ACV Auctions (NASDAQ:ACVA) Hits New 52-Week High – Still a Buy?

ACV Auctions Inc. (NASDAQ:ACVA)’s stock price 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.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on the stock. Needham & Company LLC increased their target price on shares of ACV Auctions from $23.00 to $26.00 and gave the company a “buy” rating in a research report on Friday, November 8th. Jefferies Financial Group upped 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. Barrington Research reaffirmed an “outperform” rating and issued a $23.00 price objective on shares of ACV Auctions in a research note on Monday, November 4th. Raymond James started coverage on ACV Auctions in a report on Friday, September 27th. They issued a “market perform” rating and a $22.00 target price on the stock. Finally, Piper Sandler upped their price objective 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. Two research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $22.63.

ACV Auctions Stock Performance

The firm has a market capitalization of $3.60 billion, a PE ratio of -44.09 and a beta of 1.59. The company has a debt-to-equity ratio of 0.25, a current ratio of 1.51 and a quick ratio of 1.51. The company’s fifty day simple moving average is $19.29 and its 200 day simple moving average is $18.42.

Insider Buying and Selling

In related news, Director Brian Hirsch sold 61,666 shares of the business’s stock in a transaction on Friday, August 23rd. The stock was sold at an average price of $18.63, for a total transaction of $1,148,837.58. Following the sale, the director now directly owns 9,239 shares in the company, valued at approximately $172,122.57. The trade was a 86.97 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, VP Andrew Peer sold 1,795 shares of the firm’s stock in a transaction dated Thursday, September 19th. The stock was 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 approximately $1,322,076. This represents a 2.77 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 709,426 shares of company stock valued at $13,792,090. Company insiders own 8.50% of the company’s stock.

Institutional Investors Weigh In On ACV Auctions

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Massachusetts Financial Services Co. MA grew its stake in ACV Auctions by 47.6% during 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 in the last quarter. Spyglass Capital Management LLC boosted its holdings in ACV Auctions by 69.1% in the 3rd quarter. Spyglass Capital Management LLC now owns 2,614,245 shares of the company’s stock valued at $53,148,000 after purchasing an additional 1,068,356 shares during the period. Wellington Management Group LLP purchased a new position in shares of ACV Auctions during the 3rd quarter valued at $21,540,000. Bank of New York Mellon Corp increased its holdings in shares of ACV Auctions by 217.5% in the second 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 period. Finally, Swedbank AB purchased a new stake in shares of ACV Auctions in the first quarter worth $15,016,000. 88.55% of the stock is currently owned by institutional investors.

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.