ACV Auctions (NASDAQ:ACVA) Sets New 12-Month Low – Here’s Why

ACV Auctions Inc. (NASDAQ:ACVA)’s stock price reached a new 52-week low during trading on Tuesday . The company 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.

Analysts Set New Price Targets

A number of research firms recently commented on ACVA. Stephens upgraded shares of ACV Auctions to a “hold” rating in a report on Saturday, February 1st. Needham & Company LLC lowered their price target on shares of ACV Auctions from $28.00 to $25.00 and set a “buy” rating for the company in a report on Thursday, February 20th. Piper Sandler upped their price objective on shares of ACV Auctions from $16.00 to $18.00 and gave the stock a “neutral” rating in a report on Friday, November 8th. B. Riley upped their price objective on shares of ACV Auctions from $24.00 to $27.00 and gave the stock a “buy” rating in a report on Tuesday, November 26th. 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 report on Wednesday, November 27th. Three investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $23.35.

ACV Auctions Stock Down 4.3 %

The stock’s 50-day moving average price is $20.58 and its two-hundred day moving average price is $20.13. The stock has a market capitalization of $2.46 billion, a PE ratio of -29.73 and a beta of 1.69. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.56 and a current ratio of 1.56.

ACV Auctions (NASDAQ:ACVA) last released its earnings results on Wednesday, February 19th. The company reported ($0.14) earnings per share for the quarter, topping analysts’ consensus estimates 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 firm had revenue of $159.51 million for the quarter, compared to the consensus estimate of $156.77 million. As a group, analysts expect that ACV Auctions Inc. will post -0.07 EPS for the current fiscal year.

Insider Activity at ACV Auctions

In other ACV Auctions news, insider Michael Waterman sold 30,162 shares of the firm’s stock in a transaction that occurred 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 sale, the insider now 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO William Zerella sold 15,000 shares of the stock in a transaction that occurred on Tuesday, January 7th. The shares were sold at an average price of $20.57, for a total transaction of $308,550.00. Following the sale, the chief financial officer now directly owns 462,452 shares of the company’s stock, valued at approximately $9,512,637.64. This trade represents a 3.14 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 92,662 shares of company stock valued at $1,935,451. 8.50% of the stock is owned by insiders.

Institutional Investors Weigh In On ACV Auctions

A number of institutional investors have recently added to or reduced their stakes in ACVA. Moody National Bank Trust Division grew its holdings in shares of ACV Auctions by 64.6% in the fourth quarter. Moody National Bank Trust Division now owns 79,199 shares of the company’s stock valued at $1,711,000 after purchasing an additional 31,094 shares in the last quarter. Quadrature Capital Ltd purchased a new position in ACV Auctions during the third quarter worth $566,000. TimesSquare Capital Management LLC increased its position in ACV Auctions by 6.7% during the fourth quarter. TimesSquare Capital Management LLC now owns 1,891,627 shares of the company’s stock valued at $40,859,000 after acquiring an additional 118,421 shares during the last quarter. JPMorgan Chase & Co. increased its position in ACV Auctions by 10.9% during the third quarter. JPMorgan Chase & Co. now owns 3,167,615 shares of the company’s stock valued at $64,398,000 after acquiring an additional 311,465 shares during the last quarter. Finally, Quantbot Technologies LP purchased a new stake in shares of ACV Auctions in the third quarter valued at $2,035,000. 88.55% of the stock is owned by hedge funds and other institutional investors.

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.