Shares of ACV Auctions Inc. (NYSE:ACVA – Get Free Report) reached a new 52-week high during mid-day trading on Wednesday. The company traded as high as $10.50 and last traded at $10.4950, with a volume of 382,215 shares trading hands. The stock had previously closed at $10.47.
Wall Street Analysts Forecast Growth
Several equities research analysts recently commented on ACVA shares. Barrington Research downgraded ACV Auctions from an “outperform” rating to a “strong sell” rating in a report on Friday, September 11th. CJS Securities cut ACV Auctions from a “market outperform” rating to a “market perform” rating in a report on Tuesday, September 15th. Weiss Ratings upgraded shares of ACV Auctions from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Wednesday, August 5th. Stephens upgraded shares of ACV Auctions from an “equal weight” rating to an “overweight” rating and set a $10.50 price objective on the stock in a research note on Tuesday, August 11th. Finally, Needham & Company LLC cut shares of ACV Auctions from a “buy” rating to a “hold” rating in a research report on Friday, September 11th. Five research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and four have assigned a Sell rating to the company. According to MarketBeat.com, ACV Auctions has an average rating of “Hold” and an average target price of $9.70.
Read Our Latest Analysis on ACVA
ACV Auctions Stock Up 0.2%
Institutional Inflows and Outflows
A number of institutional investors and hedge funds have recently bought and sold shares of the business. Versant Capital Management Inc raised its holdings in ACV Auctions by 28.8% in the second quarter. Versant Capital Management Inc now owns 6,187 shares of the company’s stock valued at $44,000 after acquiring an additional 1,382 shares in the last quarter. Alpine Global Management LLC acquired a new stake in shares of ACV Auctions in the 4th quarter valued at about $88,000. Allworth Financial LP lifted its position in shares of ACV Auctions by 316.8% during the second quarter. Allworth Financial LP now owns 11,004 shares of the company’s stock worth $79,000 after purchasing an additional 8,364 shares during the last quarter. VIRGINIA RETIREMENT SYSTEMS ET Al bought a new position in shares of ACV Auctions during the second quarter worth about $80,000. Finally, Chicago Partners Investment Group LLC acquired a new position in ACV Auctions in the first quarter worth about $52,000. Hedge funds and other institutional investors own 88.55% of the company’s stock.
About ACV Auctions
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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