ACV Auctions (NASDAQ:ACVA) Receives “Market Outperform” Rating from JMP Securities

ACV Auctions (NASDAQ:ACVA)‘s stock had its “market outperform” rating reaffirmed by equities research analysts at JMP Securities in a report issued on Monday,Benzinga reports. They presently have a $25.00 target price on the stock. JMP Securities’ price target suggests a potential upside of 23.15% from the stock’s current price.

Several other research firms have also recently issued reports on ACVA. Needham & Company LLC reiterated a “buy” rating and issued a $26.00 price objective on shares of ACV Auctions in a research report on Tuesday, November 26th. Raymond James initiated coverage on shares of ACV Auctions in a report on Friday, September 27th. They issued a “market perform” rating and a $22.00 price target for the company. Citigroup boosted their price objective on shares of ACV Auctions from $22.00 to $27.00 and gave the stock a “buy” rating in a report on Wednesday, November 27th. B. Riley increased their target price on shares of ACV Auctions from $24.00 to $27.00 and gave the company a “buy” rating in a report on Tuesday, November 26th. Finally, Jefferies Financial Group boosted their price target on ACV Auctions from $22.00 to $25.00 and gave the stock a “buy” rating in a research note on Tuesday, October 22nd. Two equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $23.60.

ACV Auctions Trading Down 3.1 %

NASDAQ ACVA opened at $20.30 on Monday. ACV Auctions has a 52-week low of $12.84 and a 52-week high of $23.46. The firm has a 50-day moving average price of $20.08 and a 200 day moving average price of $18.96. The stock has a market capitalization of $3.40 billion, a P/E ratio of -43.19 and a beta of 1.70. The company has a quick ratio of 1.51, a current ratio of 1.51 and a debt-to-equity ratio of 0.25.

Insider Transactions at ACV Auctions

In other ACV Auctions news, CFO William Zerella sold 76,856 shares of the company’s stock in a transaction dated Tuesday, September 17th. The shares were sold at an average price of $20.26, for a total value of $1,557,102.56. Following the transaction, the chief financial officer now directly owns 503,077 shares in the company, valued at approximately $10,192,340.02. This represents a 13.25 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO George Chamoun sold 111,363 shares of ACV Auctions stock in a transaction dated Tuesday, September 17th. The stock was sold at an average price of $20.27, for a total transaction of $2,257,328.01. Following the sale, the chief executive officer now owns 928,166 shares of the company’s stock, valued at approximately $18,813,924.82. This trade represents a 10.71 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 364,113 shares of company stock valued at $7,368,519 in the last ninety days. Corporate insiders own 8.50% of the company’s stock.

Institutional Trading of ACV Auctions

A number of hedge funds have recently bought and sold shares of the company. William Blair Investment Management LLC lifted its stake in shares of ACV Auctions by 4.1% during the 2nd quarter. William Blair Investment Management LLC now owns 5,013,642 shares of the company’s stock worth $91,499,000 after purchasing an additional 198,228 shares during the period. Quadrature Capital Ltd acquired a new stake in ACV Auctions in the 3rd quarter worth about $566,000. Quantbot Technologies LP acquired a new stake in ACV Auctions in the 3rd quarter worth about $2,035,000. Harbor Capital Advisors Inc. increased its position in ACV Auctions by 383.7% during the third quarter. Harbor Capital Advisors Inc. now owns 153,050 shares of the company’s stock worth $3,112,000 after purchasing an additional 121,411 shares during the last quarter. Finally, Essex Investment Management Co. LLC acquired a new position in shares of ACV Auctions in the 3rd quarter valued at $2,915,000. 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.