Shares of ACV Auctions Inc. (NASDAQ:ACVA – Get Free Report) have received a consensus recommendation of “Moderate Buy” from the twelve analysts that are covering the company, Marketbeat Ratings reports. Three analysts have rated the stock with a hold recommendation and nine have assigned a buy recommendation to the company. The average 12 month target price among brokerages that have issued a report on the stock in the last year is $20.21.
A number of brokerages have issued reports on ACVA. Northcoast Research upgraded ACV Auctions from a “neutral” rating to a “buy” rating and set a $22.00 price objective on the stock in a research report on Wednesday, January 10th. Needham & Company LLC reissued a “buy” rating and issued a $23.00 price objective on shares of ACV Auctions in a research note on Tuesday, November 7th. Finally, JMP Securities dropped their price objective on ACV Auctions from $20.00 to $19.00 and set a “market outperform” rating on the stock in a research note on Tuesday, January 16th.
ACV Auctions Stock Performance
In related news, insider Michael Waterman sold 4,919 shares of the firm’s stock in a transaction on Tuesday, January 9th. The stock was sold at an average price of $13.54, for a total value of $66,603.26. Following the completion of the transaction, the insider now owns 219,963 shares in the company, valued at approximately $2,978,299.02. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In other ACV Auctions news, CEO George Chamoun sold 124,614 shares of the business’s stock in a transaction that occurred on Wednesday, December 13th. The stock was sold at an average price of $14.32, for a total transaction of $1,784,472.48. Following the completion of the sale, the chief executive officer now directly owns 599,293 shares in the company, valued at approximately $8,581,875.76. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, insider Michael Waterman sold 4,919 shares of the company’s stock in a transaction that occurred on Tuesday, January 9th. The shares were sold at an average price of $13.54, for a total value of $66,603.26. Following the completion of the sale, the insider now owns 219,963 shares of the company’s stock, valued at $2,978,299.02. The disclosure for this sale can be found here. In the last quarter, insiders sold 613,691 shares of company stock worth $8,947,778. Insiders own 13.67% of the company’s stock.
Institutional Inflows and Outflows
Large investors have recently added to or reduced their stakes in the company. Alliancebernstein L.P. raised its stake in shares of ACV Auctions by 4,360.9% in the second quarter. Alliancebernstein L.P. now owns 5,121,100 shares of the company’s stock valued at $88,441,000 after acquiring an additional 5,006,300 shares in the last quarter. Loomis Sayles & Co. L P acquired a new stake in shares of ACV Auctions in the third quarter valued at $32,611,000. State Street Corp raised its stake in shares of ACV Auctions by 304.6% in the second quarter. State Street Corp now owns 2,098,423 shares of the company’s stock valued at $13,724,000 after acquiring an additional 1,579,823 shares in the last quarter. Jennison Associates LLC raised its stake in shares of ACV Auctions by 93.9% in the third quarter. Jennison Associates LLC now owns 3,247,153 shares of the company’s stock valued at $49,292,000 after acquiring an additional 1,572,793 shares in the last quarter. Finally, Vanguard Group Inc. raised its stake in shares of ACV Auctions by 14.6% in the first quarter. Vanguard Group Inc. now owns 9,143,646 shares of the company’s stock valued at $135,417,000 after acquiring an additional 1,166,390 shares in the last quarter. 78.56% of the stock is currently owned by institutional investors and hedge funds.
About ACV Auctions
ACV Auctions Inc operates a digital marketplace that connects buyers and sellers for the online auction of wholesale vehicles. The company provides data services insights into the condition and value of used vehicles, as well as customer financing services. ACV Auctions Inc was incorporated in 2014 and is headquartered in Buffalo, New York.
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