Accelevation (NASDAQ:ACCV) Stock Picked Up by Analysts at Bank of America

Key Points

• Bank of America initiated coverage of Accelevation with a “buy” rating and a $20 price target, implying 61.55% upside from the prior close.
• Analyst sentiment is broadly positive: seven analysts rate the stock a Buy and one rates it a Hold, producing a “Moderate Buy” consensus and an average target price of $19.33.
• Accelevation shares opened at $12.38, while insiders have purchased 227,700 shares worth approximately $4.1 million over the past three months. The company is a SPAC focused on identifying a business-combination target.

Bank of America assumed coverage on shares of Accelevation (NASDAQ:ACCV - Get Free Report) in a research note issued to investors on Monday, Briefing.com reports. The firm set a "buy" rating and a $20.00 price target on the stock. Bank of America's target price would indicate a potential upside of 61.55% from the stock's previous close.

A number of other equities analysts also recently weighed in on the stock. Wall Street Zen raised shares of Accelevation to a "hold" rating in a research note on Saturday, October 10th. The Goldman Sachs Group initiated coverage on Accelevation in a research report on Monday. They set a "buy" rating and a $22.00 price objective for the company. Barclays began coverage on Accelevation in a research note on Monday. They issued an "overweight" rating and a $20.00 target price on the stock. Finally, Robert W. Baird assumed coverage on Accelevation in a research note on Monday. They issued an "outperform" rating and a $16.00 target price on the stock. Seven analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $19.33.

Accelevation Price Performance

Shares of NASDAQ:ACCV opened at $12.38 on Monday. Accelevation has a 12-month low of $11.58 and a 12-month high of $18.10.

Insider Activity

In other Accelevation news, COO Brent Jewell bought 2,500 shares of the stock in a transaction on Thursday, October 1st. The shares were purchased at an average cost of $18.00 per share, with a total value of $45,000.00. Following the completion of the transaction, the chief operating officer directly owned 304,068 shares of the company's stock, valued at $5,473,224. This represents a 0.83% increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Howard Heckes bought 5,000 shares of the business's stock in a transaction on Thursday, October 1st. The shares were bought at an average price of $18.00 per share, for a total transaction of $90,000.00. Following the completion of the acquisition, the director owned 5,000 shares of the company's stock, valued at approximately $90,000. This represents a ∞ increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Over the last three months, insiders acquired 227,700 shares of company stock valued at $4,098,600.

Accelevation Company Profile

Accelevation Corporation NASDAQ: ACCV is a special purpose acquisition company (SPAC) formed to identify and combine with an operating business through a merger, share exchange, asset acquisition, reorganization or similar transaction.

Unlike an operating company, Accelevation does not manufacture products, provide ongoing commercial services or conduct significant business activities of its own. Its primary activities have consisted of evaluating potential acquisition targets and pursuing a business combination.

Public information about Accelevation's operating history, geographic footprint and leadership is limited.

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