ACV Auctions (NASDAQ:ACVA) Hits New 12-Month Low - Should You Sell?

Shares of ACV Auctions Inc. (NASDAQ:ACVA - Get Free Report) hit a new 52-week low during mid-day trading on Friday . The company traded as low as $12.11 and last traded at $12.69, with a volume of 390075 shares changing hands. The stock had previously closed at $13.59.

Analysts Set New Price Targets

Several brokerages have recently weighed in on ACVA. Stephens upgraded shares of ACV Auctions to a "hold" rating in a research report on Saturday, February 1st. Piper Sandler upgraded shares of ACV Auctions from a "neutral" rating to an "overweight" rating and raised their price target for the stock from $18.00 to $20.00 in a research note on Thursday, March 20th. Bank of America upgraded ACV Auctions from a "neutral" rating to a "buy" rating and lowered their price objective for the company from $22.00 to $20.00 in a research note on Wednesday, March 12th. JMP Securities cut their target price on ACV Auctions from $22.00 to $18.00 and set a "market outperform" rating for the company in a research report on Wednesday. Finally, JPMorgan Chase & Co. decreased their price target on ACV Auctions from $24.00 to $20.00 and set an "overweight" rating on the stock in a research note on Thursday, March 27th. Two equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. According to MarketBeat, ACV Auctions currently has a consensus rating of "Moderate Buy" and an average target price of $22.50.

ACV Auctions Trading Up 13.7 %

The business has a 50 day simple moving average of $16.80 and a 200 day simple moving average of $19.23. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.56 and a quick ratio of 1.56. The company has a market cap of $2.46 billion, a price-to-earnings ratio of -29.75 and a beta of 1.74.

ACV Auctions (NASDAQ:ACVA - Get Free Report) last issued its quarterly earnings results on Wednesday, February 19th. The company reported ($0.14) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.15) by $0.01. ACV Auctions had a negative net margin of 12.51% and a negative return on equity of 12.94%. The business had revenue of $159.51 million for the quarter, compared to the consensus estimate of $156.77 million. As a group, equities analysts forecast that ACV Auctions Inc. will post -0.07 EPS for the current year.

Insider Activity

In other news, CEO George Chamoun sold 348,249 shares of the business's stock in a transaction on Thursday, March 20th. The stock was sold at an average price of $15.34, for a total transaction of $5,342,139.66. Following the completion of the sale, the chief executive officer now owns 2,821,193 shares in the company, valued at $43,277,100.62. The trade was a 10.99 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO William Zerella sold 15,000 shares of the firm's stock in a transaction dated Tuesday, March 11th. The shares were sold at an average price of $13.53, for a total value of $202,950.00. Following the completion of the transaction, the chief financial officer now owns 766,266 shares in the company, valued at approximately $10,367,578.98. This represents a 1.92 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 378,249 shares of company stock valued at $5,849,140 over the last three months. 8.50% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the business. Versant Capital Management Inc grew its position in shares of ACV Auctions by 464.4% during the 1st quarter. Versant Capital Management Inc now owns 2,201 shares of the company's stock worth $31,000 after buying an additional 1,811 shares during the period. Blue Trust Inc. grew its holdings in ACV Auctions by 65.8% during the 4th quarter. Blue Trust Inc. now owns 2,352 shares of the company's stock worth $48,000 after acquiring an additional 933 shares during the period. GAMMA Investing LLC raised its position in shares of ACV Auctions by 3,005.8% during the 1st quarter. GAMMA Investing LLC now owns 5,932 shares of the company's stock valued at $84,000 after acquiring an additional 5,741 shares during the last quarter. KBC Group NV raised its position in shares of ACV Auctions by 80.4% during the 4th quarter. KBC Group NV now owns 7,406 shares of the company's stock valued at $160,000 after acquiring an additional 3,300 shares during the last quarter. Finally, Integrated Advisors Network LLC acquired a new position in shares of ACV Auctions in the 4th quarter valued at $200,000. 88.55% of the stock is currently owned by institutional investors and hedge funds.

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.