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

ACV Auctions Inc. (NASDAQ:ACVA)’s stock price 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 changing hands.

ACVA has been the topic of a number of other reports. B. Riley upped their price target 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. Piper Sandler upped their target price on shares of ACV Auctions from $16.00 to $18.00 and gave the stock a “neutral” rating in a research note on Friday, November 8th. Barrington Research reaffirmed an “outperform” rating and set a $23.00 price target on shares of ACV Auctions in a research note on Monday, November 4th. Stephens raised ACV Auctions to a “hold” rating in a research note on Saturday, February 1st. Finally, Citigroup raised their price objective on ACV Auctions from $22.00 to $27.00 and gave the stock a “buy” rating in a report on Wednesday, November 27th. Three analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat, ACV Auctions 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 ACV Auctions news, CFO William Zerella sold 32,500 shares of ACV Auctions stock in a transaction dated Tuesday, November 26th. The stock was sold at an average price of $22.41, for a total value of $728,325.00. Following the transaction, the chief financial officer now owns 490,482 shares in the company, valued at $10,991,701.62. The trade was a 6.21 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Michael Waterman sold 30,162 shares of the stock in a transaction dated 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 directly owns 314,738 shares of the company’s stock, valued at approximately $6,461,571.14. The trade was a 8.75 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 125,162 shares of company stock valued at $2,663,776. 8.50% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On ACV Auctions

Several institutional investors and hedge funds have recently bought and sold shares of the company. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its position in ACV Auctions by 27.5% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 269,394 shares of the company’s stock valued at $5,819,000 after buying an additional 58,138 shares in the last quarter. Spyglass Capital Management LLC increased its holdings in shares of ACV Auctions by 11.6% during the fourth quarter. Spyglass Capital Management LLC now owns 2,916,586 shares of the company’s stock valued at $62,998,000 after acquiring an additional 302,341 shares in the last quarter. ThornTree Capital Partners LP raised its position in shares of ACV Auctions by 27.2% in the 4th quarter. ThornTree Capital Partners LP now owns 1,040,719 shares of the company’s stock valued at $22,480,000 after purchasing an additional 222,854 shares during the last quarter. Two Star Manager LLC raised its position in shares of ACV Auctions by 42.2% in the 4th quarter. Two Star Manager LLC now owns 476,041 shares of the company’s stock valued at $10,282,000 after purchasing an additional 141,347 shares during the last quarter. Finally, Summit Partners Public Asset Management LLC boosted its stake in ACV Auctions by 32.2% in the 4th quarter. Summit Partners Public Asset Management LLC now owns 2,052,026 shares of the company’s stock worth $44,324,000 after purchasing an additional 500,000 shares in the last quarter. 88.55% of the stock is owned by hedge funds and other institutional investors.

ACV Auctions Stock Performance

The company has a current ratio of 1.51, a quick ratio of 1.51 and a debt-to-equity ratio of 0.25. The company has a market cap of $3.17 billion, a PE ratio of -40.24 and a beta of 1.69. The firm’s 50-day simple moving average is $21.27 and its two-hundred day simple moving average is $20.13.

ACV Auctions (NASDAQ:ACVA) last announced its quarterly earnings data on Wednesday, February 19th. The company reported ($0.14) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.15) by $0.01. ACV Auctions had a negative net margin of 12.89% and a negative return on equity of 12.11%. The firm had revenue of $159.51 million for the quarter, compared to analyst estimates of $156.77 million. As a group, research analysts anticipate that ACV Auctions Inc. will post -0.33 earnings per share for the current fiscal 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.