ACV Auctions (NASDAQ:ACVA) Price Target Cut to $21.00 by Analysts at Citigroup

ACV Auctions (NASDAQ:ACVA - Free Report) had its price target lowered by Citigroup from $22.00 to $21.00 in a report published on Monday morning,Benzinga reports. The brokerage currently has a buy rating on the stock.

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

ACV Auctions Trading Up 0.8%

Shares of ACV Auctions stock traded up $0.14 during trading hours on Monday, reaching $16.65. 149,842 shares of the company's stock were exchanged, compared to its average volume of 1,729,942. ACV Auctions has a 52-week low of $11.88 and a 52-week high of $23.46. The firm has a market capitalization of $2.85 billion, a price-to-earnings ratio of -34.04 and a beta of 1.71. The company has a fifty day moving average of $16.26 and a 200-day moving average of $17.22. The company has a current ratio of 1.56, a quick ratio of 1.56 and a debt-to-equity ratio of 0.28.

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

Insider Activity at ACV Auctions

In other ACV Auctions news, 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 value of $551,140.95. Following the transaction, the insider owned 379,957 shares in the company, valued at approximately $6,098,309.85. The trade was a 8.29% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Insiders own 2.90% of the company's stock.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in ACVA. Brighton Jones LLC acquired a new position in ACV Auctions in the fourth quarter worth approximately $392,000. Charles Schwab Investment Management Inc. boosted its stake in ACV Auctions by 3.9% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,289,362 shares of the company's stock worth $27,850,000 after purchasing an additional 48,021 shares during the period. Atria Investments Inc acquired a new position in ACV Auctions in the 4th quarter worth approximately $333,000. Arizona State Retirement System boosted its stake in ACV Auctions by 3.6% in the 4th quarter. Arizona State Retirement System now owns 44,126 shares of the company's stock worth $953,000 after purchasing an additional 1,520 shares during the period. Finally, Raymond James Financial Inc. acquired a new position in ACV Auctions in the 4th quarter worth approximately $4,704,000. Institutional investors and hedge funds 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.