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

ACV Auctions (NASDAQ:ACVA)‘s stock had its “buy” rating restated by equities researchers at Needham & Company LLC in a research note issued to investors on Tuesday,Benzinga reports. They presently have a $26.00 price objective on the stock. Needham & Company LLC’s target price indicates a potential upside of 13.24% from the company’s previous close.

ACVA has been the subject of a number of other reports. Raymond James began coverage on ACV Auctions in a research report on Friday, September 27th. They issued a “market perform” rating and a $22.00 price objective for the company. Piper Sandler upped their price target on ACV Auctions from $16.00 to $18.00 and gave the company a “neutral” rating in a research note on Friday, November 8th. Barrington Research reiterated an “outperform” rating and issued a $23.00 target price on shares of ACV Auctions in a report on Monday, November 4th. Jefferies Financial Group boosted their price target on shares of ACV Auctions from $22.00 to $25.00 and gave the company a “buy” rating in a report on Tuesday, October 22nd. Finally, JMP Securities raised their price objective on ACV Auctions from $21.00 to $24.00 and gave the stock a “market outperform” rating in a research note on Tuesday, September 17th. Two investment analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat, ACV Auctions has an average rating of “Moderate Buy” and an average target price of $22.63.

ACV Auctions Stock Up 4.5 %

Shares of NASDAQ ACVA opened at $22.96 on Tuesday. The business has a fifty day moving average of $19.56 and a two-hundred day moving average of $18.60. The company has a debt-to-equity ratio of 0.25, a quick ratio of 1.51 and a current ratio of 1.51. ACV Auctions has a 52-week low of $12.84 and a 52-week high of $23.46. The stock has a market cap of $3.85 billion, a PE ratio of -48.85 and a beta of 1.59.

Insiders Place Their Bets

In other ACV Auctions news, CFO William Zerella sold 76,856 shares of the firm’s stock in a transaction on Tuesday, September 17th. The stock was sold at an average price of $20.26, for a total transaction of $1,557,102.56. Following the completion of the sale, the chief financial officer now owns 503,077 shares of the company’s stock, valued at $10,192,340.02. This trade represents a 13.25 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, COO Vikas Mehta sold 154,324 shares of the firm’s stock in a transaction dated Tuesday, September 10th. The stock was sold at an average price of $19.19, for a total transaction of $2,961,477.56. Following the sale, the chief operating officer now owns 432,457 shares of the company’s stock, valued at approximately $8,298,849.83. This represents a 26.30 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 493,437 shares of company stock valued at $9,751,672. 8.50% of the stock is currently owned by corporate insiders.

Institutional Trading of ACV Auctions

Institutional investors have recently bought and sold shares of the business. Massachusetts Financial Services Co. MA lifted its holdings in shares of ACV Auctions by 11.6% during the 3rd 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 during the period. William Blair Investment Management LLC lifted its stake in ACV Auctions by 4.1% during the second quarter. William Blair Investment Management LLC now owns 5,013,642 shares of the company’s stock worth $91,499,000 after purchasing an additional 198,228 shares during the last quarter. Jennison Associates LLC raised its position in ACV Auctions by 6.8% in the third quarter. Jennison Associates LLC now owns 4,247,932 shares of the company’s stock valued at $86,360,000 after purchasing an additional 271,970 shares during the last quarter. Geode Capital Management LLC boosted its stake 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 valued at $71,516,000 after purchasing an additional 67,969 shares in the last quarter. Finally, 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 worth $65,918,000 after purchasing an additional 115,700 shares during the last quarter. Institutional investors own 88.55% of the company’s stock.

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.