ACV Auctions (NYSE:ACVA) Reaches New 12-Month High – Still a Buy?

by · The Markets Daily

ACV Auctions Inc. (NYSE:ACVA – Get Free Report)’s stock price reached a new 52-week high during mid-day trading on Monday. The stock traded as high as $10.50 and last traded at $10.4650, with a volume of 7627280 shares changing hands. The stock had previously closed at $10.45.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on ACVA. Citizens Jmp cut shares of ACV Auctions from an “outperform” rating to a “market perform” rating in a research note on Tuesday, August 11th. Barrington Research lowered ACV Auctions from an “outperform” rating to a “strong sell” rating in a research note on Friday, September 11th. Needham & Company LLC cut ACV Auctions from a “buy” rating to a “hold” rating in a report on Friday, September 11th. CJS Securities downgraded ACV Auctions from a “market outperform” rating to a “market perform” rating in a research note on Tuesday, September 15th. Finally, Bank of America reaffirmed an “underperform” rating on shares of ACV Auctions in a report on Tuesday, August 11th. Five research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and four have given a Sell rating to the company. According to MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $9.70.

Get Our Latest Stock Report on ACVA

ACV Auctions Price Performance

The business has a fifty day moving average of $8.42 and a two-hundred day moving average of $6.77. 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 firm has a market capitalization of $1.78 billion, a price-to-earnings ratio of -29.07 and a beta of 1.76.

Hedge Funds Weigh In On ACV Auctions

Hedge funds have recently bought and sold shares of the business. Sequoia Financial Advisors LLC acquired a new position in ACV Auctions in the 2nd quarter valued at $114,000. Integrated Wealth Concepts LLC bought a new stake in shares of ACV Auctions during the 2nd quarter valued at $135,000. IFP Advisors Inc grew its holdings in shares of ACV Auctions by 6.7% during the 2nd quarter. IFP Advisors Inc now owns 45,834 shares of the company’s stock worth $330,000 after purchasing an additional 2,866 shares in the last quarter. Squarepoint Ops LLC grew its holdings in shares of ACV Auctions by 64.6% during the 2nd 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 in the last quarter. Finally, Baird Financial Group Inc. increased its position in shares of ACV Auctions by 15.6% in the second quarter. Baird Financial Group Inc. now owns 62,557 shares of the company’s stock worth $450,000 after purchasing an additional 8,426 shares during the period. 88.55% of the stock is owned by institutional investors.

ACV Auctions Company Profile

(Get Free Report)

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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