ACV Auctions (NASDAQ:ACVA) Hits New 12-Month High Following Analyst Upgrade

ACV Auctions Inc. (NASDAQ:ACVA)’s stock price hit a new 52-week high during mid-day trading on Monday after Needham & Company LLC raised their price target on the stock from $23.00 to $26.00. Needham & Company LLC currently has a buy rating on the stock. ACV Auctions traded as high as $21.30 and last traded at $21.27, with a volume of 1813246 shares. The stock had previously closed at $20.13.

Other equities research analysts have also recently issued reports about the stock. Piper Sandler lifted their price target on shares of ACV Auctions from $16.00 to $18.00 and gave the company a “neutral” rating in a research report on Friday. Raymond James began coverage on shares of ACV Auctions in a research report on Friday, September 27th. They set a “market perform” rating and a $22.00 price objective for the company. Barrington Research reissued an “outperform” rating and issued a $23.00 target price on shares of ACV Auctions in a research report on Monday, November 4th. JMP Securities raised their price target on ACV Auctions from $21.00 to $24.00 and gave the stock a “market outperform” rating in a research report on Tuesday, September 17th. Finally, Jefferies Financial Group lifted their price objective on ACV Auctions from $22.00 to $25.00 and gave the company a “buy” rating in a research note on Tuesday, October 22nd. Two analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $22.63.

Insider Activity

In related news, VP Andrew Peer sold 1,795 shares of the business’s stock in a transaction on Thursday, September 19th. The stock was sold at an average price of $21.00, for a total transaction of $37,695.00. Following the completion of the transaction, the vice president now directly owns 62,956 shares of the company’s stock, valued at $1,322,076. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In related news, VP Andrew Peer sold 1,795 shares of ACV Auctions stock in a transaction that occurred on Thursday, September 19th. The shares were sold at an average price of $21.00, for a total value of $37,695.00. Following the completion of the transaction, the vice president now owns 62,956 shares in the company, valued at $1,322,076. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Brian Hirsch sold 61,666 shares of the stock in a transaction that occurred on Friday, August 23rd. The shares were sold at an average price of $18.63, for a total transaction of $1,148,837.58. Following the completion of the sale, the director now directly owns 9,239 shares in the company, valued at approximately $172,122.57. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 709,426 shares of company stock worth $13,792,090. Corporate insiders own 8.50% of the company’s stock.

Institutional Trading of ACV Auctions

Hedge funds and other institutional investors have recently bought and sold shares of the business. Quantbot Technologies LP purchased a new position in shares of ACV Auctions in the 1st quarter valued at about $519,000. Oppenheimer Asset Management Inc. raised its holdings in ACV Auctions by 6.0% during the first quarter. Oppenheimer Asset Management Inc. now owns 111,890 shares of the company’s stock worth $2,100,000 after purchasing an additional 6,325 shares in the last quarter. ProShare Advisors LLC lifted its position in shares of ACV Auctions by 8.5% during the 1st quarter. ProShare Advisors LLC now owns 22,843 shares of the company’s stock worth $429,000 after buying an additional 1,798 shares during the last quarter. Blair William & Co. IL boosted its holdings in shares of ACV Auctions by 14.7% in the 1st quarter. Blair William & Co. IL now owns 12,691 shares of the company’s stock valued at $238,000 after buying an additional 1,626 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD boosted its holdings in shares of ACV Auctions by 6.3% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 77,547 shares of the company’s stock valued at $1,456,000 after buying an additional 4,621 shares in the last quarter. 88.55% of the stock is currently owned by institutional investors and hedge funds.

ACV Auctions Price Performance

The stock’s 50-day moving average is $19.06 and its 200 day moving average is $18.31. The company has a debt-to-equity ratio of 0.24, a quick ratio of 1.49 and a current ratio of 1.49. The stock has a market capitalization of $3.54 billion, a PE ratio of -44.45 and a beta of 1.59.

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.