ACV Auctions (NYSE:ACVA) Raised to Hold at Wall Street Zen

Key Points

• Wall Street Zen upgraded ACV Auctions to “Hold,” while analysts remain mixed overall: five rate it Buy, seven Hold and four Sell. The consensus price target is $9.70.
• ACV Auctions opened at $10.50, near its 52-week high of $10.51, with a $1.78 billion market capitalization. Its 50-day and 200-day moving averages are $8.95 and $7.16, respectively.
• Institutional investors own 88.55% of the stock, with several hedge funds increasing their positions. ACV operates a digital wholesale vehicle marketplace offering online auctions, inspections, transportation, title processing and financing services.

ACV Auctions (NYSE:ACVA - Get Free Report) was upgraded by analysts at Wall Street Zen to a "hold" rating in a research report issued to clients and investors on Saturday, Wall Street Zen reports.

A number of other equities research analysts have also recently weighed in on ACVA. Northcoast Research cut ACV Auctions from a "strong-buy" rating to a "hold" rating in a report on Tuesday, September 22nd. Stephens upgraded shares of ACV Auctions from an "equal weight" rating to an "overweight" rating and set a $10.50 price target on the stock in a research report on Tuesday, August 11th. Citigroup lifted their price objective on ACV Auctions from $8.50 to $10.50 and gave the stock a "neutral" rating in a research report on Monday, September 14th. Barrington Research downgraded ACV Auctions from an "outperform" rating to a "strong sell" rating in a research report on Friday, September 11th. Finally, Weiss Ratings raised shares of ACV Auctions from a "sell (e+)" rating to a "sell (d-)" rating in a research note on Wednesday, August 5th. Five investment analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and four have assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of "Hold" and a consensus price target of $9.70.

ACV Auctions Price Performance

ACV Auctions stock opened at $10.50 on Friday. The company has a debt-to-equity ratio of 0.53, a quick ratio of 1.52 and a current ratio of 1.52. ACV Auctions has a one year low of $4.07 and a one year high of $10.51. The company has a market cap of $1.78 billion, a P/E ratio of -29.17 and a beta of 1.76. The business has a fifty day moving average of $8.95 and a two-hundred day moving average of $7.16.

Hedge Funds Weigh In On ACV Auctions

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Bank of New York Mellon Corp bought a new stake in shares of ACV Auctions in the second quarter worth $3,996,000. Senvest Management LLC increased its holdings in shares of ACV Auctions by 9.0% in the 1st quarter. Senvest Management LLC now owns 3,530,785 shares of the company's stock valued at $14,971,000 after acquiring an additional 291,729 shares during the last quarter. Quantinno Capital Management LP lifted its stake in ACV Auctions by 215.8% during the first quarter. Quantinno Capital Management LP now owns 425,494 shares of the company's stock worth $1,804,000 after purchasing an additional 290,739 shares during the last quarter. Squarepoint Ops LLC boosted its holdings in ACV Auctions by 64.6% in the second quarter. Squarepoint Ops LLC now owns 547,529 shares of the company's stock worth $3,937,000 after purchasing an additional 214,971 shares during the period. Finally, Counterpoint Mutual Funds LLC bought a new position in shares of ACV Auctions in the 1st quarter worth about $851,000. 88.55% of the stock is owned by hedge funds and other institutional investors.

About ACV Auctions

ACV Auctions Inc operates a digital marketplace for wholesale vehicle transactions. Its platform connects automotive dealers with buyers and sellers, enabling vehicles to be auctioned online rather than through traditional physical wholesale auctions.

The company provides services intended to support the wholesale vehicle lifecycle, including vehicle listings, digital auctions, condition reports and inspection tools. Its platform also offers related solutions such as transportation coordination, title processing and financing options for eligible dealers.

Founded in 2014 and headquartered in Buffalo, New York, ACV Auctions primarily serves automotive dealers and other participants in the United States wholesale vehicle market.

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