ACV Auctions (NASDAQ:ACVA) Reaches New 52-Week High – Still a Buy?

ACV Auctions Inc. (NASDAQ:ACVA) reached a new 52-week high on Monday . The company traded as high as $21.41 and last traded at $21.14, with a volume of 376135 shares changing hands. The stock had previously closed at $20.72.

Wall Street Analyst Weigh In

ACVA has been the topic of a number of analyst reports. Barrington Research reiterated an “outperform” rating and issued a $23.00 price target on shares of ACV Auctions in a research report on Monday, November 4th. Needham & Company LLC increased their target price on shares of ACV Auctions from $23.00 to $26.00 and gave the stock a “buy” rating in a research report on Friday, November 8th. Piper Sandler boosted their price target on shares of ACV Auctions from $16.00 to $18.00 and gave the company a “neutral” rating in a research report on Friday, November 8th. JMP Securities raised their price objective on shares of ACV Auctions from $21.00 to $24.00 and gave the stock a “market outperform” rating in a report on Tuesday, September 17th. Finally, Jefferies Financial Group boosted their target price on ACV Auctions from $22.00 to $25.00 and gave the stock a “buy” rating in a report on Tuesday, October 22nd. Two research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to MarketBeat.com, ACV Auctions presently has an average rating of “Moderate Buy” and an average target price of $22.63.

ACV Auctions Stock Up 3.6 %

The firm’s 50 day moving average price is $19.29 and its 200-day moving average price is $18.42. The company has a current ratio of 1.51, a quick ratio of 1.51 and a debt-to-equity ratio of 0.25. The company has a market cap of $3.60 billion, a P/E ratio of -44.09 and a beta of 1.59.

Insider Buying and Selling at ACV Auctions

In related news, COO Vikas Mehta sold 145,928 shares of ACV Auctions stock in a transaction dated Friday, August 23rd. The stock was sold at an average price of $18.71, for a total transaction of $2,730,312.88. Following the completion of the transaction, the chief operating officer now owns 468,505 shares in the company, valued at approximately $8,765,728.55. This trade represents a 23.75 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Brian Hirsch sold 61,666 shares of ACV Auctions stock in a transaction that occurred on Friday, August 23rd. The stock was sold at an average price of $18.63, for a total value of $1,148,837.58. Following the transaction, the director now owns 9,239 shares of the company’s stock, valued at $172,122.57. This represents a 86.97 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 709,426 shares of company stock valued at $13,792,090. Corporate insiders own 8.50% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the stock. Massachusetts Financial Services Co. MA boosted its position in shares of ACV Auctions by 47.6% in the second quarter. Massachusetts Financial Services Co. MA now owns 7,758,163 shares of the company’s stock valued at $141,586,000 after acquiring an additional 2,502,064 shares during the period. Spyglass Capital Management LLC boosted its holdings in ACV Auctions by 69.1% in the 3rd quarter. Spyglass Capital Management LLC now owns 2,614,245 shares of the company’s stock valued at $53,148,000 after purchasing an additional 1,068,356 shares during the period. Wellington Management Group LLP acquired a new position in shares of ACV Auctions during the 3rd quarter worth approximately $21,540,000. Bank of New York Mellon Corp raised its holdings in ACV Auctions by 217.5% in the 2nd quarter. Bank of New York Mellon Corp now owns 1,391,070 shares of the company’s stock valued at $25,387,000 after acquiring an additional 952,929 shares in the last quarter. Finally, Swedbank AB bought a new stake in shares of ACV Auctions during the 1st quarter valued at $15,016,000. 88.55% of the stock is owned by institutional investors.

About ACV Auctions

ACV Auctions Inc operates a digital marketplace that connects buyers and sellers for the online auction of wholesale vehicles. The company’s marketplace platform includes digital marketplace, which connects buyers and sellers by providing online auction, which facilitates real-time transactions of wholesale vehicles; Run List for pre-filtering and pre-screening of vehicles up to 24 hours prior to an auction taking place; ACV transportation service to enable the buyers to see real-time transportation quotes and status reports of the vehicle; ACV capital, a short-term inventory financing services for buyers to purchase vehicles; and Go Green’s seller assurance service for against claims related to defects in the vehicle.