ACV Auctions (NASDAQ:ACVA) Sets New 52-Week Low - Here's What Happened

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.

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

Analyst Upgrades and Downgrades

Several analysts recently commented on ACVA shares. Bank of America cut their target price on shares of ACV Auctions from $20.00 to $16.50 and set a "buy" rating for the company 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 for the company in a research note on Tuesday, August 12th. Stephens decreased their target price on shares of ACV Auctions from $16.00 to $11.50 and set an "equal weight" rating for the company in a report on Tuesday, August 12th. JMP Securities cut 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 report on Tuesday, August 12th. Finally, Citigroup reduced their price target on shares of ACV Auctions from $21.00 to $17.00 and set a "buy" rating for the company in a research report on Tuesday, August 12th. Ten analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $19.67.

ACV Auctions Price Performance

The company has a market capitalization of $1.73 billion, a PE ratio of -20.48 and a beta of 1.68. 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 stock has a 50 day moving average price of $13.08 and a two-hundred day moving average price of $14.57.

Insider Activity at ACV Auctions

In related news, insider Craig Eric Anderson sold 15,000 shares of the firm's stock in a transaction that occurred on Tuesday, July 22nd. The shares were sold at an average price of $15.04, for a total transaction 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. This trade represents a 4.22% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, 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 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. In the last ninety days, insiders have sold 51,089 shares of company stock worth $794,433. Insiders own 2.90% of the company's stock.

Hedge Funds Weigh In On ACV Auctions

Several institutional investors have recently bought and sold shares of the stock. Versant Capital Management Inc increased its holdings in shares of ACV Auctions by 464.4% during the 1st quarter. Versant Capital Management Inc now owns 2,201 shares of the company's stock valued at $31,000 after acquiring an additional 1,811 shares during the last quarter. BI Asset Management Fondsmaeglerselskab A S bought a new stake in ACV Auctions during the first quarter worth approximately $35,000. CWM LLC grew its holdings in ACV Auctions by 77.4% during the second quarter. CWM LLC now owns 4,642 shares of the company's stock valued at $75,000 after purchasing an additional 2,026 shares during the last quarter. GAMMA Investing LLC raised its position 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 purchasing an additional 5,741 shares during the period. Finally, Neo Ivy Capital Management bought a new position in shares of ACV Auctions in the second quarter valued at approximately $87,000. 88.55% of the stock is currently owned by institutional investors.

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.