ACV Auctions Inc. (NYSE:ACVA) Given Average Recommendation of "Hold" by Brokerages

Key Points

• ACV Auctions has an average “Hold” rating from 15 brokerages, with four sell, five hold, five buy and one strong-buy recommendation. The average 12-month price target is $9.70.
• Recent analyst sentiment has been mixed but generally cautious: Barrington Research and Needham downgraded the stock, while Stephens upgraded it and assigned a $10.50 target; Barclays set an $8.00 target.
• ACVA opened at $10.43, near its one-year high of $10.60, while institutional investors own a substantial 88.55% of the company’s shares.

ACV Auctions Inc. (NYSE:ACVA - Get Free Report) has earned an average rating of "Hold" from the fifteen brokerages that are presently covering the firm, MarketBeat.com reports. Four analysts have rated the stock with a sell rating, five have given a hold rating, five have given a buy rating and one has given a strong buy rating to the company. The average 12-month price target among brokerages that have covered the stock in the last year is $9.70.

Several equities analysts recently issued reports on ACVA shares. Barrington Research cut ACV Auctions from an "outperform" rating to a "strong sell" rating in a research report on Friday. Needham & Company LLC downgraded ACV Auctions from a "buy" rating to a "hold" rating in a research note on Friday. Bank of America reissued an "underperform" rating on shares of ACV Auctions in a report on Tuesday, August 11th. Barclays cut ACV Auctions from an "equal weight" rating to an "underweight" rating and set a $8.00 price target for the company. in a research note on Tuesday, August 11th. Finally, Stephens raised ACV Auctions from an "equal weight" rating to an "overweight" rating and set a $10.50 price target for the company in a report on Tuesday, August 11th.

ACV Auctions Price Performance

Shares of NYSE:ACVA opened at $10.43 on Tuesday. The company has a 50-day simple moving average of $7.55 and a 200-day simple moving average of $6.23. ACV Auctions has a one year low of $4.07 and a one year high of $10.60. The company has a debt-to-equity ratio of 0.53, a quick ratio of 1.52 and a current ratio of 1.52. The stock has a market capitalization of $1.77 billion, a price-to-earnings ratio of -28.96 and a beta of 1.84.

Hedge Funds Weigh In On ACV Auctions

Large investors have recently bought and sold shares of the company. Atreides Management LP raised its stake in shares of ACV Auctions by 125.2% during the 4th quarter. Atreides Management LP now owns 12,411,800 shares of the company's stock worth $99,543,000 after buying an additional 6,901,010 shares in the last quarter. Arvin Capital Management LP boosted its stake in shares of ACV Auctions by 272.8% in the fourth quarter. Arvin Capital Management LP now owns 2,296,913 shares of the company's stock valued at $18,421,000 after buying an additional 1,680,723 shares in the last quarter. Senvest Management LLC boosted its stake in shares of ACV Auctions by 9.0% in the first quarter. Senvest Management LLC now owns 3,530,785 shares of the company's stock valued at $14,971,000 after buying an additional 291,729 shares in the last quarter. Royce & Associates LP grew its holdings in ACV Auctions by 141.7% during the fourth quarter. Royce & Associates LP now owns 1,736,476 shares of the company's stock worth $13,927,000 after acquiring an additional 1,018,084 shares during the period. Finally, California State Teachers Retirement System grew its holdings in ACV Auctions by 602.9% during the second quarter. California State Teachers Retirement System now owns 1,646,136 shares of the company's stock worth $11,836,000 after acquiring an additional 1,411,929 shares during the period. Hedge funds and other institutional investors own 88.55% of the company's stock.

About ACV Auctions

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.