B. Riley Increases ACV Auctions (NASDAQ:ACVA) Price Target to $27.00

ACV Auctions (NASDAQ:ACVA) had its target price hoisted by equities researchers at B. Riley from $24.00 to $27.00 in a note issued to investors on Tuesday,Benzinga reports. The firm currently has a “buy” rating on the stock. B. Riley’s target price indicates a potential upside of 19.73% from the company’s current price.

ACVA has been the subject of several other research reports. Barrington Research reaffirmed an “outperform” rating and set a $23.00 price target on shares of ACV Auctions in a research report on Monday, November 4th. Needham & Company LLC reiterated a “buy” rating and issued a $26.00 price target on shares of ACV Auctions in a research report on Tuesday. Jefferies Financial Group boosted their price objective 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. JMP Securities raised their target price on ACV Auctions from $21.00 to $24.00 and gave the stock a “market outperform” rating in a report on Tuesday, September 17th. Finally, Raymond James started coverage on ACV Auctions in a report on Friday, September 27th. They set a “market perform” rating and a $22.00 price target for the company. Two analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $23.11.

ACV Auctions Stock Performance

Shares of NASDAQ ACVA traded down $0.41 during trading on Tuesday, reaching $22.55. 324,909 shares of the company traded hands, compared to its average volume of 1,263,101. The firm has a 50 day simple moving average of $19.56 and a 200-day simple moving average of $18.60. ACV Auctions has a 52-week low of $12.84 and a 52-week high of $23.46. The stock has a market capitalization of $3.78 billion, a PE ratio of -47.74 and a beta of 1.59. The company has a quick ratio of 1.51, a current ratio of 1.51 and a debt-to-equity ratio of 0.25.

Insiders Place Their Bets

In other news, VP Andrew Peer sold 1,795 shares of the stock in a transaction that occurred on Thursday, September 19th. The stock was sold at an average price of $21.00, for a total value of $37,695.00. Following the sale, the vice president now directly owns 62,956 shares in the company, valued at approximately $1,322,076. This represents a 2.77 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CFO William Zerella sold 32,500 shares of the company’s stock in a transaction on Tuesday, October 15th. The shares were sold at an average price of $18.79, for a total value of $610,675.00. Following the completion of the transaction, the chief financial officer now directly owns 490,482 shares in the company, valued at $9,216,156.78. This trade represents a 6.21 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 493,437 shares of company stock valued at $9,751,672 over the last three months. 8.50% of the stock is owned by company insiders.

Hedge Funds Weigh In On ACV Auctions

Institutional investors have recently made changes to their positions in the company. Price T Rowe Associates Inc. MD boosted its position in ACV Auctions by 6.3% during 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 acquiring an additional 4,621 shares in the last quarter. Bayesian Capital Management LP lifted its position in shares of ACV Auctions by 220.9% during the first quarter. Bayesian Capital Management LP now owns 33,411 shares of the company’s stock valued at $627,000 after buying an additional 23,000 shares during the last quarter. Comerica Bank boosted its holdings in shares of ACV Auctions by 5,045.7% in the 1st quarter. Comerica Bank now owns 63,550 shares of the company’s stock valued at $1,193,000 after buying an additional 62,315 shares in the last quarter. Swedbank AB purchased a new position in shares of ACV Auctions in the 1st quarter worth approximately $15,016,000. Finally, Harbor Capital Advisors Inc. bought a new position in shares of ACV Auctions during the 2nd quarter worth approximately $577,000. Hedge funds and other 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.