ACV Auctions Inc. (NASDAQ:ACVA) Receives $22.05 Consensus Price Target from Analysts

Key Points

• ACV Auctions Inc. has received a consensus rating of "Moderate Buy" from analysts, with two hold ratings and nine buy recommendations.
• The average 12-month target price for ACV Auctions shares is $22.05, reflecting adjustments from various analysts, including a reduction by Citigroup from $22.00 to $21.00.
• Insider sales have occurred recently, with Craig Eric Anderson and Michael Waterman selling significant shares, indicating a 4.22% and 32.37% decrease in their ownership, respectively.

Shares of ACV Auctions Inc. (NASDAQ:ACVA - Get Free Report) have been assigned a consensus rating of "Moderate Buy" from the twelve analysts that are presently covering the company, Marketbeat.com reports. Two analysts have rated the stock with a hold recommendation and ten have assigned a buy recommendation to the company. The average twelve-month price target among analysts that have issued a report on the stock in the last year is $19.6667.

ACVA has been the subject of several recent analyst reports. Needham & Company LLC decreased their price objective on shares of ACV Auctions from $25.00 to $16.00 and set a "buy" rating for the company in a report on Tuesday. The Goldman Sachs Group cut their target price on shares of ACV Auctions from $26.00 to $21.00 and set a "buy" rating for the company in a research note on Tuesday. Citigroup dropped their price objective on shares of ACV Auctions from $21.00 to $17.00 and set a "buy" rating for the company in a research note on Tuesday. JPMorgan Chase & Co. dropped their price objective on shares of ACV Auctions from $20.00 to $19.00 and set an "overweight" rating for the company in a research note on Thursday, July 17th. Finally, Stephens set a $11.50 price objective on shares of ACV Auctions and gave the company an "equal weight" rating in a research note on Tuesday.

ACV Auctions Stock Performance

Shares of NASDAQ ACVA traded up $0.42 during trading hours on Monday, hitting $11.59. 3,621,640 shares of the stock were exchanged, compared to its average volume of 2,106,683. 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 company's 50 day moving average is $15.39 and its 200 day moving average is $16.06. The firm has a market capitalization of $1.98 billion, a P/E ratio of -23.54 and a beta of 1.69. ACV Auctions has a one year low of $10.26 and a one year high of $23.46.

Insider Transactions at ACV Auctions

In other news, insider Craig Eric Anderson sold 15,000 shares of the business's stock in a transaction dated Tuesday, July 22nd. The shares were sold at an average price of $15.04, for a total value of $225,600.00. Following the completion of the sale, the insider owned 340,799 shares of the company's stock, valued at approximately $5,125,616.96. The trade was a 4.22% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Michael Waterman sold 34,339 shares of the business's stock in a transaction dated Tuesday, July 8th. The shares were sold at an average price of $16.05, for a total transaction of $551,140.95. Following the completion of the sale, the insider directly owned 379,957 shares of the company's stock, valued at approximately $6,098,309.85. The trade was a 8.29% decrease in their position. The disclosure for this sale can be found here. Insiders own 2.90% of the company's stock.

Institutional Investors Weigh In On ACV Auctions

A number of institutional investors have recently modified their holdings of the business. Versant Capital Management Inc raised its stake in ACV Auctions by 464.4% in the first quarter. Versant Capital Management Inc now owns 2,201 shares of the company's stock valued at $31,000 after purchasing an additional 1,811 shares in the last quarter. BI Asset Management Fondsmaeglerselskab A S acquired a new position in ACV Auctions in the first quarter valued at about $35,000. CWM LLC raised its stake in ACV Auctions by 77.4% in the second quarter. CWM LLC now owns 4,642 shares of the company's stock valued at $75,000 after purchasing an additional 2,026 shares in the last quarter. GAMMA Investing LLC raised its stake in ACV Auctions by 3,005.8% in the first quarter. GAMMA Investing LLC now owns 5,932 shares of the company's stock valued at $84,000 after purchasing an additional 5,741 shares in the last quarter. Finally, Neo Ivy Capital Management acquired a new position in ACV Auctions in the second quarter valued at about $87,000. Institutional investors own 88.55% 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. 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.