ACV Auctions Inc. (NASDAQ:ACVA) Receives Average Recommendation of “Moderate Buy” from Analysts

ACV Auctions Inc. (NASDAQ:ACVA) has been assigned an average rating of “Moderate Buy” from the eleven brokerages that are covering the firm, Marketbeat.com reports. One equities research analyst has rated the stock with a hold rating and ten have assigned a buy rating to the company. The average 1-year target price among brokers that have covered the stock in the last year is $18.3636.

A number of equities research analysts have weighed in on ACVA shares. Needham & Company LLC decreased their price objective on ACV Auctions from $16.00 to $14.00 and set a “buy” rating on the stock in a report on Tuesday, October 7th. Bank of America decreased their price objective on ACV Auctions from $20.00 to $16.50 and set a “buy” rating on the stock in a report on Tuesday, August 12th. Stephens decreased 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 decreased their price objective on ACV Auctions from $20.00 to $18.00 and set a “market outperform” rating on the stock in a report on Tuesday, August 12th. Finally, Jefferies Financial Group decreased their price objective on ACV Auctions from $22.00 to $15.00 and set a “buy” rating on the stock in a report on Friday, October 17th.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of ACVA. Wasatch Advisors LP raised its stake in shares of ACV Auctions by 301.0% in the second quarter. Wasatch Advisors LP now owns 7,295,400 shares of the company’s stock valued at $118,331,000 after acquiring an additional 5,475,874 shares during the last quarter. Nuveen LLC bought a new position in shares of ACV Auctions in the first quarter valued at approximately $25,078,000. Vanguard Group Inc. raised its stake in shares of ACV Auctions by 7.4% in the first quarter. Vanguard Group Inc. now owns 15,301,225 shares of the company’s stock valued at $215,594,000 after acquiring an additional 1,055,310 shares during the last quarter. Philadelphia Financial Management of San Francisco LLC bought a new position in shares of ACV Auctions in the first quarter valued at approximately $14,426,000. Finally, Senvest Management LLC raised its stake in shares of ACV Auctions by 144.8% in the second quarter. Senvest Management LLC now owns 1,689,290 shares of the company’s stock valued at $27,400,000 after acquiring an additional 999,290 shares during the last quarter. Institutional investors own 88.55% of the company’s stock.

ACV Auctions Stock Up 1.8%

NASDAQ ACVA opened at $9.06 on Friday. The company has a current ratio of 1.56, a quick ratio of 1.56 and a debt-to-equity ratio of 0.28. The stock’s 50 day moving average is $10.04 and its two-hundred day moving average is $13.41. The company has a market capitalization of $1.56 billion, a price-to-earnings ratio of -18.48 and a beta of 1.64. ACV Auctions has a 1-year low of $8.33 and a 1-year high of $23.46.

About ACV Auctions

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.