ACV Auctions (NASDAQ:ACVA) Sets New 12-Month High at $19.79

ACV Auctions Inc. (NASDAQ:ACVA)’s share price reached a new 52-week high during trading on Monday . The company traded as high as $19.79 and last traded at $19.68, with a volume of 659651 shares. The stock had previously closed at $18.96.

Analysts Set New Price Targets

Several brokerages have recently issued reports on ACVA. Needham & Company LLC reaffirmed a “buy” rating and set a $23.00 price target on shares of ACV Auctions in a research note on Monday, June 3rd. JPMorgan Chase & Co. upgraded ACV Auctions from a “neutral” rating to an “overweight” rating and set a $21.00 price objective for the company in a report on Monday, June 10th. Barrington Research reissued an “outperform” rating and set a $23.00 price target on shares of ACV Auctions in a research report on Friday, August 16th. JMP Securities reaffirmed a “market outperform” rating and issued a $21.00 price objective on shares of ACV Auctions in a research report on Wednesday, July 10th. Finally, Piper Sandler lifted their price target on ACV Auctions from $15.00 to $16.00 and gave the stock a “neutral” rating in a report on Thursday, May 9th. One equities research analyst has rated the stock with a hold rating and five have given a buy rating to the company. Based on data from MarketBeat, ACV Auctions presently has an average rating of “Moderate Buy” and a consensus price target of $21.00.

ACV Auctions Stock Performance

The stock has a 50 day simple moving average of $17.79 and a 200 day simple moving average of $17.71. The company has a current ratio of 1.62, a quick ratio of 1.62 and a debt-to-equity ratio of 0.27. The stock has a market cap of $3.05 billion, a P/E ratio of -38.38 and a beta of 1.54.

Insider Activity

In other news, Director Kirsten Castillo sold 15,000 shares of ACV Auctions stock in a transaction on Thursday, June 6th. The stock was sold at an average price of $17.68, for a total value of $265,200.00. Following the transaction, the director now owns 9,239 shares in the company, valued at approximately $163,345.52. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In related news, Director Brian Hirsch sold 57,211 shares of the firm’s stock in a transaction on Monday, June 10th. The stock was sold at an average price of $18.33, for a total transaction of $1,048,677.63. Following the sale, the director now owns 32,197 shares of the company’s stock, valued at approximately $590,171.01. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Kirsten Castillo sold 15,000 shares of the firm’s stock in a transaction on Thursday, June 6th. The shares were sold at an average price of $17.68, for a total value of $265,200.00. Following the sale, the director now directly owns 9,239 shares in the company, valued at approximately $163,345.52. The disclosure for this sale can be found here. In the last quarter, insiders have sold 873,511 shares of company stock worth $15,731,755. Insiders own 8.50% of the company’s stock.

Institutional Investors Weigh In On ACV Auctions

Several hedge funds have recently modified their holdings of ACVA. Massachusetts Financial Services Co. MA boosted its holdings in shares of 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 valued at $141,586,000 after acquiring an additional 2,502,064 shares in the last quarter. Bank of New York Mellon Corp lifted its holdings in 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 buying an additional 952,929 shares during the period. Swedbank AB acquired a new position in ACV Auctions during the 1st quarter worth about $15,016,000. TimesSquare Capital Management LLC lifted its holdings in ACV Auctions by 45.6% during the 1st quarter. TimesSquare Capital Management LLC now owns 1,765,822 shares of the company’s stock worth $33,144,000 after buying an additional 552,719 shares during the period. Finally, Allspring Global Investments Holdings LLC acquired a new position in ACV Auctions during the 2nd quarter worth about $8,567,000. 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.