ACV Auctions (NASDAQ:ACVA) Hits New 12-Month High – What’s Next?

ACV Auctions Inc. (NASDAQ:ACVA) hit a new 52-week high during trading on Monday . The company traded as high as $21.41 and last traded at $21.14, with a volume of 376135 shares. The stock had previously closed at $20.72.

Analysts Set New Price Targets

A number of equities research analysts have commented on the company. Jefferies Financial Group raised their price objective on ACV Auctions from $22.00 to $25.00 and gave the stock a “buy” rating in a research report on Tuesday, October 22nd. Raymond James assumed coverage on ACV Auctions in a research note on Friday, September 27th. They issued a “market perform” rating and a $22.00 price objective on the stock. JMP Securities raised their price objective on ACV Auctions from $21.00 to $24.00 and gave the company a “market outperform” rating in a research note on Tuesday, September 17th. Piper Sandler lifted their price target on ACV Auctions from $16.00 to $18.00 and gave the stock a “neutral” rating in a research report on Friday, November 8th. Finally, Needham & Company LLC lifted their price target on ACV Auctions from $23.00 to $26.00 and gave the stock a “buy” rating in a research report on Friday, November 8th. Two research analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $22.63.

ACV Auctions Trading Down 2.4 %

The firm has a market capitalization of $3.60 billion, a P/E ratio of -45.66 and a beta of 1.59. The company has a quick ratio of 1.51, a current ratio of 1.51 and a debt-to-equity ratio of 0.25. The business has a 50-day moving average price of $19.39 and a 200-day moving average price of $18.48.

Insider Buying and Selling at ACV Auctions

In other news, insider Craig Eric Anderson sold 7,500 shares of the stock in a transaction on Thursday, September 12th. The stock was sold at an average price of $20.00, for a total transaction of $150,000.00. Following the sale, the insider now owns 328,167 shares in the company, valued at approximately $6,563,340. This represents a 2.23 % 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 link. Also, VP Andrew Peer sold 1,795 shares of the company’s stock in a transaction on Thursday, September 19th. The shares were sold at an average price of $21.00, for a total value of $37,695.00. Following the transaction, the vice president now directly owns 62,956 shares in the company, valued at $1,322,076. This trade represents a 2.77 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 709,426 shares of company stock worth $13,792,090 over the last three months. Company insiders own 8.50% of the company’s stock.

Hedge Funds Weigh In On ACV Auctions

Large investors have recently made changes to their positions in the company. Blue Trust Inc. lifted its stake in ACV Auctions by 165.2% in the third quarter. Blue Trust Inc. now owns 1,419 shares of the company’s stock valued at $29,000 after buying an additional 884 shares during the period. MCF Advisors LLC increased its holdings in shares of ACV Auctions by 107.0% in the third quarter. MCF Advisors LLC now owns 1,480 shares of the company’s stock worth $30,000 after acquiring an additional 765 shares in the last quarter. Park Place Capital Corp increased its holdings in shares of ACV Auctions by 34.1% in the third quarter. Park Place Capital Corp now owns 2,779 shares of the company’s stock worth $56,000 after acquiring an additional 706 shares in the last quarter. 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 worth $93,000 after buying an additional 782 shares in the last quarter. Finally, Verdence Capital Advisors LLC bought a new position in shares of ACV Auctions during the third quarter worth about $206,000. 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.