ACV Auctions (NASDAQ:ACVA) Sets 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 share price reached a new 52-week low during trading on Wednesday . The stock 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 Ratings Changes

Several research firms have commented on ACVA. JMP Securities lowered their price objective on ACV Auctions from $20.00 to $18.00 and set a "market outperform" rating on the stock in a research report on Tuesday, August 12th. Citigroup lowered their price objective on ACV Auctions from $21.00 to $17.00 and set a "buy" rating on the stock in a research report on Tuesday, August 12th. Bank of America lowered their price objective on ACV Auctions from $20.00 to $16.50 and set a "buy" rating on the stock in a research report on Tuesday, August 12th. JPMorgan Chase & Co. lowered their price objective on ACV Auctions from $20.00 to $19.00 and set an "overweight" rating on the stock in a research report on Thursday, July 17th. Finally, Stephens lowered their price objective on ACV Auctions from $16.00 to $11.50 and set an "equal weight" rating on the stock 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, the stock has an average rating of "Moderate Buy" and a consensus target price of $19.67.

ACV Auctions Stock Up 0.3%

The business has a fifty day simple moving average of $12.59 and a two-hundred day simple moving average of $14.44. 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 company has a market cap of $1.78 billion, a PE ratio of -21.16 and a beta of 1.68.

Insiders Place Their Bets

In other ACV Auctions news, insider Craig Eric Anderson sold 15,000 shares of the firm's stock in a transaction 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 $5,125,616.96. This trade represents a 4.22% decrease in their position. The sale was disclosed in a legal filing 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 on 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 sale, the insider directly owned 379,957 shares of the company's stock, valued at $6,098,309.85. This trade represents a 8.29% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 51,089 shares of company stock valued at $794,433 over the last ninety days. Corporate insiders own 2.90% of the company's stock.

Institutional Trading of ACV Auctions

A number of hedge funds and other institutional investors have recently modified their holdings of ACVA. Brighton Jones LLC acquired a new stake in shares of ACV Auctions in the 4th quarter worth $392,000. ProShare Advisors LLC increased its stake in shares of ACV Auctions by 49.0% in the 4th quarter. ProShare Advisors LLC now owns 41,674 shares of the company's stock worth $900,000 after acquiring an additional 13,711 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake in shares of ACV Auctions by 27.5% in 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 worth $5,819,000 after acquiring an additional 58,138 shares during the last quarter. Mackenzie Financial Corp acquired a new stake in shares of ACV Auctions in the 4th quarter worth $206,000. Finally, Integrated Advisors Network LLC acquired a new stake in shares of ACV Auctions during the 4th quarter worth about $200,000. 88.55% of the stock is owned by institutional investors and hedge funds.

ACV Auctions Company Profile

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.