ACV Auctions (NASDAQ:ACVA) Hits New 12-Month Low After Analyst Downgrade

Key Points

• ACV Auctions' stock (NASDAQ:ACVA) reached a new 12-month low at $9.55 after Needham & Company downgraded its price target from $16.00 to $14.00.
• Multiple analysts have cut their price targets for ACV Auctions, with a consensus target now at $19.27 and ten analysts rating it as a "Buy".
• Insider selling occurred as Craig Eric Anderson offloaded 15,000 shares for $225,600, decreasing his ownership in the company.

ACV Auctions Inc. (NASDAQ:ACVA - Get Free Report)'s stock price hit a new 52-week low during mid-day trading on Tuesday after Needham & Company LLC lowered their price target on the stock from $16.00 to $14.00. Needham & Company LLC currently has a buy rating on the stock. ACV Auctions traded as low as $9.55 and last traded at $9.69, with a volume of 2953385 shares trading hands. The stock had previously closed at $10.12.

Several other equities research analysts have also recently issued reports on the stock. Stephens lowered their target price on shares of ACV Auctions from $16.00 to $11.50 and set an "equal weight" rating on the stock in a research note on Tuesday, August 12th. The Goldman Sachs Group reduced their price objective on shares of ACV Auctions from $26.00 to $21.00 and set a "buy" rating on the stock in a report on Tuesday, August 12th. JPMorgan Chase & Co. cut their price target on shares of ACV Auctions from $20.00 to $19.00 and set an "overweight" rating on the stock in a research note on Thursday, July 17th. Citigroup lowered their price objective on ACV Auctions from $21.00 to $17.00 and set a "buy" rating for the company in a research report on Tuesday, August 12th. Finally, JMP Securities lowered their price objective on ACV Auctions from $20.00 to $18.00 and set a "market outperform" rating for the company in a research report on Tuesday, August 12th. Ten equities research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $19.27.

Insider Buying and Selling at ACV Auctions

In other news, insider Craig Eric Anderson sold 15,000 shares of the stock in a transaction that occurred on Tuesday, July 22nd. The stock was sold at an average price of $15.04, for a total value of $225,600.00. Following the completion of the sale, the insider directly owned 340,799 shares of the company's stock, valued at approximately $5,125,616.96. This represents a 4.22% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 2.90% of the company's stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in ACVA. BI Asset Management Fondsmaeglerselskab A S acquired a new position in ACV Auctions in the 1st quarter valued at about $35,000. CWM LLC boosted its holdings in ACV Auctions by 77.4% in the 2nd quarter. CWM LLC now owns 4,642 shares of the company's stock worth $75,000 after acquiring an additional 2,026 shares during the period. Neo Ivy Capital Management purchased a new position in shares of ACV Auctions during the 2nd quarter valued at approximately $87,000. GAMMA Investing LLC raised its position in shares of ACV Auctions by 3,005.8% during the 1st quarter. GAMMA Investing LLC now owns 5,932 shares of the company's stock valued at $84,000 after acquiring an additional 5,741 shares in the last quarter. Finally, AlphaQuest LLC raised its position in shares of ACV Auctions by 2,640.6% during the 1st quarter. AlphaQuest LLC now owns 6,687 shares of the company's stock valued at $94,000 after acquiring an additional 6,443 shares in the last quarter. Institutional investors and hedge funds own 88.55% of the company's stock.

ACV Auctions Stock Performance

The company has a current ratio of 1.56, a quick ratio of 1.56 and a debt-to-equity ratio of 0.28. The firm has a market capitalization of $1.67 billion, a price-to-earnings ratio of -19.77 and a beta of 1.64. The company has a 50-day moving average of $11.46 and a 200-day moving average of $14.10.

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.

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