ACV Auctions Inc. (NASDAQ:ACVA) Given Consensus Rating of “Buy” by Brokerages

ACV Auctions Inc. (NASDAQ:ACVAGet Rating) has been assigned a consensus rating of “Buy” from the twelve ratings firms that are currently covering the stock, MarketBeat reports. Eight analysts have rated the stock with a buy recommendation. The average 1 year target price among analysts that have issued a report on the stock in the last year is $16.42.

Several analysts recently issued reports on the stock. Canaccord Genuity Group dropped their price objective on shares of ACV Auctions from $18.00 to $12.00 in a research note on Thursday, November 10th. Needham & Company LLC upped their price objective on shares of ACV Auctions from $9.00 to $12.00 and gave the company a “buy” rating in a research note on Wednesday, September 7th. Citigroup dropped their price objective on shares of ACV Auctions from $13.00 to $11.00 in a research note on Thursday, November 10th. Guggenheim dropped their price objective on shares of ACV Auctions to $22.00 in a research note on Monday, August 15th. Finally, Jefferies Financial Group dropped their price target on shares of ACV Auctions from $17.00 to $15.00 and set a “buy” rating for the company in a research note on Thursday, October 6th.

ACV Auctions Stock Down 2.8 %

Shares of NASDAQ ACVA opened at $8.60 on Tuesday. ACV Auctions has a 12-month low of $6.10 and a 12-month high of $22.82. The stock has a market cap of $1.36 billion, a PE ratio of -12.84 and a beta of 1.49. The company has a current ratio of 2.14, a quick ratio of 2.14 and a debt-to-equity ratio of 0.14. The company has a 50-day moving average of $8.47 and a 200 day moving average of $8.24.

Insider Activity

In related news, CEO George Chamoun sold 84,841 shares of the stock in a transaction that occurred on Monday, October 31st. The shares were sold at an average price of $9.13, for a total transaction of $774,598.33. Following the completion of the transaction, the chief executive officer now owns 220,559 shares of the company’s stock, valued at approximately $2,013,703.67. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 11.64% of the company’s stock.

Hedge Funds Weigh In On ACV Auctions

Hedge funds have recently made changes to their positions in the stock. Ovata Capital Management Ltd acquired a new stake in ACV Auctions during the 1st quarter worth approximately $25,000. First Horizon Advisors Inc. lifted its holdings in ACV Auctions by 130.4% during the 2nd quarter. First Horizon Advisors Inc. now owns 4,208 shares of the company’s stock worth $27,000 after buying an additional 2,382 shares in the last quarter. Nisa Investment Advisors LLC acquired a new stake in ACV Auctions during the 2nd quarter worth approximately $42,000. Citigroup Inc. lifted its holdings in ACV Auctions by 359.1% during the 1st quarter. Citigroup Inc. now owns 3,641 shares of the company’s stock worth $54,000 after buying an additional 2,848 shares in the last quarter. Finally, Principal Financial Group Inc. acquired a new stake in ACV Auctions during the 2nd quarter worth approximately $76,000. Hedge funds and other institutional investors own 66.01% of the company’s stock.

ACV Auctions Company Profile

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ACV Auctions Inc operates a digital marketplace that connects buyers and sellers for the online auction of wholesale vehicles. It also provides data services that offer insights into the condition and value of used vehicles, as well as offers customer financing services. ACV Auctions Inc was incorporated in 2014 and is headquartered in Buffalo, New York.

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Analyst Recommendations for ACV Auctions (NASDAQ:ACVA)

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