ACV Auctions (NASDAQ:ACVA) Shares Gap Down - Should You Sell?

ACV Auctions Inc. (NASDAQ:ACVA - Get Free Report) gapped down prior to trading on Wednesday . The stock had previously closed at $18.56, but opened at $17.63. ACV Auctions shares last traded at $18.36, with a volume of 11,728 shares traded.

Analysts Set New Price Targets

Several equities analysts have commented on ACVA shares. Raymond James started coverage on ACV Auctions in a research report on Friday, September 27th. They set a "market perform" rating and a $22.00 price objective for the company. Jefferies Financial Group upped their target price on shares of ACV Auctions from $22.00 to $25.00 and gave the company a "buy" rating in a research note on Tuesday. Barrington Research restated an "outperform" rating and set a $23.00 price target on shares of ACV Auctions in a research note on Friday, August 16th. Finally, JMP Securities upped their price target on ACV Auctions from $21.00 to $24.00 and gave the stock a "market outperform" rating in a research report on Tuesday, September 17th. Two analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $22.00.

ACV Auctions Stock Performance

The stock has a market capitalization of $2.96 billion, a PE ratio of -37.56 and a beta of 1.56. The company has a current ratio of 1.49, a quick ratio of 1.49 and a debt-to-equity ratio of 0.24. The firm's fifty day moving average price is $19.22 and its two-hundred day moving average price is $18.29.

ACV Auctions (NASDAQ:ACVA - Get Free Report) last posted its quarterly earnings data on Wednesday, August 7th. The company reported ($0.07) earnings per share for the quarter, topping analysts' consensus estimates of ($0.09) by $0.02. ACV Auctions had a negative net margin of 14.53% and a negative return on equity of 13.20%. The firm had revenue of $160.62 million during the quarter, compared to analysts' expectations of $156.33 million. As a group, equities research analysts forecast that ACV Auctions Inc. will post -0.35 EPS for the current year.

Insider Buying and Selling

In related news, COO Vikas Mehta sold 154,324 shares of the company's stock in a transaction on Tuesday, September 10th. The stock was sold at an average price of $19.19, for a total value of $2,961,477.56. Following the completion of the transaction, the chief operating officer now directly owns 432,457 shares in the company, valued at approximately $8,298,849.83. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other news, COO Vikas Mehta sold 154,324 shares of the firm's stock in a transaction dated Tuesday, September 10th. The shares were sold at an average price of $19.19, for a total value of $2,961,477.56. Following the transaction, the chief operating officer now directly owns 432,457 shares in the company, valued at approximately $8,298,849.83. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, VP Andrew Peer sold 1,795 shares of the business's stock in a transaction on Thursday, September 19th. The shares were sold at an average price of $21.00, for a total transaction of $37,695.00. Following the transaction, the vice president now directly owns 62,956 shares of the company's stock, valued at approximately $1,322,076. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 741,926 shares of company stock valued at $14,285,765. Corporate insiders own 8.50% of the company's stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the business. Allspring Global Investments Holdings LLC raised its stake in ACV Auctions by 23.2% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 578,266 shares of the company's stock valued at $11,756,000 after purchasing an additional 108,861 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 worth $29,000 after purchasing an additional 884 shares during the last quarter. Creative Planning raised its stake in shares of ACV Auctions by 129.4% in the third quarter. Creative Planning now owns 27,935 shares of the company's stock worth $568,000 after acquiring an additional 15,758 shares during the last quarter. Essex Investment Management Co. LLC bought a new position in ACV Auctions in the 3rd quarter valued at $2,915,000. Finally, Park Place Capital Corp increased its position in ACV Auctions by 34.1% in the third quarter. Park Place Capital Corp now owns 2,779 shares of the company's stock worth $56,000 after purchasing an additional 706 shares during the period. 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.