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

ACV Auctions Inc. (NASDAQ:ACVA - Get Free Report) shares gapped down before the market opened 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 trading hands.

A number of other brokerages also recently commented on ACVA. Stephens upgraded shares of ACV Auctions to a "hold" rating in a research note on Saturday, February 1st. JMP Securities restated a "market outperform" rating and set a $25.00 price objective on shares of ACV Auctions in a report on Monday, December 16th. B. Riley upped their target price on ACV Auctions from $24.00 to $27.00 and gave the stock a "buy" rating in a report on Tuesday, November 26th. Piper Sandler increased their price target on ACV Auctions from $16.00 to $18.00 and gave the stock a "neutral" rating in a research report on Friday, November 8th. Finally, Citigroup upped their price objective 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 research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $23.35.

Insider Buying and Selling at ACV Auctions

In other news, CFO William Zerella sold 32,500 shares of the company's stock in a transaction on Tuesday, November 26th. The stock was sold at an average price of $22.41, for a total transaction of $728,325.00. Following the transaction, the chief financial officer now directly owns 490,482 shares of the company's stock, valued at approximately $10,991,701.62. This represents a 6.21 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Michael Waterman sold 30,162 shares of the firm's stock in a transaction on Tuesday, January 7th. The stock was 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 directly owns 314,738 shares of the company's stock, valued at $6,461,571.14. The trade was a 8.75 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 125,162 shares of company stock worth $2,663,776 over the last quarter. Insiders own 8.50% of the company's stock.

Institutional Investors Weigh In On ACV Auctions

A number of large investors have recently modified their holdings of ACVA. Creative Planning grew its position in ACV Auctions by 129.4% during the 3rd quarter. Creative Planning now owns 27,935 shares of the company's stock worth $568,000 after purchasing an additional 15,758 shares during the last quarter. Blue Trust Inc. grew its holdings in shares of ACV Auctions by 165.2% during the third quarter. Blue Trust Inc. now owns 1,419 shares of the company's stock valued at $29,000 after buying an additional 884 shares during the last quarter. MCF Advisors LLC grew its holdings in shares of ACV Auctions by 107.0% during the third quarter. MCF Advisors LLC now owns 1,480 shares of the company's stock valued at $30,000 after buying an additional 765 shares during the last quarter. Harbor Capital Advisors Inc. increased its position in shares of ACV Auctions by 383.7% in the 3rd quarter. Harbor Capital Advisors Inc. now owns 153,050 shares of the company's stock valued at $3,112,000 after acquiring an additional 121,411 shares during the period. Finally, Principal Financial Group Inc. raised its stake in ACV Auctions by 4.9% in the 3rd quarter. Principal Financial Group Inc. now owns 64,925 shares of the company's stock worth $1,320,000 after acquiring an additional 3,022 shares during the last quarter. Hedge funds and other institutional investors own 88.55% of the company's stock.

ACV Auctions Trading Down 1.4 %

The company has a current ratio of 1.56, a quick ratio of 1.51 and a debt-to-equity ratio of 0.28. The stock has a 50-day simple moving average of $21.17 and a 200 day simple moving average of $20.21. The company has a market cap of $2.90 billion, a price-to-earnings ratio of -35.36 and a beta of 1.69.

ACV Auctions (NASDAQ:ACVA - Get Free Report) last released its quarterly earnings data on Wednesday, February 19th. The company reported ($0.14) EPS for the quarter, beating the consensus estimate of ($0.15) by $0.01. The business 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, equities research analysts predict that ACV Auctions Inc. will post -0.07 EPS for the current fiscal 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.