news, insider Craig Eric Anderson sold 15,000 shares of ACV Auctions stock in a transaction that occurred on 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 transaction, 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 document filed with the SEC, which is available at this hyperlink. Also, insider Michael Waterman sold 34,339 shares of ACV Auctions stock in a transaction that occurred on Tuesday, July 8th. The stock was sold at an average price of $16.05, for a total value of $551,140.95. Following the transaction, the insider owned 379,957 shares of the company’s stock, valued at $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 Inflows and Outflows

Several institutional investors have recently modified their holdings of ACVA. Bullseye Asset Management LLC acquired a new position in ACV Auctions in the 2nd quarter valued at $4,206,000. Ameritas Investment Partners Inc. raised its holdings in ACV Auctions by 14.4% in the 2nd quarter. Ameritas Investment Partners Inc. now owns 17,151 shares of the company’s stock valued at $278,000 after acquiring an additional 2,161 shares during the last quarter. Prudential Financial Inc. raised its holdings in ACV Auctions by 86.5% in the 2nd quarter. Prudential Financial Inc. now owns 21,210 shares of the company’s stock valued at $344,000 after acquiring an additional 9,835 shares during the last quarter. Rhumbline Advisers raised its holdings in ACV Auctions by 18.2% in the 2nd quarter. Rhumbline Advisers now owns 253,786 shares of the company’s stock valued at $4,116,000 after acquiring an additional 39,023 shares during the last quarter. Finally, Legal & General Group Plc raised its holdings in ACV Auctions by 12.7% in the 2nd quarter. Legal & General Group Plc now owns 186,908 shares of the company’s stock valued at $3,023,000 after acquiring an additional 21,099 shares during the last quarter. 88.55% of the stock is currently owned by institutional investors and hedge funds.

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.