ACV Auctions (NASDAQ:ACVA) Stock Price Down 5.2% on Analyst Downgrade

ACV Auctions Inc. (NASDAQ:ACVA - Get Free Report) shares were down 5.2% during trading on Thursday after JPMorgan Chase & Co. lowered their price target on the stock from $24.00 to $20.00. JPMorgan Chase & Co. currently has an overweight rating on the stock. ACV Auctions traded as low as $14.00 and last traded at $14.49. Approximately 1,703,592 shares traded hands during trading, an increase of 21% from the average daily volume of 1,404,448 shares. The stock had previously closed at $15.28.

Other equities research analysts have also recently issued research reports about the company. Stephens raised ACV Auctions to a "hold" rating in a research note on Saturday, February 1st. Needham & Company LLC reaffirmed a "buy" rating and set a $25.00 price objective on shares of ACV Auctions in a research report on Wednesday, March 12th. Piper Sandler upgraded shares of ACV Auctions from a "neutral" rating to an "overweight" rating and boosted their target price for the company from $18.00 to $20.00 in a research report on Thursday, March 20th. Bank of America upgraded shares of ACV Auctions from a "neutral" rating to a "buy" rating and reduced their price target for the stock from $22.00 to $20.00 in a report on Wednesday, March 12th. Finally, JMP Securities reiterated a "market outperform" rating and set a $25.00 price objective on shares of ACV Auctions in a report on Monday, December 16th. Two research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $23.14.

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Insiders Place Their Bets

In other ACV Auctions news, insider Michael Waterman sold 30,162 shares of ACV Auctions stock in a transaction on Tuesday, January 7th. The shares were sold at an average price of $20.53, for a total transaction of $619,225.86. Following the transaction, 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO William Zerella sold 15,000 shares of the stock in a transaction dated Tuesday, January 7th. The shares were sold at an average price of $20.57, for a total transaction of $308,550.00. Following the completion of the sale, the chief financial officer now owns 462,452 shares of the company's stock, valued at approximately $9,512,637.64. This represents a 3.14 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 423,411 shares of company stock valued at $6,776,916. Corporate insiders own 8.50% of the company's stock.

Institutional Investors Weigh In On ACV Auctions

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Blue Trust Inc. boosted its stake in shares of ACV Auctions by 65.8% in the 4th quarter. Blue Trust Inc. now owns 2,352 shares of the company's stock worth $48,000 after buying an additional 933 shares during the last quarter. KBC Group NV lifted its holdings in ACV Auctions by 80.4% during the fourth quarter. KBC Group NV now owns 7,406 shares of the company's stock worth $160,000 after acquiring an additional 3,300 shares during the period. Integrated Advisors Network LLC purchased a new position in ACV Auctions in the fourth quarter worth $200,000. Mackenzie Financial Corp bought a new position in ACV Auctions in the 4th quarter valued at $206,000. Finally, LPL Financial LLC purchased a new stake in shares of ACV Auctions during the 4th quarter valued at $226,000. Hedge funds and other institutional investors own 88.55% of the company's stock.

ACV Auctions Price Performance

The firm has a market cap of $2.38 billion, a PE ratio of -28.74 and a beta of 1.73. 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 business's fifty day moving average is $18.06 and its 200-day moving average is $19.59.

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 company had revenue of $159.51 million during the quarter, compared to analyst estimates of $156.77 million. On average, research analysts predict that ACV Auctions Inc. will post -0.07 earnings per share 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.