ACV Auctions (NYSE:ACVA) Shares Up 6.5% – Still a Buy?

ACV Auctions Inc. (NYSE:ACVA)’s stock price was up 6.5% during trading on Friday . The stock traded as high as $7.12 and last traded at $7.1350. Approximately 593,041 shares were traded during trading, a decline of 83% from the average session volume of 3,401,471 shares. The stock had previously closed at $6.70.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on the stock. Weiss Ratings raised shares of ACV Auctions from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Wednesday, August 5th. Barclays cut ACV Auctions from an “equal weight” rating to an “underweight” rating and set a $8.00 price target on the stock. in a research report on Tuesday, August 11th. Citigroup raised their price objective on ACV Auctions from $7.00 to $8.50 and gave the company a “neutral” rating in a research report on Monday, August 17th. Bank of America reiterated an “underperform” rating on shares of ACV Auctions in a research note on Tuesday, August 11th. Finally, Stephens raised ACV Auctions from an “equal weight” rating to an “overweight” rating and set a $10.50 target price on the stock in a report on Tuesday, August 11th. Two research analysts have rated the stock with a Strong Buy rating, six have given a Buy rating, four have issued a Hold rating and three have issued a Sell rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $9.50.

ACV Auctions Stock Up 6.2%

The company’s 50 day simple moving average is $7.44 and its 200-day simple moving average is $6.14. The company has a current ratio of 1.52, a quick ratio of 1.52 and a debt-to-equity ratio of 0.53. The firm has a market cap of $1.21 billion, a P/E ratio of -19.76 and a beta of 1.84.

Institutional Investors Weigh In On ACV Auctions

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Renaissance Technologies LLC bought a new stake in ACV Auctions in the 1st quarter valued at $815,000. Quantinno Capital Management LP boosted its holdings in shares of ACV Auctions by 215.8% during the 1st quarter. Quantinno Capital Management LP now owns 425,494 shares of the company’s stock valued at $1,804,000 after purchasing an additional 290,739 shares during the last quarter. True North Advisors LLC bought a new position in shares of ACV Auctions during the 1st quarter valued at about $743,000. Fifth Third Bancorp grew its position in shares of ACV Auctions by 3,753.7% during the first quarter. Fifth Third Bancorp now owns 130,370 shares of the company’s stock valued at $553,000 after purchasing an additional 126,987 shares in the last quarter. Finally, UBS Group AG increased its holdings in shares of ACV Auctions by 233.8% in the fourth quarter. UBS Group AG now owns 1,527,108 shares of the company’s stock worth $12,247,000 after purchasing an additional 1,069,644 shares during the last quarter. Hedge funds and other institutional investors own 88.55% of the company’s stock.

About ACV Auctions

ACV Auctions operates a digital marketplace designed to streamline the wholesale used-vehicle auction process for independent dealerships and larger automotive groups. The platform enables dealers to participate in live, online auctions, submit real-time bids, and access guaranteed-sale programs that reduce the risk of inventory moving. By replicating the dynamics of in-lane bidding in a virtual environment, ACV Auctions connects sellers and buyers across a broad geographic footprint without the need for physical auction attendance.

In addition to its core marketplace, ACV Auctions offers a suite of software tools and data-driven services aimed at improving transparency and decision-making in the remarketing process.