Brokerages Set ACV Auctions Inc. (NASDAQ:ACVA) Price Target at $36.00

Shares of ACV Auctions Inc. (NASDAQ:ACVA) have been given a consensus rating of “Buy” by the thirteen brokerages that are currently covering the stock, Marketbeat reports. Four investment analysts have rated the stock with a hold recommendation and nine have given a buy recommendation to the company. The average 12 month target price among analysts that have issued a report on the stock in the last year is $34.64.

Several equities analysts have recently issued reports on ACVA shares. Zacks Investment Research raised ACV Auctions from a “hold” rating to a “buy” rating and set a $21.00 price target on the stock in a research note on Tuesday. Citigroup raised ACV Auctions from a “neutral” rating to a “buy” rating and cut their price target for the company from $29.00 to $23.00 in a research note on Monday, August 23rd. Piper Sandler raised ACV Auctions from a “neutral” rating to an “overweight” rating and cut their price target for the company from $30.00 to $26.00 in a research note on Tuesday, August 17th. Bank of America raised ACV Auctions from a “neutral” rating to a “buy” rating and upped their price target for the company from $33.00 to $35.00 in a research note on Friday, August 13th. Finally, Jefferies Financial Group started coverage on ACV Auctions in a research note on Friday, July 23rd. They set a “buy” rating and a $41.00 price target on the stock.

ACV Auctions stock traded up $0.32 on Monday, reaching $19.88. The company’s stock had a trading volume of 433 shares, compared to its average volume of 1,866,335. The business’s fifty day moving average price is $19.86 and its 200 day moving average price is $24.92. ACV Auctions has a twelve month low of $16.15 and a twelve month high of $37.77.

ACV Auctions (NASDAQ:ACVA) last posted its quarterly earnings data on Tuesday, August 10th. The company reported ($0.06) EPS for the quarter, topping analysts’ consensus estimates of ($0.16) by $0.10. The business had revenue of $97.37 million during the quarter, compared to analyst estimates of $77.37 million. On average, equities research analysts predict that ACV Auctions will post -0.7 earnings per share for the current year.

In other ACV Auctions news, Director Robert P. Goodman sold 31,755 shares of the stock in a transaction dated Thursday, September 9th. The stock was sold at an average price of $20.21, for a total value of $641,768.55. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Craig Eric Anderson sold 40,000 shares of the stock in a transaction dated Friday, July 30th. The stock was sold at an average price of $23.10, for a total value of $924,000.00. The disclosure for this sale can be found here. Insiders sold 405,875 shares of company stock worth $8,466,708 in the last three months.

Large investors have recently bought and sold shares of the stock. Morgan Stanley bought a new position in shares of ACV Auctions during the first quarter worth about $40,000. Royal Bank of Canada grew its holdings in shares of ACV Auctions by 443.3% during the second quarter. Royal Bank of Canada now owns 1,630 shares of the company’s stock worth $42,000 after buying an additional 1,330 shares in the last quarter. Advisor Group Holdings Inc. grew its holdings in shares of ACV Auctions by 175.1% during the second quarter. Advisor Group Holdings Inc. now owns 3,301 shares of the company’s stock worth $85,000 after buying an additional 2,101 shares in the last quarter. UBS Group AG bought a new position in shares of ACV Auctions during the first quarter worth about $121,000. Finally, Jane Street Group LLC bought a new position in shares of ACV Auctions during the first quarter worth about $213,000. Institutional investors and hedge funds own 26.03% 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. It also provides data services that offer transparent and accurate vehicle information to customers. ACV Auctions, Inc was incorporated in 2014 and is based in Buffalo, New York.

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Analyst Recommendations for ACV Auctions (NASDAQ:ACVA)

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