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

ACV Auctions Inc. (NASDAQ:ACVA) was down 5.2% during mid-day 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 changed 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.

Several other research firms have also recently weighed in on ACVA. Bank of America upgraded ACV Auctions from a “neutral” rating to a “buy” rating and lowered their price objective for the stock from $22.00 to $20.00 in a research report on Wednesday, March 12th. JMP Securities reiterated a “market outperform” rating and issued a $25.00 price objective on shares of ACV Auctions in a research note on Monday, December 16th. Piper Sandler upgraded shares of ACV Auctions from a “neutral” rating to an “overweight” rating and increased their target price for the stock from $18.00 to $20.00 in a research report on Thursday, March 20th. Citigroup lifted their price target on shares of ACV Auctions from $22.00 to $27.00 and gave the company a “buy” rating in a research report on Wednesday, November 27th. Finally, Needham & Company LLC reissued a “buy” rating and set a $25.00 price target on shares of ACV Auctions in a research report on Wednesday, March 12th. Two research analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $23.14.

Insider Buying and Selling at ACV Auctions

In other ACV Auctions news, insider Michael Waterman sold 15,000 shares of the stock in a transaction dated Tuesday, February 4th. The stock was sold at an average price of $20.27, for a total value of $304,050.00. Following the completion of the transaction, the insider now directly owns 311,354 shares in the company, valued at approximately $6,311,145.58. This trade represents a 4.60 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed 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 shares were sold at an average price of $21.65, for a total value of $703,625.00. Following the completion of the transaction, the chief financial officer now directly owns 490,482 shares of the company’s stock, valued at $10,618,935.30. This represents a 6.21 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 455,911 shares of company stock worth $7,480,541 over the last quarter. Corporate insiders own 8.50% of the company’s stock.

Institutional Investors Weigh In On ACV Auctions

Institutional investors have recently added to or reduced their stakes in the business. Blue Trust Inc. grew its stake in shares of ACV Auctions by 65.8% in the fourth quarter. Blue Trust Inc. now owns 2,352 shares of the company’s stock worth $48,000 after purchasing an additional 933 shares during the last quarter. Icon Wealth Advisors LLC grew its position in shares of ACV Auctions by 13.5% in the 3rd quarter. Icon Wealth Advisors LLC now owns 11,048 shares of the company’s stock valued at $225,000 after buying an additional 1,317 shares during the last quarter. Arizona State Retirement System increased its stake in shares of ACV Auctions by 3.6% in the fourth quarter. Arizona State Retirement System now owns 44,126 shares of the company’s stock valued at $953,000 after buying an additional 1,520 shares during the period. California State Teachers Retirement System increased its stake in shares of ACV Auctions by 1.4% in the fourth quarter. California State Teachers Retirement System now owns 141,873 shares of the company’s stock valued at $3,064,000 after buying an additional 1,906 shares during the period. Finally, Franklin Resources Inc. lifted its position in shares of ACV Auctions by 5.3% in the 3rd quarter. Franklin Resources Inc. now owns 40,935 shares of the company’s stock worth $768,000 after purchasing an additional 2,057 shares during the period. 88.55% of the stock is owned by institutional investors.

ACV Auctions Trading Down 5.0 %

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 firm’s fifty day moving average is $18.34 and its 200-day moving average is $19.66. The firm has a market cap of $2.45 billion, a price-to-earnings ratio of -29.63 and a beta of 1.73.

ACV Auctions (NASDAQ:ACVA) last issued its quarterly earnings results on Wednesday, February 19th. The company reported ($0.14) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.15) by $0.01. The firm had revenue of $159.51 million for the quarter, compared to analyst estimates of $156.77 million. ACV Auctions had a negative return on equity of 12.94% and a negative net margin of 12.51%. Equities analysts anticipate that ACV Auctions Inc. will post -0.07 earnings per share for the current year.

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.