ACV Auctions Inc. (NASDAQ:ACVA) Receives Consensus Recommendation of “Moderate Buy” from Brokerages

Shares of ACV Auctions Inc. (NASDAQ:ACVA) have earned an average rating of “Moderate Buy” from the ten research firms that are presently covering the company, MarketBeat Ratings reports. Two research analysts have rated the stock with a hold recommendation and eight have given a buy recommendation to the company. The average 1-year price objective among brokers that have covered the stock in the last year is $23.80.

Several research analysts have commented on the stock. Jefferies Financial Group upped their target price on shares of ACV Auctions from $22.00 to $25.00 and gave the stock a “buy” rating in a research report on Tuesday, October 22nd. Barrington Research reissued an “outperform” rating and issued a $23.00 price objective on shares of ACV Auctions in a report on Monday, November 4th. B. Riley lifted their target price on ACV Auctions from $24.00 to $27.00 and gave the company a “buy” rating in a research note on Tuesday, November 26th. Piper Sandler increased their price target on ACV Auctions from $16.00 to $18.00 and gave the stock a “neutral” rating in a research note on Friday, November 8th. Finally, Citigroup lifted their price objective on shares of ACV Auctions from $22.00 to $27.00 and gave the company a “buy” rating in a research note on Wednesday, November 27th.

ACV Auctions Stock Down 3.1 %

ACV Auctions stock opened at $20.94 on Friday. 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 one year low of $12.84 and a one year high of $23.46. The company has a 50-day simple moving average of $20.79 and a 200-day simple moving average of $19.27. The firm has a market capitalization of $3.51 billion, a P/E ratio of -44.55 and a beta of 1.70.

Insider Transactions at ACV Auctions

In related news, CFO William Zerella sold 32,500 shares of the stock in a transaction on Tuesday, October 15th. The stock was 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 transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Michael Waterman sold 18,001 shares of the business’s stock in a transaction dated Tuesday, October 15th. The stock was sold at an average price of $18.79, for a total value of $338,238.79. Following the sale, the insider now owns 337,190 shares in the company, valued at approximately $6,335,800.10. The trade was a 5.07 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 115,501 shares of company stock valued at $2,380,864 in the last quarter. Insiders own 8.50% of the company’s stock.

Hedge Funds Weigh In On ACV Auctions

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Park Place Capital Corp grew its position in ACV Auctions by 34.1% during the third quarter. Park Place Capital Corp now owns 2,779 shares of the company’s stock valued at $56,000 after purchasing an additional 706 shares in the last quarter. MCF Advisors LLC grew its holdings in shares of ACV Auctions by 107.0% during 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 in the last quarter. Amalgamated Bank grew its holdings in shares of ACV Auctions by 18.0% during the 2nd quarter. Amalgamated Bank now owns 5,120 shares of the company’s stock valued at $93,000 after acquiring an additional 782 shares in the last quarter. Blue Trust Inc. increased its stake in shares of ACV Auctions by 165.2% in the third quarter. Blue Trust Inc. now owns 1,419 shares of the company’s stock worth $29,000 after acquiring an additional 884 shares during the last quarter. Finally, Icon Wealth Advisors LLC raised its holdings in shares of ACV Auctions by 13.5% during the third 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 in the last quarter. Institutional investors and hedge funds 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.