ACV Auctions (NASDAQ:ACVA) Shares Gap Down After Analyst Downgrade

ACV Auctions Inc. (NASDAQ:ACVA)’s share price gapped down prior to trading on Thursday after Needham & Company LLC lowered their price target on the stock from $28.00 to $25.00. The stock had previously closed at $20.65, but opened at $18.50. Needham & Company LLC currently has a buy rating on the stock. ACV Auctions shares last traded at $18.92, with a volume of 1,412,267 shares.

Several other analysts have also commented on the company. JMP Securities reaffirmed a “market outperform” rating and issued a $25.00 price objective on shares of ACV Auctions in a report on Monday, December 16th. Piper Sandler lifted their price objective on ACV Auctions from $16.00 to $18.00 and gave the stock a “neutral” rating in a report on Friday, November 8th. Barrington Research reaffirmed an “outperform” rating and issued a $23.00 price objective on shares of ACV Auctions in a report on Monday, November 4th. Citigroup lifted their price objective on ACV Auctions from $22.00 to $27.00 and gave the stock a “buy” rating in a report on Wednesday, November 27th. Finally, B. Riley lifted their price objective on ACV Auctions from $24.00 to $27.00 and gave the stock a “buy” rating in a report on Tuesday, November 26th. Three investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $23.35.

Insider Buying and Selling at ACV Auctions

In other news, CFO William Zerella sold 32,500 shares of the business’s stock in a transaction dated Monday, December 30th. The stock was sold at an average price of $21.65, for a total value of $703,625.00. Following the transaction, the chief financial officer now directly owns 490,482 shares in the company, valued at $10,618,935.30. The trade was a 6.21 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Michael Waterman sold 30,162 shares of the business’s stock in a transaction dated Tuesday, January 7th. The shares were sold at an average price of $20.53, for a total value of $619,225.86. Following the completion of the transaction, the insider now owns 314,738 shares in the company, valued at $6,461,571.14. The trade was a 8.75 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 125,162 shares of company stock valued at $2,663,776. Company insiders own 8.50% of the company’s stock.

Hedge Funds Weigh In On ACV Auctions

Several large investors have recently made changes to their positions in ACVA. Blue Trust Inc. lifted its position in shares of ACV Auctions by 165.2% in the third quarter. Blue Trust Inc. now owns 1,419 shares of the company’s stock valued at $29,000 after acquiring an additional 884 shares in the last quarter. MCF Advisors LLC lifted its position in shares of ACV Auctions by 107.0% in the third quarter. MCF Advisors LLC now owns 1,480 shares of the company’s stock valued at $30,000 after acquiring an additional 765 shares in the last quarter. KBC Group NV lifted its position in shares of ACV Auctions by 80.4% in the fourth quarter. KBC Group NV now owns 7,406 shares of the company’s stock worth $160,000 after buying an additional 3,300 shares in the last quarter. Verdence Capital Advisors LLC purchased a new stake in shares of ACV Auctions in the third quarter worth about $206,000. Finally, Mackenzie Financial Corp purchased a new stake in shares of ACV Auctions in the fourth quarter worth about $206,000. 88.55% of the stock is currently owned by hedge funds and other institutional investors.

ACV Auctions Stock Down 5.2 %

The company has a debt-to-equity ratio of 0.25, a current ratio of 1.51 and a quick ratio of 1.51. The company has a market capitalization of $2.96 billion, a PE ratio of -35.98 and a beta of 1.69. The business has a 50-day moving average of $21.17 and a 200 day moving average of $20.13.

ACV Auctions (NASDAQ:ACVA) last posted its earnings results on Wednesday, February 19th. The company reported ($0.14) EPS for the quarter, topping analysts’ consensus estimates of ($0.15) by $0.01. The company had revenue of $159.51 million for the quarter, compared to the consensus estimate of $156.77 million. ACV Auctions had a negative return on equity of 12.81% and a negative net margin of 12.51%. Equities research analysts predict that ACV Auctions Inc. will post -0.07 earnings per share for the current year.

ACV Auctions Company Profile

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.