ACV Auctions (NASDAQ:ACVA) Hits New 12-Month Low - Time to Sell?

Key Points

• ACV Auctions Inc.'s stock reached a new 52-week low at $9.85, and it last traded at $10.04 with significant volume of over 2.9 million shares.
• Several analysts, including those from Goldman Sachs and Bank of America, have downgraded their price targets for ACV Auctions, with a consensus target of $19.67 and a current rating of "Moderate Buy."
• Insider trading activity saw key executives sell shares, with over 51,000 shares sold in the last 90 days, indicating potential concern among insiders about company performance.

ACV Auctions Inc. (NASDAQ:ACVA - Get Free Report)'s stock price hit a new 52-week low on Wednesday . The company traded as low as $9.85 and last traded at $10.04, with a volume of 2977302 shares traded. The stock had previously closed at $10.08.

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on ACVA shares. The Goldman Sachs Group lowered their price target on ACV Auctions from $26.00 to $21.00 and set a "buy" rating for the company in a research report on Tuesday, August 12th. Bank of America lowered their price target on ACV Auctions from $20.00 to $16.50 and set a "buy" rating for the company in a research report on Tuesday, August 12th. Stephens lowered their price target on ACV Auctions from $16.00 to $11.50 and set an "equal weight" rating for the company in a research report on Tuesday, August 12th. Citigroup lowered their price target 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, Needham & Company LLC lowered their price target on ACV Auctions from $25.00 to $16.00 and set a "buy" 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 two have given a Hold rating to the company. According to data from MarketBeat.com, ACV Auctions currently has an average rating of "Moderate Buy" and a consensus price target of $19.67.

ACV Auctions Trading Down 0.4%

The firm has a 50 day simple moving average of $12.96 and a 200 day simple moving average of $14.54. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.56 and a current ratio of 1.56. The firm has a market cap of $1.73 billion, a P/E ratio of -20.48 and a beta of 1.68.

Insider Activity

In other ACV Auctions news, insider Craig Eric Anderson sold 15,000 shares of the firm's stock in a transaction dated 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 transaction, the insider owned 340,799 shares in the company, valued at $5,125,616.96. This trade represents a 4.22% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Michael Waterman sold 34,339 shares of the firm's stock in a transaction dated Tuesday, July 8th. The stock was sold at an average price of $16.05, for a total value of $551,140.95. Following the completion of the transaction, the insider owned 379,957 shares of the company's stock, valued at approximately $6,098,309.85. This represents a 8.29% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 51,089 shares of company stock valued at $794,433. 2.90% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the stock. SG Americas Securities LLC bought a new position in ACV Auctions in the 1st quarter worth about $364,000. Rivermont Capital Management LP boosted its position in shares of ACV Auctions by 16.8% during the 1st quarter. Rivermont Capital Management LP now owns 933,113 shares of the company's stock valued at $13,148,000 after acquiring an additional 133,936 shares during the last quarter. Tempus Wealth Planning LLC bought a new stake in shares of ACV Auctions during the 1st quarter valued at about $277,000. Vanguard Group Inc. boosted its position in shares of ACV Auctions by 7.4% during the 1st quarter. Vanguard Group Inc. now owns 15,301,225 shares of the company's stock valued at $215,594,000 after acquiring an additional 1,055,310 shares during the last quarter. Finally, Jump Financial LLC boosted its position in shares of ACV Auctions by 233.3% during the 1st quarter. Jump Financial LLC now owns 92,996 shares of the company's stock valued at $1,310,000 after acquiring an additional 65,096 shares during the last quarter. 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.

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