ACV Auctions (NASDAQ:ACVA) Reaches New 52-Week Low - Here's What Happened

ACV Auctions Inc. (NASDAQ:ACVA - Get Free Report) shares reached a new 52-week low on Monday . The company traded as low as $12.96 and last traded at $13.10, with a volume of 2885049 shares trading hands. The stock had previously closed at $14.11.

Analysts Set New Price Targets

Several analysts have commented on the stock. B. Riley boosted their price target on shares of ACV Auctions from $24.00 to $27.00 and gave the stock a "buy" rating in a research note on Tuesday, November 26th. Stephens upgraded shares of ACV Auctions to a "hold" rating in a research note on Saturday, February 1st. Needham & Company LLC decreased their price target on shares of ACV Auctions from $28.00 to $25.00 and set a "buy" rating on the stock in a research note on Thursday, February 20th. JMP Securities reiterated a "market outperform" rating and issued a $25.00 price target on shares of ACV Auctions in a research note on Monday, December 16th. Finally, Citigroup boosted their price target on shares of ACV Auctions from $22.00 to $27.00 and gave the stock a "buy" rating in a research note on Wednesday, November 27th. Three equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company's stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $23.35.

ACV Auctions Stock Performance

The stock has a market capitalization of $2.33 billion, a P/E ratio of -28.12 and a beta of 1.73. The business's fifty day moving average price is $19.67 and its two-hundred day moving average price is $19.94. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.56 and a current ratio of 1.56.

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ACV Auctions (NASDAQ:ACVA - Get Free Report) last issued its quarterly earnings results on Wednesday, February 19th. The company reported ($0.14) EPS for the quarter, beating the consensus estimate 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 net margin of 12.51% and a negative return on equity of 12.94%. As a group, sell-side analysts forecast that ACV Auctions Inc. will post -0.07 earnings per share for the current year.

Insider Buying and Selling at ACV Auctions

In other news, insider Michael Waterman sold 30,162 shares of the company's stock in a transaction that occurred on 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 sale, the insider now owns 314,738 shares of the company's stock, valued at approximately $6,461,571.14. This represents a 8.75 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO William Zerella sold 32,500 shares of the company's stock in a transaction that occurred on Monday, December 30th. The stock was sold at an average price of $21.65, for a total transaction of $703,625.00. Following the completion of the sale, the chief financial officer now directly owns 490,482 shares of the company's stock, valued at $10,618,935.30. The trade was a 6.21 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 92,662 shares of company stock valued at $1,935,451 in the last three months. Company insiders own 8.50% of the company's stock.

Institutional Investors Weigh In On ACV Auctions

Several hedge funds have recently modified their holdings of ACVA. Blue Trust Inc. lifted its position in ACV Auctions by 65.8% during the fourth quarter. Blue Trust Inc. now owns 2,352 shares of the company's stock valued at $48,000 after acquiring an additional 933 shares during the last quarter. KBC Group NV lifted its position in ACV Auctions by 80.4% during the fourth 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. Integrated Advisors Network LLC purchased a new stake in ACV Auctions during the fourth quarter valued at approximately $200,000. Verdence Capital Advisors LLC purchased a new stake in ACV Auctions during the third quarter valued at approximately $206,000. Finally, Mackenzie Financial Corp purchased a new stake in ACV Auctions during the fourth quarter valued at approximately $206,000. Hedge funds and other institutional investors own 88.55% of the company's stock.

About ACV Auctions

ACV Auctions Inc operates a digital marketplace 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.