Needham & Company LLC Reaffirms Buy Rating for ACV Auctions (NASDAQ:ACVA)

Needham & Company LLC restated their buy rating on shares of ACV Auctions (NASDAQ:ACVA) in a research note issued to investors on Thursday morning, MarketBeat Ratings reports. The firm currently has a $28.00 price objective on the stock, up from their prior price objective of $26.00.

Several other research firms have also recently commented on ACVA. Jefferies Financial Group boosted their target price on ACV Auctions from $22.00 to $25.00 and gave the stock a “buy” rating in a research report on Tuesday, October 22nd. JMP Securities reissued a “market outperform” rating and set a $25.00 price objective on shares of ACV Auctions in a report on Monday, December 16th. B. Riley raised their target price on shares of ACV Auctions from $24.00 to $27.00 and gave the company a “buy” rating in a research note on Tuesday, November 26th. 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 for the company. Finally, Citigroup raised their price objective on shares of ACV Auctions from $22.00 to $27.00 and gave the company a “buy” rating in a research report on Wednesday, November 27th. Two research analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. Based on data from MarketBeat, ACV Auctions presently has an average rating of “Moderate Buy” and an average target price of $23.80.

ACV Auctions Stock Up 2.1 %

ACVA opened at $22.12 on Thursday. The firm has a market capitalization of $3.71 billion, a P/E ratio of -47.06 and a beta of 1.70. ACV Auctions has a one year low of $12.84 and a one year high of $23.46. The company has a fifty day moving average price of $20.54 and a 200-day moving average price of $19.17. The company has a debt-to-equity ratio of 0.25, a current ratio of 1.51 and a quick ratio of 1.51.

Insider Buying and Selling at ACV Auctions

In other news, insider Michael Waterman sold 18,001 shares of ACV Auctions stock in a transaction on Tuesday, October 15th. The stock was sold at an average price of $18.79, for a total value of $338,238.79. Following the transaction, the insider now directly owns 337,190 shares in the company, valued at approximately $6,335,800.10. This trade represents a 5.07 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CFO William Zerella sold 32,500 shares of ACV Auctions stock in a transaction dated 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 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 have sold 99,099 shares of company stock valued at $1,998,394 in the last quarter. 8.50% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the business. Park Place Capital Corp grew its position in ACV Auctions by 34.1% during the 3rd quarter. Park Place Capital Corp now owns 2,779 shares of the company’s stock worth $56,000 after purchasing an additional 706 shares during the last quarter. MCF Advisors LLC lifted its stake in shares of ACV Auctions by 107.0% during the third quarter. MCF Advisors LLC now owns 1,480 shares of the company’s stock worth $30,000 after buying an additional 765 shares during the period. Amalgamated Bank grew its holdings in shares of ACV Auctions by 18.0% during the second quarter. Amalgamated Bank now owns 5,120 shares of the company’s stock valued at $93,000 after buying an additional 782 shares during the last quarter. Blue Trust Inc. increased 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. Finally, Icon Wealth Advisors LLC raised its stake in ACV Auctions by 13.5% in the 3rd quarter. Icon Wealth Advisors LLC now owns 11,048 shares of the company’s stock worth $225,000 after acquiring an additional 1,317 shares during the last quarter. 88.55% of the stock is owned by institutional investors and hedge funds.

ACV Auctions Company Profile

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.