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

Needham & Company LLC reiterated their buy rating on shares of ACV Auctions (NASDAQ:ACVA) in a research report sent to investors on Tuesday,Benzinga reports. They currently have a $26.00 price objective on the stock.

Several other analysts have also commented on the company. Jefferies Financial Group boosted their price target on ACV Auctions from $22.00 to $25.00 and gave the company a “buy” rating in a research note on Tuesday, October 22nd. JMP Securities boosted their target price on shares of 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 increased their target price on shares of ACV Auctions from $16.00 to $18.00 and gave the stock a “neutral” rating in a research report on Friday, November 8th. Raymond James assumed coverage on shares of ACV Auctions in a report on Friday, September 27th. They set a “market perform” rating and a $22.00 price target for the company. Finally, Barrington Research reaffirmed an “outperform” rating and set a $23.00 price objective on shares of ACV Auctions in a research note on Monday, November 4th. Two analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to MarketBeat, ACV Auctions has a consensus rating of “Moderate Buy” and a consensus price target of $23.50.

ACV Auctions Stock Down 0.4 %

NASDAQ ACVA opened at $22.62 on Tuesday. ACV Auctions has a 1-year low of $12.84 and a 1-year high of $23.46. The company has a market capitalization of $3.79 billion, a price-to-earnings ratio of -48.13 and a beta of 1.59. The stock’s 50 day moving average is $19.69 and its two-hundred day moving average is $18.69. The company has a current ratio of 1.51, a quick ratio of 1.51 and a debt-to-equity ratio of 0.25.

Insider Transactions at ACV Auctions

In other news, CFO William Zerella sold 32,500 shares of the business’s stock in a transaction on Tuesday, October 15th. The stock was sold at an average price of $18.79, for a total transaction of $610,675.00. Following the completion of the sale, the chief financial officer now owns 490,482 shares in the company, valued at $9,216,156.78. The trade was a 6.21 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, COO Vikas Mehta sold 154,324 shares of the firm’s stock in a transaction dated Tuesday, September 10th. The shares were sold at an average price of $19.19, for a total value of $2,961,477.56. Following the completion of the transaction, the chief operating officer now owns 432,457 shares in the company, 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 525,937 shares of company stock worth $10,479,997. Corporate insiders own 8.50% of the company’s stock.

Institutional Investors Weigh In On ACV Auctions

Institutional investors have recently modified their holdings of the business. Massachusetts Financial Services Co. MA boosted its stake in ACV Auctions by 47.6% in the second quarter. Massachusetts Financial Services Co. MA now owns 7,758,163 shares of the company’s stock valued at $141,586,000 after acquiring an additional 2,502,064 shares during the last quarter. Spyglass Capital Management LLC lifted its stake in ACV Auctions by 69.1% in the third quarter. Spyglass Capital Management LLC now owns 2,614,245 shares of the company’s stock valued at $53,148,000 after buying an additional 1,068,356 shares during the period. Wellington Management Group LLP acquired a new position in shares of ACV Auctions during the 3rd quarter worth about $21,540,000. Bank of New York Mellon Corp increased its stake in shares of ACV Auctions by 217.5% in the 2nd quarter. Bank of New York Mellon Corp now owns 1,391,070 shares of the company’s stock valued at $25,387,000 after acquiring an additional 952,929 shares during the last quarter. Finally, Swedbank AB acquired a new stake in shares of ACV Auctions in the 1st quarter valued at approximately $15,016,000. Institutional investors and hedge funds 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.