ACV Auctions (NYSE:ACVA) Earns Hold Rating from Needham & Company LLC

Key Points

• Needham reiterated a “Hold” rating on ACV Auctions, while analysts overall maintain an average “Hold” rating and a consensus price target of $9.50.
• ACVA shares surged 44.5% to $10.44 in Friday trading, approaching the stock’s 12-month high of $10.60, with unusually heavy volume.
• Institutional investors own 88.55% of the company; several funds recently increased or initiated positions in ACV Auctions.

ACV Auctions (NYSE:ACVA - Get Free Report)'s stock had its "hold" rating reiterated by equities research analysts at Needham & Company LLC in a report issued on Friday, Benzinga reports.

ACVA has been the subject of a number of other research reports. Bank of America reiterated an "underperform" rating on shares of ACV Auctions in a research note on Tuesday, August 11th. Stephens raised ACV Auctions from an "equal weight" rating to an "overweight" rating and set a $10.50 price objective for the company in a research note on Tuesday, August 11th. Weiss Ratings raised ACV Auctions from a "sell (e+)" rating to a "sell (d-)" rating in a research report on Wednesday, August 5th. Citizens Jmp downgraded ACV Auctions from an "outperform" rating to a "market perform" rating in a research note on Tuesday, August 11th. Finally, Barclays lowered ACV Auctions from an "equal weight" rating to an "underweight" rating and set a $8.00 target price on the stock. in a report on Tuesday, August 11th. Two investment analysts have rated the stock with a Strong Buy rating, five have assigned a Buy rating, five have given a Hold rating and three have assigned a Sell rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Hold" and an average price target of $9.50.

ACV Auctions Stock Up 44.5%

Shares of ACVA traded up $3.21 during mid-day trading on Friday, reaching $10.44. The company's stock had a trading volume of 88,150,361 shares, compared to its average volume of 3,988,945. The company's 50 day moving average is $7.43 and its 200 day moving average is $6.16. The stock has a market cap of $1.77 billion, a PE ratio of -28.99 and a beta of 1.84. ACV Auctions has a 12-month low of $4.07 and a 12-month high of $10.60. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.52 and a quick ratio of 1.52.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the business. Caitong International Asset Management Co. Ltd grew its stake in ACV Auctions by 2,573.8% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 3,770 shares of the company's stock worth $30,000 after buying an additional 3,629 shares during the period. Larson Financial Group LLC increased its position in shares of ACV Auctions by 38,076.9% in the fourth quarter. Larson Financial Group LLC now owns 4,963 shares of the company's stock worth $40,000 after acquiring an additional 4,950 shares in the last quarter. Versant Capital Management Inc raised its stake in shares of ACV Auctions by 28.8% in the 2nd quarter. Versant Capital Management Inc now owns 6,187 shares of the company's stock valued at $44,000 after acquiring an additional 1,382 shares during the period. Chicago Partners Investment Group LLC purchased a new position in shares of ACV Auctions in the 1st quarter valued at $52,000. Finally, Principal Financial Group Inc. acquired a new position in shares of ACV Auctions during the 1st quarter valued at $52,000. Hedge funds and other institutional investors own 88.55% of the company's stock.

ACV Auctions Company Profile

ACV Auctions operates a digital marketplace designed to streamline the wholesale used-vehicle auction process for independent dealerships and larger automotive groups. The platform enables dealers to participate in live, online auctions, submit real-time bids, and access guaranteed-sale programs that reduce the risk of inventory moving. By replicating the dynamics of in-lane bidding in a virtual environment, ACV Auctions connects sellers and buyers across a broad geographic footprint without the need for physical auction attendance.

In addition to its core marketplace, ACV Auctions offers a suite of software tools and data-driven services aimed at improving transparency and decision-making in the remarketing process.

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