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

Shares of ACV Auctions Inc. (NASDAQ:ACVA - Get Free Report) hit a new 52-week low on Tuesday . The stock traded as low as $14.57 and last traded at $14.74, with a volume of 71229 shares changing hands. The stock had previously closed at $15.21.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on the company. Piper Sandler increased their target price on ACV Auctions from $16.00 to $18.00 and gave the company a "neutral" rating in a report on Friday, November 8th. Needham & Company LLC lowered their price target on ACV Auctions from $28.00 to $25.00 and set a "buy" rating for the company in a research report on Thursday, February 20th. B. Riley upped their price target on ACV Auctions from $24.00 to $27.00 and gave the company a "buy" rating in a research report on Tuesday, November 26th. Citigroup upped their price target on ACV Auctions from $22.00 to $27.00 and gave the company a "buy" rating in a research report on Wednesday, November 27th. Finally, JMP Securities reaffirmed a "market outperform" rating and set a $25.00 price target on shares of ACV Auctions in a research report on Monday, December 16th. Three investment analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat.com, ACV Auctions presently has an average rating of "Moderate Buy" and a consensus target price of $23.35.

ACV Auctions Price Performance

The stock has a market cap of $2.38 billion, a P/E ratio of -28.80 and a beta of 1.73. The firm has a 50-day moving average price of $20.16 and a 200-day moving average price of $20.03. 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 announced its 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 return on equity of 12.94% and a negative net margin of 12.51%. The firm had revenue of $159.51 million during the quarter, compared to analyst estimates of $156.77 million. On average, analysts forecast that ACV Auctions Inc. will post -0.07 earnings per share for the current fiscal year.

Insider Activity at ACV Auctions

In other ACV Auctions news, insider Michael Waterman sold 30,162 shares of the stock in a transaction on Tuesday, January 7th. The stock was sold at an average price of $20.53, for a total transaction of $619,225.86. Following the sale, the insider now directly owns 314,738 shares in the company, valued at approximately $6,461,571.14. This trade represents a 8.75 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO William Zerella sold 15,000 shares of the stock in a transaction on Tuesday, January 7th. The shares were sold at an average price of $20.57, for a total value of $308,550.00. Following the sale, the chief financial officer now owns 462,452 shares in the company, valued at approximately $9,512,637.64. This represents a 3.14 % decrease in their ownership of the stock. 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 90 days. Corporate insiders own 8.50% of the company's stock.

Institutional Trading of ACV Auctions

Several hedge funds have recently bought and sold shares of ACVA. William Blair Investment Management LLC grew its holdings in ACV Auctions by 43.2% during the fourth quarter. William Blair Investment Management LLC now owns 12,099,686 shares of the company's stock valued at $261,353,000 after purchasing an additional 3,652,871 shares during the period. Driehaus Capital Management LLC grew its holdings in ACV Auctions by 128.5% during the fourth quarter. Driehaus Capital Management LLC now owns 2,837,165 shares of the company's stock valued at $61,283,000 after purchasing an additional 1,595,657 shares during the period. Spyglass Capital Management LLC lifted its position in shares of ACV Auctions by 69.1% in the third quarter. Spyglass Capital Management LLC now owns 2,614,245 shares of the company's stock valued at $53,148,000 after acquiring an additional 1,068,356 shares in the last quarter. Wellington Management Group LLP purchased a new position in shares of ACV Auctions in the third quarter valued at about $21,540,000. Finally, Franklin Resources Inc. lifted its position in shares of ACV Auctions by 2,346.2% in the fourth quarter. Franklin Resources Inc. now owns 1,001,365 shares of the company's stock valued at $21,629,000 after acquiring an additional 960,430 shares in the last quarter. Institutional investors own 88.55% of the company's stock.

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.