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

ACV Auctions Inc. (NASDAQ:ACVA)’s stock price traded up 4.3% on Wednesday . The company traded as high as $21.18 and last traded at $21.18. 710,575 shares were traded during mid-day 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

A number of analysts recently issued reports on ACVA shares. Jefferies Financial Group raised their target price on shares of ACV Auctions from $22.00 to $25.00 and gave the stock a “buy” rating in a research report on Tuesday, October 22nd. Raymond James started coverage on ACV Auctions in a research report on Friday, September 27th. They issued a “market perform” rating and a $22.00 price objective for the company. Piper Sandler increased their target price on 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 restated a “buy” rating and issued a $28.00 price target (up previously from $26.00) on shares of ACV Auctions in a report on Thursday, December 26th. Finally, JMP Securities reiterated a “market outperform” rating and set a $25.00 price objective on shares of ACV Auctions in a report on Monday, December 16th. Two equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $23.80.

ACV Auctions Trading Down 1.8 %

The stock has a market capitalization of $3.48 billion, a PE ratio of -44.15 and a beta of 1.69. The company has a current ratio of 1.51, a quick ratio of 1.51 and a debt-to-equity ratio of 0.25. The business’s 50-day moving average is $21.26 and its two-hundred day moving average is $19.42.

Insider Transactions at ACV Auctions

In other news, CFO William Zerella sold 32,500 shares of the stock in a transaction that occurred on Tuesday, October 15th. The stock was sold at an average price of $18.79, for a total transaction 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 represents a 6.21 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, insider Michael Waterman sold 18,001 shares of the firm’s stock in a transaction that occurred on Tuesday, October 15th. The stock was sold at an average price of $18.79, for a total transaction of $338,238.79. Following the sale, the insider now directly owns 337,190 shares of the company’s stock, valued at $6,335,800.10. The trade was a 5.07 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 160,663 shares of company stock valued at $3,308,640 over the last quarter. Company insiders own 8.50% of the company’s stock.

Hedge Funds Weigh In On ACV Auctions

Several large investors have recently modified their holdings of ACVA. Blue Trust Inc. lifted its stake in ACV Auctions by 165.2% during the third quarter. Blue Trust Inc. now owns 1,419 shares of the company’s stock worth $29,000 after purchasing an additional 884 shares during the last quarter. MCF Advisors LLC grew its position in shares of 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 buying an additional 765 shares during the last quarter. Park Place Capital Corp grew its position in shares of ACV Auctions by 34.1% during the 3rd quarter. Park Place Capital Corp now owns 2,779 shares of the company’s stock valued at $56,000 after buying an additional 706 shares during the last quarter. Amalgamated Bank lifted its holdings in ACV Auctions by 18.0% in the second 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 acquired a new position in ACV Auctions in the third quarter valued at approximately $206,000. Institutional investors own 88.55% of the company’s stock.

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.