Analysts Set ACV Auctions Inc. (NASDAQ:ACVA) Target Price at $11.85

ACV Auctions Inc. (NASDAQ:ACVA) has been given a consensus rating of “Hold” by the eleven analysts that are presently covering the firm, MarketBeat reports. One investment analyst has rated the stock with a sell recommendation, four have assigned a hold recommendation and six have given a buy recommendation to the company. The average twelve-month price target among analysts that have updated their coverage on the stock in the last year is $11.85.

A number of analysts recently issued reports on the company. Barrington Research downgraded ACV Auctions from an “outperform” rating to a “market perform” rating in a research report on Thursday, November 6th. Citigroup reduced their target price on shares of ACV Auctions from $17.00 to $13.00 and set a “buy” rating on the stock in a research note on Friday, November 21st. Needham & Company LLC dropped their price target on shares of ACV Auctions from $14.00 to $9.00 and set a “buy” rating for the company in a research note on Thursday, November 6th. The Goldman Sachs Group cut their price target on shares of ACV Auctions from $21.00 to $13.00 and set a “buy” rating on the stock in a report on Friday, November 7th. Finally, Bank of America reissued an “underperform” rating and issued a $6.00 price objective (down previously from $16.50) on shares of ACV Auctions in a research note on Thursday, November 6th.

Insider Buying and Selling

In other ACV Auctions news, Director Brian Hirsch bought 80,571 shares of the firm’s stock in a transaction dated Friday, November 14th. The stock was acquired at an average cost of $6.21 per share, for a total transaction of $500,345.91. Following the completion of the transaction, the director owned 99,678 shares in the company, valued at $619,000.38. This trade represents a 421.68% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO George Chamoun bought 14,286 shares of the stock in a transaction dated Monday, January 12th. The shares were bought at an average cost of $8.81 per share, with a total value of $125,859.66. Following the completion of the purchase, the chief executive officer directly owned 2,598,383 shares of the company’s stock, valued at approximately $22,891,754.23. This trade represents a 0.55% increase in their position. The SEC filing for this purchase provides additional information. Insiders have purchased a total of 126,029 shares of company stock valued at $874,646 over the last three months. 2.90% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in ACVA. Brighton Jones LLC boosted its position in ACV Auctions by 2.1% in the 2nd quarter. Brighton Jones LLC now owns 40,703 shares of the company’s stock valued at $660,000 after buying an additional 823 shares during the period. Verdence Capital Advisors LLC boosted its holdings in shares of ACV Auctions by 6.4% in the second quarter. Verdence Capital Advisors LLC now owns 15,845 shares of the company’s stock valued at $257,000 after purchasing an additional 960 shares during the period. Fifth Third Bancorp grew its stake in ACV Auctions by 72.4% in the fourth quarter. Fifth Third Bancorp now owns 3,383 shares of the company’s stock worth $27,000 after purchasing an additional 1,421 shares in the last quarter. SG Americas Securities LLC increased its holdings in ACV Auctions by 5.7% during the 2nd quarter. SG Americas Securities LLC now owns 27,302 shares of the company’s stock worth $443,000 after purchasing an additional 1,467 shares during the period. Finally, Covestor Ltd raised its position in ACV Auctions by 39.9% during the 3rd quarter. Covestor Ltd now owns 5,785 shares of the company’s stock valued at $57,000 after purchasing an additional 1,649 shares in the last quarter. Hedge funds and other institutional investors own 88.55% of the company’s stock.

ACV Auctions Price Performance

NASDAQ:ACVA opened at $7.41 on Monday. The firm has a market capitalization of $1.28 billion, a price-to-earnings ratio of -15.11 and a beta of 1.63. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.56 and a quick ratio of 1.56. The business has a 50 day simple moving average of $8.17 and a 200-day simple moving average of $9.39. ACV Auctions has a 1 year low of $4.95 and a 1 year high of $22.09.

ACV Auctions Company Profile

ACV Auctions operates a digital marketplace that connects automotive dealers through a mobile-first platform for wholesale vehicle auctions. The company’s software enables dealers to list, inspect and bid on used vehicles in real time, leveraging smartphone-based condition reporting, high-resolution imagery and data analytics to streamline the buying and selling process. ACV Auctions also offers subscription-based access to its auction platform, supplemental reconditioning services and financing tools designed to help dealers optimize inventory turn and reduce risk.

Since its founding in 2014, ACV Auctions has expanded its technology offerings beyond core auction services to include dealer management integrations, transportation logistics coordination and title management solutions.