Needham & Company LLC Lowers ACV Auctions (NASDAQ:ACVA) Price Target to $14.00

ACV Auctions (NASDAQ:ACVA) had its price target reduced by research analysts at Needham & Company LLC from $16.00 to $14.00 in a report released on Tuesday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. Needham & Company LLC’s price objective would suggest a potential upside of 44.55% from the stock’s previous close.

Several other equities research analysts have also issued reports on ACVA. Bank of America reduced their price objective on shares of ACV Auctions from $20.00 to $16.50 and set a “buy” rating for the company in a research note on Tuesday, August 12th. JPMorgan Chase & Co. reduced their price target on ACV Auctions from $20.00 to $19.00 and set an “overweight” rating for the company in a research report on Thursday, July 17th. Stephens lowered their price objective on ACV Auctions from $16.00 to $11.50 and set an “equal weight” rating on the stock in a report on Tuesday, August 12th. JMP Securities reduced their target price on ACV Auctions from $20.00 to $18.00 and set a “market outperform” rating for the company in a report on Tuesday, August 12th. Finally, Citigroup lowered their price target on ACV Auctions from $21.00 to $17.00 and set a “buy” rating on the stock in a report on Tuesday, August 12th. Ten analysts have rated the stock with a Buy rating and one has given a Hold rating to the company’s stock. According to MarketBeat, ACV Auctions has an average rating of “Moderate Buy” and an average price target of $19.27.

ACV Auctions Price Performance

Shares of ACVA opened at $9.69 on Tuesday. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.56 and a current ratio of 1.56. The firm has a market cap of $1.67 billion, a PE ratio of -19.77 and a beta of 1.64. The firm’s 50 day moving average price is $11.46 and its 200 day moving average price is $14.10. ACV Auctions has a twelve month low of $9.55 and a twelve month high of $23.46.

Insider Buying and Selling at ACV Auctions

In other news, insider Craig Eric Anderson sold 15,000 shares of the firm’s stock in a transaction on Tuesday, July 22nd. The shares were sold at an average price of $15.04, for a total value of $225,600.00. Following the sale, the insider owned 340,799 shares in the company, valued at approximately $5,125,616.96. This trade represents a 4.22% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 2.90% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in ACVA. Brighton Jones LLC increased its holdings 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 position in shares of ACV Auctions by 6.4% during the 2nd quarter. Verdence Capital Advisors LLC now owns 15,845 shares of the company’s stock valued at $257,000 after acquiring an additional 960 shares in the last quarter. Bessemer Group Inc. increased its stake in ACV Auctions by 14.5% in the first quarter. Bessemer Group Inc. now owns 9,911 shares of the company’s stock valued at $140,000 after acquiring an additional 1,257 shares during the period. SG Americas Securities LLC raised its position in ACV Auctions by 5.7% in the second 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 in the last quarter. Finally, Bank of Montreal Can lifted its stake in ACV Auctions by 13.8% during the second quarter. Bank of Montreal Can now owns 14,384 shares of the company’s stock worth $233,000 after purchasing an additional 1,746 shares during the period. 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.