William Blair Initiates Coverage on Accelevation (NASDAQ:ACCV)

Key Points

• William Blair initiated coverage of Accelevation with an “outperform” rating. Other recent analysts were also bullish, with seven Buy ratings and one Hold rating producing a “Moderate Buy” consensus and an average price target of $19.33.
• Accelevation shares opened at $12.38, compared with a 52-week range of $11.58 to $18.10. Analyst price targets from Goldman Sachs, Bank of America and Barclays reached $20–$22.
• Insiders have made significant purchases, including CEO Michael Rubiera’s $3.6 million acquisition of 200,000 shares and director Howard Heckes’ $90,000 purchase. Accelevation is a SPAC focused on identifying and completing a business combination rather than operating an ongoing commercial business.

William Blair initiated coverage on shares of Accelevation (NASDAQ:ACCV - Get Free Report) in a research note issued on Monday, Marketbeat.com reports. The brokerage set an "outperform" rating on the stock.

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

Accelevation Price Performance

ACCV opened at $12.38 on Monday. Accelevation has a 52 week low of $11.58 and a 52 week high of $18.10.

Insider Activity at Accelevation

In related news, Director Howard C. Heckes bought 5,000 shares of the firm's stock in a transaction that occurred on Thursday, October 1st. The shares were acquired at an average cost of $18.00 per share, with a total value of $90,000.00. Following the completion of the transaction, the director owned 5,000 shares of the company's stock, valued at approximately $90,000. The trade was a ∞ increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Michael Rubiera bought 200,000 shares of the firm's stock in a transaction that occurred on Thursday, October 1st. The stock was bought at an average cost of $18.00 per share, for a total transaction of $3,600,000.00. Following the completion of the transaction, the chief executive officer directly owned 1,424,285 shares of the company's stock, valued at approximately $25,637,130. The trade was a 16.34% increase in their position. The SEC filing for this purchase provides additional information. Over the last 90 days, insiders have acquired 227,700 shares of company stock worth $4,098,600.

About Accelevation

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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