ACV Auctions (NASDAQ:ACVA) Price Target Raised to $27.00

ACV Auctions (NASDAQ:ACVA) had its price objective boosted by equities research analysts at B. Riley from $24.00 to $27.00 in a research note issued to investors on Tuesday,Benzinga reports. The firm presently has a “buy” rating on the stock. B. Riley’s price target points to a potential upside of 18.89% from the company’s previous close.

ACVA has been the topic of a number of other reports. Piper Sandler upped their target price on shares of ACV Auctions from $16.00 to $18.00 and gave the stock a “neutral” rating in a research report on Friday, November 8th. Needham & Company LLC reiterated a “buy” rating and set a $26.00 target price on shares of ACV Auctions in a research report on Tuesday. Barrington Research reiterated an “outperform” rating and set a $23.00 target price on shares of ACV Auctions in a research report on Monday, November 4th. Raymond James initiated coverage on shares of ACV Auctions in a research report on Friday, September 27th. They set a “market perform” rating and a $22.00 target price on the stock. Finally, JMP Securities increased their price objective on shares of ACV Auctions from $21.00 to $24.00 and gave the company a “market outperform” rating in a report on Tuesday, September 17th. Two investment analysts have rated the stock with a hold rating and eight have given a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $23.50.

ACV Auctions Price Performance

Shares of ACVA stock opened at $22.71 on Tuesday. ACV Auctions has a 1 year low of $12.84 and a 1 year high of $23.46. The firm’s 50 day moving average is $19.60 and its 200-day moving average is $18.63. The firm has a market capitalization of $3.81 billion, a price-to-earnings ratio of -48.32 and a beta of 1.59. The company has a current ratio of 1.51, a quick ratio of 1.51 and a debt-to-equity ratio of 0.25.

Insiders Place Their Bets

In other news, CFO William Zerella sold 32,500 shares of the stock in a transaction on Tuesday, November 26th. The shares were sold at an average price of $22.41, for a total transaction of $728,325.00. Following the completion of the sale, the chief financial officer now owns 490,482 shares of the company’s stock, valued at $10,991,701.62. This represents a 6.21 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO George Chamoun sold 111,363 shares of the stock in a transaction on Tuesday, September 17th. The stock was sold at an average price of $20.27, for a total transaction of $2,257,328.01. Following the sale, the chief executive officer now directly owns 928,166 shares of the company’s stock, valued at $18,813,924.82. This represents a 10.71 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 525,937 shares of company stock worth $10,479,997. Company insiders own 8.50% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in ACVA. Blue Trust Inc. grew its position in shares of ACV Auctions by 165.2% in the 3rd quarter. Blue Trust Inc. now owns 1,419 shares of the company’s stock valued at $29,000 after acquiring an additional 884 shares during the period. MCF Advisors LLC grew its position in shares of ACV Auctions by 107.0% in the 3rd quarter. MCF Advisors LLC now owns 1,480 shares of the company’s stock valued at $30,000 after acquiring an additional 765 shares during the period. Park Place Capital Corp grew its position in shares of ACV Auctions by 34.1% in the 3rd quarter. Park Place Capital Corp now owns 2,779 shares of the company’s stock valued at $56,000 after acquiring an additional 706 shares during the period. Amalgamated Bank lifted its stake in shares of ACV Auctions by 18.0% during the 2nd quarter. Amalgamated Bank now owns 5,120 shares of the company’s stock worth $93,000 after buying an additional 782 shares during the last quarter. Finally, Verdence Capital Advisors LLC acquired a new stake in shares of ACV Auctions during the 3rd quarter worth about $206,000. 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.