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

ACV Auctions (NASDAQ:ACVA) had its price target upped by investment analysts at Citigroup from $22.00 to $27.00 in a report released on Wednesday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. Citigroup’s target price would indicate a potential upside of 21.08% from the company’s current price.

A number of other brokerages also recently issued reports on ACVA. Raymond James assumed coverage on shares of ACV Auctions in a research note on Friday, September 27th. They issued a “market perform” rating and a $22.00 price target for the company. 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. Piper Sandler increased their target price on ACV Auctions from $16.00 to $18.00 and gave the company a “neutral” rating in a report on Friday, November 8th. Jefferies Financial Group raised their price target on ACV Auctions from $22.00 to $25.00 and gave the company a “buy” rating in a research note on Tuesday, October 22nd. Finally, JMP Securities upped their price objective on ACV Auctions from $21.00 to $24.00 and gave the stock a “market outperform” rating in a research report on Tuesday, September 17th. Two investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat, ACV Auctions presently has a consensus rating of “Moderate Buy” and a consensus price target of $23.50.

ACV Auctions Stock Down 0.4 %

Shares of ACVA traded down $0.09 during midday trading on Wednesday, hitting $22.30. The company had a trading volume of 81,568 shares, compared to its average volume of 1,263,764. ACV Auctions has a 1 year low of $12.84 and a 1 year high of $23.46. The firm has a market capitalization of $3.74 billion, a P/E ratio of -47.45 and a beta of 1.59. The company has a debt-to-equity ratio of 0.25, a quick ratio of 1.51 and a current ratio of 1.51. The company’s 50-day simple moving average is $19.56 and its 200-day simple moving average is $18.60.

Insider Activity

In other news, insider Michael Waterman sold 18,001 shares of the firm’s stock in a transaction that occurred on Tuesday, October 15th. The shares were sold at an average price of $18.79, for a total transaction of $338,238.79. Following the transaction, the insider now directly owns 337,190 shares in the company, valued at approximately $6,335,800.10. This trade represents a 5.07 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, VP Andrew Peer sold 1,795 shares of the company’s stock in a transaction on Thursday, September 19th. The shares were sold at an average price of $21.00, for a total transaction of $37,695.00. Following the completion of the sale, the vice president now owns 62,956 shares of the company’s stock, valued at approximately $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 three months, insiders sold 493,437 shares of company stock valued at $9,751,672. Insiders own 8.50% of the company’s stock.

Institutional Investors Weigh In On ACV Auctions

Several hedge funds have recently made changes to their positions in ACVA. Comerica Bank raised its stake in ACV Auctions by 5,045.7% during the 1st quarter. Comerica Bank now owns 63,550 shares of the company’s stock valued at $1,193,000 after acquiring an additional 62,315 shares during the last quarter. William Blair Investment Management LLC lifted its holdings in shares of ACV Auctions by 4.1% during the second quarter. William Blair Investment Management LLC now owns 5,013,642 shares of the company’s stock worth $91,499,000 after purchasing an additional 198,228 shares during the period. Swedbank AB acquired a new stake in shares of ACV Auctions during the first quarter worth $15,016,000. Harbor Capital Advisors Inc. grew its position in ACV Auctions by 383.7% in the 3rd quarter. Harbor Capital Advisors Inc. now owns 153,050 shares of the company’s stock valued at $3,112,000 after buying an additional 121,411 shares during the last quarter. Finally, Essex Investment Management Co. LLC acquired a new position in ACV Auctions in the 3rd quarter valued at $2,915,000. Institutional investors and hedge funds 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.