Needham & Company LLC Reiterates “Buy” Rating for ACV Auctions (NASDAQ:ACVA)

ACV Auctions (NASDAQ:ACVA)‘s stock had its “buy” rating reissued by equities researchers at Needham & Company LLC in a research note issued to investors on Tuesday,Benzinga reports. They presently have a $26.00 target price on the stock. Needham & Company LLC’s price target would suggest a potential upside of 14.49% from the stock’s current price.

ACVA has been the topic of a number of other reports. Jefferies Financial Group increased their price target on shares of ACV Auctions from $22.00 to $25.00 and gave the stock a “buy” rating in a report on Tuesday, October 22nd. Barrington Research reaffirmed an “outperform” rating and issued a $23.00 target price on shares of ACV Auctions in a research note on Monday, November 4th. Raymond James assumed coverage on shares of ACV Auctions in a research note on Friday, September 27th. They issued a “market perform” rating and a $22.00 target price on the stock. JMP Securities raised their target price on shares of ACV Auctions from $21.00 to $24.00 and gave the company a “market outperform” rating in a research note on Tuesday, September 17th. Finally, Piper Sandler raised their target price on shares of ACV Auctions from $16.00 to $18.00 and gave the company a “neutral” rating in a research note on Friday, November 8th. Two research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat.com, ACV Auctions presently has an average rating of “Moderate Buy” and an average price target of $23.50.

ACV Auctions Trading Up 1.4 %

Shares of ACV Auctions stock opened at $22.71 on Tuesday. ACV Auctions has a 12-month low of $12.84 and a 12-month high of $23.46. The company has a market cap 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. The company’s 50-day moving average price is $19.60 and its 200-day moving average price is $18.63.

Insider Buying and Selling at ACV Auctions

In other news, COO Vikas Mehta sold 154,324 shares of the firm’s stock in a transaction that occurred on Tuesday, September 10th. The shares were sold at an average price of $19.19, for a total value of $2,961,477.56. Following the transaction, the chief operating officer now owns 432,457 shares in the company, valued at approximately $8,298,849.83. This trade represents a 26.30 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO William Zerella sold 32,500 shares of the firm’s stock in a transaction that occurred on Tuesday, November 26th. The stock was sold at an average price of $22.41, for a total transaction of $728,325.00. Following the completion of the transaction, the chief financial officer now owns 490,482 shares in the company, valued at $10,991,701.62. This represents a 6.21 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 525,937 shares of company stock worth $10,479,997 over the last ninety days. Insiders own 8.50% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Massachusetts Financial Services Co. MA boosted its holdings in ACV Auctions by 47.6% in the second quarter. Massachusetts Financial Services Co. MA now owns 7,758,163 shares of the company’s stock valued at $141,586,000 after acquiring an additional 2,502,064 shares in the last quarter. Spyglass Capital Management LLC boosted its holdings in ACV Auctions by 69.1% in the third quarter. Spyglass Capital Management LLC now owns 2,614,245 shares of the company’s stock valued at $53,148,000 after acquiring an additional 1,068,356 shares in the last quarter. Wellington Management Group LLP bought a new stake in ACV Auctions in the third quarter valued at $21,540,000. Bank of New York Mellon Corp boosted its holdings in ACV Auctions by 217.5% in the second quarter. Bank of New York Mellon Corp now owns 1,391,070 shares of the company’s stock valued at $25,387,000 after acquiring an additional 952,929 shares in the last quarter. Finally, Swedbank AB purchased a new position in ACV Auctions during the first quarter valued at $15,016,000. 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.