Citigroup Has Lowered Expectations for ACV Auctions (NASDAQ:ACVA) Stock Price

ACV Auctions (NASDAQ:ACVA - Free Report) had its price objective cut by Citigroup from $22.00 to $21.00 in a research note published on Monday morning,Benzinga reports. They currently have a buy rating on the stock.

Other analysts also recently issued research reports about the company. Needham & Company LLC reissued a "buy" rating and issued a $25.00 price objective on shares of ACV Auctions in a research note on Thursday, May 8th. Bank of America raised ACV Auctions from a "neutral" rating to a "buy" rating and dropped their price objective for the stock from $22.00 to $20.00 in a research note on Wednesday, March 12th. Piper Sandler raised ACV Auctions from a "neutral" rating to an "overweight" rating and boosted their price objective for the stock from $18.00 to $20.00 in a research note on Thursday, March 20th. JMP Securities lifted their target price on ACV Auctions from $18.00 to $20.00 and gave the stock a "market outperform" rating in a report on Wednesday, July 2nd. Finally, JPMorgan Chase & Co. decreased their target price on ACV Auctions from $24.00 to $20.00 and set an "overweight" rating on the stock in a report on Thursday, March 27th. Two analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. According to MarketBeat, ACV Auctions currently has a consensus rating of "Moderate Buy" and an average target price of $22.14.

ACV Auctions Stock Performance

NASDAQ:ACVA traded up $0.31 during midday trading on Monday, reaching $16.50. 838,846 shares of the company traded hands, compared to its average volume of 1,731,455. ACV Auctions has a twelve month low of $11.88 and a twelve month high of $23.46. The firm has a market capitalization of $2.82 billion, a price-to-earnings ratio of -33.67 and a beta of 1.71. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.56 and a quick ratio of 1.56. The company has a fifty day moving average price of $16.23 and a 200 day moving average price of $17.23.

ACV Auctions (NASDAQ:ACVA - Get Free Report) last announced its earnings results on Wednesday, May 7th. The company reported ($0.09) earnings per share for the quarter, missing the consensus estimate of $0.04 by ($0.13). ACV Auctions had a negative net margin of 12.51% and a negative return on equity of 12.94%. The business's revenue was up 25.4% compared to the same quarter last year. During the same period in the prior year, the company posted ($0.13) EPS. On average, analysts expect that ACV Auctions will post -0.07 EPS for the current fiscal year.

Insider Buying and Selling at ACV Auctions

In other news, insider Michael Waterman sold 223,330 shares of ACV Auctions stock in a transaction on Tuesday, May 13th. The stock was sold at an average price of $17.00, for a total transaction of $3,796,610.00. Following the transaction, the insider owned 466,548 shares in the company, valued at approximately $7,931,316. The trade was a 32.37% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Corporate insiders own 2.90% of the company's stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the business. Bessemer Group Inc. grew its holdings in shares of ACV Auctions by 14.5% during the first quarter. Bessemer Group Inc. now owns 9,911 shares of the company's stock valued at $140,000 after buying an additional 1,257 shares in the last quarter. Arizona State Retirement System grew its stake in ACV Auctions by 3.6% in the fourth quarter. Arizona State Retirement System now owns 44,126 shares of the company's stock valued at $953,000 after purchasing an additional 1,520 shares in the last quarter. Versant Capital Management Inc grew its stake in ACV Auctions by 464.4% in the first quarter. Versant Capital Management Inc now owns 2,201 shares of the company's stock valued at $31,000 after purchasing an additional 1,811 shares in the last quarter. California State Teachers Retirement System grew its stake in ACV Auctions by 1.4% in the fourth quarter. California State Teachers Retirement System now owns 141,873 shares of the company's stock valued at $3,064,000 after purchasing an additional 1,906 shares in the last quarter. Finally, Russell Investments Group Ltd. grew its stake in ACV Auctions by 9.3% in the first quarter. Russell Investments Group Ltd. now owns 28,301 shares of the company's stock valued at $399,000 after purchasing an additional 2,407 shares in the last quarter. 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.