ACV Auctions (NASDAQ:ACVA) Coverage Initiated at Stephens

Stock analysts at Stephens assumed coverage on shares of ACV Auctions (NASDAQ:ACVA) in a research report issued to clients and investors on Wednesday, Marketbeat reports. The brokerage set an “equal weight” rating and a $20.50 price target on the stock. Stephens’ price target indicates a potential downside of 7.20% from the company’s current price.

Several other brokerages have also recently weighed in on ACVA. Piper Sandler lifted their price objective on ACV Auctions from $16.00 to $18.00 and gave the company a “neutral” rating in a report on Friday, November 8th. Barrington Research reiterated an “outperform” rating and set a $23.00 price target on shares of ACV Auctions in a research report on Monday, November 4th. Raymond James started 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. JMP Securities reaffirmed a “market outperform” rating and issued a $25.00 target price on shares of ACV Auctions in a report on Monday, December 16th. Finally, Needham & Company LLC restated a “buy” rating and set a $28.00 price objective (up from $26.00) on shares of ACV Auctions in a research report on Thursday, December 26th. Three research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to MarketBeat, ACV Auctions presently has an average rating of “Moderate Buy” and an average target price of $23.65.

ACV Auctions Price Performance

NASDAQ:ACVA opened at $22.09 on Wednesday. The company has a debt-to-equity ratio of 0.25, a quick ratio of 1.51 and a current ratio of 1.51. The firm has a market cap of $3.70 billion, a price-to-earnings ratio of -47.00 and a beta of 1.69. ACV Auctions has a 52 week low of $12.84 and a 52 week high of $23.46. The firm’s 50-day simple moving average is $21.61 and its 200 day simple moving average is $19.64.

Insider Buying and Selling

In related news, CFO William Zerella sold 15,000 shares of the company’s stock in a transaction that occurred on Tuesday, January 7th. The stock was sold at an average price of $20.57, for a total value of $308,550.00. Following the sale, the chief financial officer now directly owns 462,452 shares in the company, valued at $9,512,637.64. This represents a 3.14 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Michael Waterman sold 30,162 shares of the firm’s stock in a transaction that occurred on Tuesday, January 7th. The stock was sold at an average price of $20.53, for a total transaction of $619,225.86. Following the transaction, the insider now owns 314,738 shares of the company’s stock, valued at approximately $6,461,571.14. The trade was a 8.75 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 110,162 shares of company stock worth $2,359,726 in the last ninety days. Company insiders own 8.50% of the company’s stock.

Institutional Trading of ACV Auctions

A number of large investors have recently bought and sold shares of the business. Massachusetts Financial Services Co. MA boosted its stake in ACV Auctions by 11.6% during the third quarter. Massachusetts Financial Services Co. MA now owns 8,655,640 shares of the company’s stock worth $175,969,000 after acquiring an additional 897,477 shares in the last quarter. Jennison Associates LLC increased its holdings in shares of ACV Auctions by 6.8% during the third quarter. Jennison Associates LLC now owns 4,247,932 shares of the company’s stock valued at $86,360,000 after acquiring an additional 271,970 shares in the last quarter. Geode Capital Management LLC raised its position in shares of ACV Auctions by 2.0% during the third quarter. Geode Capital Management LLC now owns 3,517,088 shares of the company’s stock worth $71,516,000 after purchasing an additional 67,969 shares during the period. State Street Corp grew its holdings in shares of ACV Auctions by 3.7% during the third quarter. State Street Corp now owns 3,242,388 shares of the company’s stock valued at $65,918,000 after buying an additional 115,700 shares during the last quarter. Finally, JPMorgan Chase & Co. increased its position in shares of ACV Auctions by 10.9% during the third quarter. JPMorgan Chase & Co. now owns 3,167,615 shares of the company’s stock worth $64,398,000 after acquiring an additional 311,465 shares in the last quarter. 88.55% of the stock is currently owned by institutional investors and hedge funds.

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.