Bank of America Has Lowered Expectations for ACV Auctions (NASDAQ:ACVA) Stock Price

Key Points

• Bank of America has lowered its price target for ACV Auctions (NASDAQ:ACVA) from $20.00 to $16.50, while maintaining a "buy" rating, indicating a potential upside of 23.78% from its previous close.
• ACV Auctions' recent earnings report showed a loss of ($0.04) earnings per share, missing analysts' expectations despite a year-over-year revenue increase of 20.6%.
• Insider trading activity includes significant sales, with Craig Eric Anderson selling 15,000 shares at an average price of $15.04, reflecting a 4.22% decrease in his ownership.

ACV Auctions (NASDAQ:ACVA - Free Report) had its price objective reduced by Bank of America from $20.00 to $16.50 in a research note published on Tuesday morning,Benzinga reports. They currently have a buy rating on the stock.

A number of other research analysts also recently issued reports on the stock. Needham & Company LLC restated a "buy" rating and set a $25.00 target price on shares of ACV Auctions in a research report on Thursday, May 8th. JPMorgan Chase & Co. decreased their target price on shares of ACV Auctions from $20.00 to $19.00 and set an "overweight" rating for the company in a research report on Thursday, July 17th. JMP Securities upped their price objective on shares of ACV Auctions from $18.00 to $20.00 and gave the stock a "market outperform" rating in a research report on Wednesday, July 2nd. Finally, Citigroup decreased their price objective on shares of ACV Auctions from $22.00 to $21.00 and set a "buy" rating for the company in a research report on Monday, July 7th. Two research analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. According to MarketBeat, ACV Auctions presently has a consensus rating of "Moderate Buy" and a consensus target price of $19.67.

ACV Auctions Stock Performance

Shares of NASDAQ:ACVA traded down $0.06 on Tuesday, hitting $11.51. 355,753 shares of the company were exchanged, compared to its average volume of 2,106,156. ACV Auctions has a 1-year low of $10.26 and a 1-year high of $23.46. The stock's 50 day moving average price is $15.30 and its 200 day moving average price is $16.03. 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 $1.97 billion, a P/E ratio of -23.49 and a beta of 1.69.

Insider Activity at ACV Auctions

In related news, insider Michael Waterman sold 34,339 shares of the company's stock in a transaction dated 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 approximately $6,098,309.85. This represents a 8.29% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Craig Eric Anderson sold 15,000 shares of the company's stock in a transaction dated Tuesday, July 22nd. The shares were sold at an average price of $15.04, for a total transaction of $225,600.00. Following 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 position. The disclosure for this sale can be found here. 2.90% of the stock is currently owned by insiders.

Institutional Trading of ACV Auctions

Several hedge funds have recently made changes to their positions in ACVA. Versant Capital Management Inc lifted its holdings in shares of ACV Auctions by 464.4% in the 1st quarter. Versant Capital Management Inc now owns 2,201 shares of the company's stock worth $31,000 after acquiring an additional 1,811 shares during the last quarter. BI Asset Management Fondsmaeglerselskab A S acquired a new position in shares of ACV Auctions in the 1st quarter worth approximately $35,000. CWM LLC lifted its holdings in shares of 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 last quarter. GAMMA Investing LLC lifted its holdings in shares of ACV Auctions by 3,005.8% in the 1st quarter. GAMMA Investing LLC now owns 5,932 shares of the company's stock worth $84,000 after acquiring an additional 5,741 shares during the last quarter. Finally, Neo Ivy Capital Management acquired a new position in shares of ACV Auctions in the 2nd quarter worth approximately $87,000. Hedge funds and other 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.