ACV Auctions (NASDAQ:ACVA) Hits New 52-Week Low - What's Next?

Key Points

• ACV Auctions' shares reached a new 52-week low of $10.13, indicating significant declines amid trading with a previous close of $10.43.
• Analyst price targets for the company's stock have been significantly cut by several firms, with JMP Securities reducing theirs from $20 to $18, while Citigroup set a target of $17 down from $21.
• Institutional investors own 88.55% of ACV Auctions' shares, with some firms like Versant Capital Management significantly boosting their holdings in recent months.

Shares of ACV Auctions Inc. (NASDAQ:ACVA - Get Free Report) reached a new 52-week low during trading on Thursday . The company traded as low as $10.13 and last traded at $10.33, with a volume of 2868862 shares traded. The stock had previously closed at $10.43.

Analyst Ratings Changes

A number of analysts have commented on ACVA shares. JMP Securities dropped their price target on shares of 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. JPMorgan Chase & Co. dropped 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 report on Thursday, July 17th. Citigroup dropped their price target on shares of ACV Auctions from $21.00 to $17.00 and set a "buy" rating on the stock in a research report on Tuesday, August 12th. Needham & Company LLC dropped their price target on shares of ACV Auctions from $25.00 to $16.00 and set a "buy" rating on the stock in a research report on Tuesday, August 12th. Finally, Stephens dropped their price target on shares of 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 research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat, ACV Auctions has an average rating of "Moderate Buy" and a consensus target price of $19.67.

ACV Auctions Price Performance

The company's 50-day simple moving average is $13.46 and its 200 day simple moving average is $14.73. The company has a quick ratio of 1.56, a current ratio of 1.56 and a debt-to-equity ratio of 0.28. The company has a market capitalization of $1.77 billion, a P/E ratio of -20.99 and a beta of 1.68.

Insider Activity

In other ACV Auctions news, insider Craig Eric Anderson sold 15,000 shares of ACV Auctions stock in a transaction that occurred on Tuesday, July 22nd. The shares were sold at an average price of $15.04, for a total value of $225,600.00. Following the transaction, the insider owned 340,799 shares of the company's stock, valued at approximately $5,125,616.96. The trade was a 4.22% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Michael Waterman sold 34,339 shares of ACV Auctions stock in a transaction that occurred on Tuesday, July 8th. The shares were sold at an average price of $16.05, for a total transaction of $551,140.95. Following the completion of the sale, the insider owned 379,957 shares in the company, 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. 2.90% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On ACV Auctions

Institutional investors have recently modified their holdings of the business. Versant Capital Management Inc lifted its position in ACV Auctions by 464.4% during the first quarter. Versant Capital Management Inc now owns 2,201 shares of the company's stock worth $31,000 after purchasing an additional 1,811 shares during the period. BI Asset Management Fondsmaeglerselskab A S acquired a new position in shares of ACV Auctions in the first quarter valued at approximately $35,000. CWM LLC increased its stake in shares of ACV Auctions by 77.4% in the second quarter. CWM LLC now owns 4,642 shares of the company's stock valued at $75,000 after buying an additional 2,026 shares during the period. Neo Ivy Capital Management acquired a new position in shares of ACV Auctions in the second quarter valued at approximately $87,000. Finally, GAMMA Investing LLC increased its stake in shares of ACV Auctions by 3,005.8% in the first quarter. GAMMA Investing LLC now owns 5,932 shares of the company's stock valued at $84,000 after buying an additional 5,741 shares during the period. 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.