ACV Auctions (NASDAQ:ACVA) Price Target Raised to $27.00 at Citigroup

ACV Auctions (NASDAQ:ACVA) had its target price lifted by investment analysts at Citigroup from $22.00 to $27.00 in a research report issued on Wednesday,Benzinga reports. The firm presently has a “buy” rating on the stock. Citigroup’s price target suggests a potential upside of 21.08% from the company’s current price.

Several other equities analysts also recently weighed in on ACVA. Barrington Research restated an “outperform” rating and issued a $23.00 target price on shares of ACV Auctions in a research report on Monday, November 4th. Jefferies Financial Group raised their price objective on ACV Auctions from $22.00 to $25.00 and gave the company a “buy” rating in a report on Tuesday, October 22nd. B. Riley upped their target price on shares of ACV Auctions from $24.00 to $27.00 and gave the stock a “buy” rating in a report on Tuesday. Needham & Company LLC reissued a “buy” rating and issued a $26.00 price target on shares of ACV Auctions in a research note on Tuesday. Finally, Raymond James initiated coverage on shares of ACV Auctions in a research report on Friday, September 27th. They set a “market perform” rating and a $22.00 price target on the stock. Two research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $23.50.

ACV Auctions Price Performance

ACV Auctions stock traded down $0.09 during midday trading on Wednesday, reaching $22.30. The company had a trading volume of 81,568 shares, compared to its average volume of 1,263,764. The company has a debt-to-equity ratio of 0.25, a current ratio of 1.51 and a quick ratio of 1.51. ACV Auctions has a 12-month low of $12.84 and a 12-month high of $23.46. The company has a market capitalization of $3.74 billion, a P/E ratio of -47.45 and a beta of 1.59. The firm’s fifty day simple moving average is $19.56 and its 200-day simple moving average is $18.60.

Insider Activity

In related news, COO Vikas Mehta sold 154,324 shares of the firm’s stock in a transaction dated Tuesday, September 10th. The stock was sold at an average price of $19.19, for a total transaction of $2,961,477.56. Following the completion of the sale, the chief operating officer now directly owns 432,457 shares of the company’s stock, valued at approximately $8,298,849.83. This trade represents a 26.30 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, 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 transaction of $1,557,102.56. Following the completion of the transaction, the chief financial officer now directly owns 503,077 shares in the company, valued at $10,192,340.02. The trade was a 13.25 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 493,437 shares of company stock valued at $9,751,672. 8.50% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On ACV Auctions

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