ACV Auctions (NASDAQ:ACVA) Trading Up 4.3% – Time to Buy?

ACV Auctions Inc. (NASDAQ:ACVA) traded up 4.3% during trading on Wednesday . The company traded as high as $21.18 and last traded at $21.18. 710,575 shares were traded during trading, a decline of 28% from the average session volume of 983,051 shares. The stock had previously closed at $20.30.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on ACVA shares. Piper Sandler boosted their price target on ACV Auctions from $16.00 to $18.00 and gave the stock a “neutral” rating in a research report on Friday, November 8th. Barrington Research reissued an “outperform” rating and set a $23.00 price target on shares of ACV Auctions in a research report on Monday, November 4th. Citigroup raised their price target on shares of ACV Auctions from $22.00 to $27.00 and gave the company a “buy” rating in a report on Wednesday, November 27th. Jefferies Financial Group boosted their price objective on shares of ACV Auctions from $22.00 to $25.00 and gave the stock a “buy” rating in a research note on Tuesday, October 22nd. Finally, B. Riley raised their target price on shares of ACV Auctions from $24.00 to $27.00 and gave the company a “buy” rating in a research note on Tuesday, November 26th. Two investment analysts have rated the stock with a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat.com, ACV Auctions has a consensus rating of “Moderate Buy” and an average target price of $23.80.

ACV Auctions Stock Up 4.1 %

The stock has a market capitalization of $3.54 billion, a PE ratio of -44.98 and a beta of 1.69. 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 business’s fifty day moving average price is $21.04 and its two-hundred day moving average price is $19.37.

Insiders Place Their Bets

In related news, insider Michael Waterman sold 18,001 shares of the company’s stock in a transaction dated Tuesday, October 15th. The shares were sold at an average price of $18.79, for a total value of $338,238.79. Following the completion of the sale, the insider now owns 337,190 shares of the company’s stock, valued at approximately $6,335,800.10. This represents a 5.07 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CFO William Zerella sold 32,500 shares of the company’s stock in a transaction on Tuesday, October 15th. The shares were sold at an average price of $18.79, for a total value of $610,675.00. Following the completion of the transaction, the chief financial officer now directly owns 490,482 shares in the company, valued at approximately $9,216,156.78. This trade represents a 6.21 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 115,501 shares of company stock worth $2,380,864. Corporate insiders own 8.50% of the company’s stock.

Institutional Trading of ACV Auctions

A number of institutional investors and hedge funds have recently bought and sold shares of ACVA. Blue Trust Inc. boosted its stake in shares of ACV Auctions by 165.2% in the 3rd quarter. Blue Trust Inc. now owns 1,419 shares of the company’s stock valued at $29,000 after buying an additional 884 shares during the period. MCF Advisors LLC boosted its holdings in ACV Auctions by 107.0% in the third quarter. MCF Advisors LLC now owns 1,480 shares of the company’s stock valued at $30,000 after purchasing an additional 765 shares in the last quarter. Park Place Capital Corp raised its holdings in ACV Auctions by 34.1% during the third quarter. Park Place Capital Corp now owns 2,779 shares of the company’s stock worth $56,000 after purchasing an additional 706 shares in the last quarter. Amalgamated Bank lifted its position in ACV Auctions by 18.0% in the second quarter. Amalgamated Bank now owns 5,120 shares of the company’s stock valued at $93,000 after acquiring an additional 782 shares during the last quarter. Finally, Verdence Capital Advisors LLC purchased a new position in ACV Auctions during the 3rd quarter worth approximately $206,000. 88.55% of the stock is currently owned by hedge funds and other institutional investors.

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.