ACV Auctions (NASDAQ:ACVA) Stock Price Expected to Rise, B. Riley Analyst Says

ACV Auctions (NASDAQ:ACVA) had its price target increased by B. Riley from $24.00 to $27.00 in a research report sent to investors on Tuesday,Benzinga reports. B. Riley currently has a buy rating on the stock.

A number of other brokerages have also weighed in on ACVA. Piper Sandler raised their price target on shares of ACV Auctions from $16.00 to $18.00 and gave the company a “neutral” rating in a report on Friday, November 8th. Raymond James began coverage on 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. Needham & Company LLC reiterated a “buy” rating and issued a $26.00 price target on shares of ACV Auctions in a report on Tuesday. Jefferies Financial Group boosted their price objective on ACV Auctions from $22.00 to $25.00 and gave the stock a “buy” rating in a report on Tuesday, October 22nd. Finally, Barrington Research reaffirmed an “outperform” rating and issued a $23.00 target price on shares of ACV Auctions in a research note on Monday, November 4th. Two research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $23.50.

ACV Auctions Stock Down 0.4 %

Shares of NASDAQ:ACVA opened at $22.62 on Tuesday. ACV Auctions has a 12 month low of $12.84 and a 12 month high of $23.46. The firm has a market cap of $3.79 billion, a P/E ratio of -48.13 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 company’s 50-day moving average price is $19.69 and its two-hundred day moving average price is $18.69.

Insider Activity

In other news, VP Andrew Peer sold 1,795 shares of the business’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 completion of the transaction, the vice president now owns 62,956 shares of the company’s stock, valued at $1,322,076. The trade was a 2.77 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO William Zerella sold 32,500 shares of the company’s stock in a transaction on Tuesday, November 26th. The shares were sold at an average price of $22.41, for a total transaction of $728,325.00. Following the completion of the sale, the chief financial officer now owns 490,482 shares of the company’s stock, valued at approximately $10,991,701.62. This represents a 6.21 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 525,937 shares of company stock valued at $10,479,997 in the last ninety days. 8.50% of the stock is owned by insiders.

Institutional Investors Weigh In On ACV Auctions

A number of hedge funds have recently modified their holdings of ACVA. Massachusetts Financial Services Co. MA increased its stake in ACV Auctions by 47.6% during the 2nd quarter. Massachusetts Financial Services Co. MA now owns 7,758,163 shares of the company’s stock worth $141,586,000 after purchasing an additional 2,502,064 shares in the last quarter. Spyglass Capital Management LLC raised its holdings in ACV Auctions by 69.1% during the third quarter. Spyglass Capital Management LLC now owns 2,614,245 shares of the company’s stock worth $53,148,000 after acquiring an additional 1,068,356 shares in the last quarter. Wellington Management Group LLP bought a new position in shares of ACV Auctions in the third quarter valued at $21,540,000. Bank of New York Mellon Corp increased its stake in shares of ACV Auctions by 217.5% during the 2nd quarter. Bank of New York Mellon Corp now owns 1,391,070 shares of the company’s stock worth $25,387,000 after purchasing an additional 952,929 shares during the last quarter. Finally, Swedbank AB bought a new stake in ACV Auctions in the first quarter valued at approximately $15,016,000. 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.