Citigroup Lowers ACV Auctions (NASDAQ:ACVA) Price Target to $17.00

Key Points

• Citigroup has lowered its price target for ACV Auctions from $21.00 to $17.00, indicating a potential upside of 27.53% based on the current stock price.
• The company's last earnings report revealed a loss of ($0.04) EPS, missing analyst expectations, despite a year-over-year revenue increase of 20.6%.
• ACV Auctions has received mixed ratings from analysts, with consensus showing a "Moderate Buy" and a target price averaging $20.55.

ACV Auctions (NASDAQ:ACVA - Get Free Report) had its price objective lowered by stock analysts at Citigroup from $21.00 to $17.00 in a research note issued to investors on Tuesday,Benzinga reports. The brokerage presently has a "buy" rating on the stock. Citigroup's price objective points to a potential upside of 47.67% from the stock's previous close.

A number of other brokerages have also weighed in on ACVA. Bank of America decreased 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. Needham & Company LLC reiterated a "buy" rating and set a $25.00 target price on shares of ACV Auctions in a research note on Thursday, May 8th. JMP Securities boosted their target price on shares of ACV Auctions from $18.00 to $20.00 and gave the company a "market outperform" rating in a research note on Wednesday, July 2nd. Finally, 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 note on Thursday, July 17th. Two equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. Based on data from MarketBeat.com, ACV Auctions has an average rating of "Moderate Buy" and an average target price of $19.67.

ACV Auctions Stock Down 0.5%

ACVA stock traded down $0.06 during midday trading on Tuesday, hitting $11.51. The company's stock had a trading volume of 355,753 shares, compared to its average volume of 2,106,156. The company has a market cap of $1.97 billion, a PE ratio of -23.49 and a beta of 1.69. ACV Auctions has a 12 month low of $10.26 and a 12 month high of $23.46. 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's 50-day moving average is $15.30 and its 200-day moving average is $16.03.

Insider Transactions at ACV Auctions

In other ACV Auctions news, insider Michael Waterman sold 34,339 shares of the firm's stock in a transaction dated Tuesday, July 8th. The shares were sold at an average price of $16.05, for a total value 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, 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 transaction of $225,600.00. Following the completion of the sale, the insider directly 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 position. The disclosure for this sale can be found here. 2.90% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On ACV Auctions

Institutional investors have recently modified their holdings of the stock. SG Americas Securities LLC purchased a new position in ACV Auctions during the first quarter valued at approximately $364,000. Cramer Rosenthal Mcglynn LLC increased its holdings in ACV Auctions by 1.4% during the fourth quarter. Cramer Rosenthal Mcglynn LLC now owns 2,237,786 shares of the company's stock valued at $48,336,000 after buying an additional 30,641 shares during the period. Tempus Wealth Planning LLC purchased a new position in ACV Auctions during the first quarter valued at approximately $277,000. Raymond James Financial Inc. purchased a new position in ACV Auctions during the fourth quarter valued at approximately $4,704,000. Finally, XTX Topco Ltd increased its holdings in ACV Auctions by 270.6% during the first quarter. XTX Topco Ltd now owns 80,355 shares of the company's stock valued at $1,132,000 after buying an additional 58,674 shares during the period. 88.55% of the stock is owned by hedge funds and other 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.