ACV Auctions (NYSE:ACVA) Stock Rating Lowered by Northcoast Research

Key Points

• Northcoast Research downgraded ACV Auctions from “strong buy” to “hold,” joining several recent rating reductions. The analyst consensus is now “Hold,” with five Buy, seven Hold, and four Sell ratings and a $9.70 average price target.
• ACV Auctions shares opened at $10.46 and were down 0.2%, near their 12-month high of $10.53. The stock’s 50-day and 200-day moving averages are $7.97 and $6.46, respectively.
• Institutional investors own 88.55% of ACV Auctions, with several hedge funds and investment managers recently increasing or initiating positions.

ACV Auctions (NYSE:ACVA - Get Free Report) was downgraded by Northcoast Research from a "strong-buy" rating to a "hold" rating in a research note issued to investors on Tuesday, Zacks reports.

A number of other research analysts have also weighed in on ACVA. 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 report on Tuesday, August 11th. Citizens Jmp cut ACV Auctions from an "outperform" rating to a "market perform" rating in a research note on Tuesday, August 11th. Barrington Research downgraded ACV Auctions from an "outperform" rating to a "strong sell" rating in a report on Friday, September 11th. Needham & Company LLC lowered ACV Auctions from a "buy" rating to a "hold" rating in a research report on Friday, September 11th. Finally, CJS Securities cut shares of ACV Auctions from a "market outperform" rating to a "market perform" rating in a research note on Tuesday, September 15th. Five investment analysts have rated the stock with a Buy rating, seven have issued a Hold rating and four have issued a Sell rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of "Hold" and a consensus price target of $9.70.

ACV Auctions Trading Down 0.2%

NYSE ACVA opened at $10.46 on Tuesday. The firm has a market capitalization of $1.78 billion, a PE ratio of -29.04 and a beta of 1.84. The stock's 50 day moving average is $7.97 and its 200 day moving average is $6.46. ACV Auctions has a twelve month low of $4.07 and a twelve month high of $10.53. The company has a quick ratio of 1.52, a current ratio of 1.52 and a debt-to-equity ratio of 0.53.

Institutional Investors Weigh In On ACV Auctions

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Larson Financial Group LLC grew its stake in shares of ACV Auctions by 38,076.9% during 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 during the last quarter. Versant Capital Management Inc increased its holdings in shares of ACV Auctions by 28.8% during the second 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 in the last quarter. Alpine Global Management LLC purchased a new position in shares of ACV Auctions in the 4th quarter valued at approximately $88,000. Allworth Financial LP raised its position in shares of ACV Auctions by 316.8% in the 2nd quarter. Allworth Financial LP now owns 11,004 shares of the company's stock valued at $79,000 after purchasing an additional 8,364 shares during the last quarter. Finally, VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new stake in ACV Auctions in the 2nd quarter worth approximately $80,000. 88.55% of the stock is currently owned by hedge funds and other institutional investors.

ACV Auctions Company Profile

ACV Auctions Inc NYSE: ACVA operates a digital marketplace for wholesale vehicle transactions. Its platform connects automotive dealers with sellers, including franchised and independent dealerships, commercial partners and other participants in the wholesale vehicle market, enabling vehicles to be bought and sold through online auctions.

The company provides services designed to support the wholesale transaction process, including vehicle inspections and condition reports, digital auction tools, transportation and logistics coordination, and post-sale protection and arbitration services.

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