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

ACV Auctions (NASDAQ:ACVA) had its price objective hoisted by Citigroup from $22.00 to $27.00 in a research note released on Wednesday morning,Benzinga reports. Citigroup currently has a buy rating on the stock.

ACVA has been the topic of a number of other reports. JMP Securities upped their target price on ACV Auctions from $21.00 to $24.00 and gave the company a “market outperform” rating in a research report on Tuesday, September 17th. Piper Sandler boosted their target price 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. Needham & Company LLC reiterated a “buy” rating and issued a $26.00 price target on shares of ACV Auctions in a report on Tuesday. Barrington Research reaffirmed an “outperform” rating and set a $23.00 price objective on shares of ACV Auctions in a research report on Monday, November 4th. Finally, B. Riley raised 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. 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.com, the company has a consensus rating of “Moderate Buy” and an average target price of $23.50.

ACV Auctions Stock Down 0.4 %

Shares of ACV Auctions stock opened at $22.62 on Wednesday. The company has a market capitalization of $3.79 billion, a PE ratio of -48.13 and a beta of 1.59. ACV Auctions has a 1-year low of $12.84 and a 1-year high of $23.46. 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 has a 50-day moving average of $19.69 and a 200-day moving average of $18.69.

Insider Activity

In other news, COO Vikas Mehta sold 154,324 shares of the business’s stock in a transaction on 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 sale, the chief operating officer now directly owns 432,457 shares of the company’s stock, valued at $8,298,849.83. The trade was a 26.30 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, VP Andrew Peer sold 1,795 shares of the stock in a transaction on Thursday, September 19th. The shares were 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 $1,322,076. This trade represents a 2.77 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 525,937 shares of company stock worth $10,479,997. 8.50% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in ACVA. Massachusetts Financial Services Co. MA grew its holdings in shares of 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 buying an additional 2,502,064 shares in the last quarter. Spyglass Capital Management LLC boosted its position in ACV Auctions by 69.1% during the 3rd quarter. Spyglass Capital Management LLC now owns 2,614,245 shares of the company’s stock worth $53,148,000 after acquiring an additional 1,068,356 shares during the period. Wellington Management Group LLP purchased a new position in ACV Auctions during the 3rd quarter valued at about $21,540,000. Bank of New York Mellon Corp increased its holdings in shares of ACV Auctions by 217.5% in the 2nd quarter. Bank of New York Mellon Corp now owns 1,391,070 shares of the company’s stock valued at $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 approximately $15,016,000. 88.55% of the stock is 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.