ACV Auctions (NASDAQ:ACVA) Sets New 1-Year High – Here’s Why

ACV Auctions Inc. (NASDAQ:ACVA)’s stock price hit a new 52-week high on Monday . The company traded as high as $22.40 and last traded at $22.40, with a volume of 1637 shares traded. The stock had previously closed at $21.97.

Analyst Upgrades and Downgrades

ACVA has been the subject of several recent research reports. Raymond James initiated coverage on shares of ACV Auctions in a research note on Friday, September 27th. They issued a “market perform” rating and a $22.00 target price for the company. B. Riley boosted 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. Piper Sandler raised their price target on ACV Auctions from $16.00 to $18.00 and gave the stock a “neutral” rating in a report on Friday, November 8th. Needham & Company LLC reiterated a “buy” rating and issued a $26.00 price target on shares of ACV Auctions in a research report on Tuesday. Finally, Jefferies Financial Group increased their price objective on ACV Auctions from $22.00 to $25.00 and gave the stock a “buy” rating in a report on Tuesday, October 22nd. Two analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $23.11.

ACV Auctions Stock Performance

The firm has a market capitalization of $3.75 billion, a PE ratio of -47.64 and a beta of 1.59. The company has a quick ratio of 1.51, a current ratio of 1.51 and a debt-to-equity ratio of 0.25. The company has a 50-day moving average of $19.56 and a 200 day moving average of $18.60.

Insider Transactions at ACV Auctions

In other news, COO Vikas Mehta sold 154,324 shares of ACV Auctions stock in a transaction on Tuesday, September 10th. The shares were 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. The trade was a 26.30 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO George Chamoun sold 111,363 shares of the stock in a transaction on Tuesday, September 17th. The shares were sold at an average price of $20.27, for a total value of $2,257,328.01. Following the completion of the transaction, the chief executive officer now directly owns 928,166 shares in the company, valued at approximately $18,813,924.82. This represents a 10.71 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 493,437 shares of company stock valued at $9,751,672. 8.50% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On ACV Auctions

Several hedge funds have recently added to or reduced their stakes in ACVA. Blue Trust Inc. raised its holdings in shares of ACV Auctions by 165.2% during 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 in the last quarter. MCF Advisors LLC grew its position in ACV Auctions by 107.0% during the third 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 last quarter. Park Place Capital Corp raised its stake 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 acquiring an additional 706 shares in the last quarter. Amalgamated Bank lifted its holdings in shares of ACV Auctions by 18.0% in the 2nd quarter. Amalgamated Bank now owns 5,120 shares of the company’s stock worth $93,000 after acquiring an additional 782 shares during the last quarter. Finally, Verdence Capital Advisors LLC bought a new stake in shares of ACV Auctions in the 3rd quarter worth approximately $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.