Needham & Company LLC Reiterates Buy Rating for ACV Auctions (NASDAQ:ACVA)

Needham & Company LLC reissued their buy rating on shares of ACV Auctions (NASDAQ:ACVA) in a report released on Thursday, Marketbeat.com reports. The brokerage currently has a $28.00 price target on the stock, up from their previous price target of $26.00.

Other equities analysts also recently issued research reports about the stock. Citigroup increased their price objective on shares of ACV Auctions from $22.00 to $27.00 and gave the company a “buy” rating in a research note on Wednesday, November 27th. JMP Securities reiterated a “market outperform” rating and set a $25.00 price objective on shares of ACV Auctions in a research report on Monday, December 16th. Raymond James initiated coverage on ACV Auctions in a report on Friday, September 27th. They set a “market perform” rating and a $22.00 price target on the stock. B. Riley boosted their target price on ACV Auctions from $24.00 to $27.00 and gave the company a “buy” rating in a research report on Tuesday, November 26th. Finally, Barrington Research restated an “outperform” rating and set a $23.00 price objective on shares of ACV Auctions in a report on Monday, November 4th. Two investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $23.80.

ACV Auctions Stock Performance

NASDAQ:ACVA opened at $21.80 on Thursday. The stock has a 50 day simple moving average of $20.59 and a 200 day simple moving average of $19.20. ACV Auctions has a 1-year low of $12.84 and a 1-year high of $23.46. The stock has a market cap of $3.65 billion, a P/E ratio of -46.38 and a beta of 1.70. The company has a current ratio of 1.51, a quick ratio of 1.51 and a debt-to-equity ratio of 0.25.

Insiders Place Their Bets

In related news, CFO William Zerella sold 32,500 shares of the stock in a transaction that occurred on Tuesday, November 26th. The shares were sold at an average price of $22.41, for a total transaction of $728,325.00. Following the transaction, the chief financial officer now owns 490,482 shares in the company, valued at $10,991,701.62. This represents a 6.21 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Michael Waterman sold 18,001 shares of the business’s stock in a transaction that occurred on Tuesday, October 15th. The shares were sold at an average price of $18.79, for a total transaction of $338,238.79. Following the sale, the insider now owns 337,190 shares of the company’s stock, valued at $6,335,800.10. This trade represents a 5.07 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 99,099 shares of company stock worth $1,998,394. Company insiders own 8.50% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of ACVA. Blue Trust Inc. boosted its holdings 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 acquiring an additional 884 shares during the last quarter. MCF Advisors LLC boosted its stake in shares of ACV Auctions by 107.0% in the third quarter. MCF Advisors LLC now owns 1,480 shares of the company’s stock worth $30,000 after acquiring an additional 765 shares during the last quarter. Park Place Capital Corp increased its position in shares of 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 raised its stake in ACV Auctions by 18.0% in the 2nd quarter. Amalgamated Bank now owns 5,120 shares of the company’s stock valued at $93,000 after purchasing an additional 782 shares during the last quarter. Finally, Verdence Capital Advisors LLC acquired a new position in ACV Auctions in the 3rd quarter valued at $206,000. Institutional investors 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.