ACV Auctions Inc. (NYSE:ACVA) Receives $9.70 Average Price Target from Analysts

ACV Auctions Inc. (NYSE:ACVA) has been assigned an average recommendation of “Hold” from the fifteen research firms that are covering the stock, MarketBeat Ratings reports. Four analysts have rated the stock with a sell recommendation, six have issued a hold recommendation and five have assigned a buy recommendation to the company. The average twelve-month price target among brokers that have issued a report on the stock in the last year is $9.70.

Several research firms have commented on ACVA. Citizens Jmp lowered shares of ACV Auctions from an “outperform” rating to a “market perform” rating in a report on Tuesday, August 11th. Bank of America reaffirmed an “underperform” rating on shares of ACV Auctions in a report on Tuesday, August 11th. Stephens raised shares of 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. Weiss Ratings upgraded shares of ACV Auctions from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Wednesday, August 5th. Finally, Barclays cut shares of ACV Auctions from an “equal weight” rating to an “underweight” rating and set a $8.00 price objective on the stock. in a research note on Tuesday, August 11th.

ACV Auctions Stock Down 0.1%

Shares of NYSE ACVA opened at $10.47 on Tuesday. The stock has a market capitalization of $1.78 billion, a P/E ratio of -29.08 and a beta of 1.84. The stock’s fifty day moving average is $7.90 and its 200 day moving average is $6.43. ACV Auctions has a 52 week low of $4.07 and a 52 week high of $10.55. The company has a debt-to-equity ratio of 0.53, a quick ratio of 1.52 and a current ratio of 1.52.

Hedge Funds Weigh In On ACV Auctions

Several hedge funds and other institutional investors have recently modified their holdings of the business. Sequoia Financial Advisors LLC bought a new position in ACV Auctions in the second quarter valued at about $114,000. Integrated Wealth Concepts LLC acquired a new position in ACV Auctions during the second quarter worth about $135,000. IFP Advisors Inc lifted its holdings in shares of ACV Auctions by 6.7% in the second quarter. IFP Advisors Inc now owns 45,834 shares of the company’s stock worth $330,000 after acquiring an additional 2,866 shares during the last quarter. Squarepoint Ops LLC lifted its holdings in shares of ACV Auctions by 64.6% in the second quarter. Squarepoint Ops LLC now owns 547,529 shares of the company’s stock worth $3,937,000 after acquiring an additional 214,971 shares during the last quarter. Finally, Baird Financial Group Inc. lifted its holdings 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 acquiring an additional 8,426 shares during the last quarter. 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.