ACV Auctions (NASDAQ:ACVA) Shares Down 5.2% - Here's What Happened

Key Points

• ACV Auctions (NASDAQ:ACVA) experienced a 5.2% decline in share price, trading at $9.59 after previously closing at $10.12.
• Several analysts have revised their price targets for ACV Auctions, with Bank of America and Citigroup reducing theirs to $16.50 and $17.00 respectively, while maintaining a "buy" rating.
• Insiders sold a total of 51,089 shares worth approximately $794,433 over the last three months, indicating a notable decrease in their holdings.

ACV Auctions Inc. (NASDAQ:ACVA - Get Free Report) shares traded down 5.2% during mid-day trading on Monday . The company traded as low as $9.70 and last traded at $9.59. 753,989 shares traded hands during mid-day trading, a decline of 67% from the average session volume of 2,256,758 shares. The stock had previously closed at $10.12.

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on the company. Bank of America lowered their price target on ACV Auctions from $20.00 to $16.50 and set a "buy" rating for the company in a report on Tuesday, August 12th. Citigroup lowered their price target on ACV Auctions from $21.00 to $17.00 and set a "buy" rating for the company in a report on Tuesday, August 12th. JMP Securities reduced their price objective on ACV Auctions from $20.00 to $18.00 and set a "market outperform" rating for the company in a research note on Tuesday, August 12th. Needham & Company LLC reduced their price objective on ACV Auctions from $25.00 to $16.00 and set a "buy" rating for the company in a research note on Tuesday, August 12th. Finally, Stephens reduced their price objective on ACV Auctions from $16.00 to $11.50 and set an "equal weight" rating for the company in a research note on Tuesday, August 12th. Ten analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $19.45.

ACV Auctions Trading Down 4.3%

The company has a quick ratio of 1.56, a current ratio of 1.56 and a debt-to-equity ratio of 0.28. The firm has a market cap of $1.67 billion, a price-to-earnings ratio of -19.77 and a beta of 1.64. The business has a 50 day moving average of $11.55 and a 200 day moving average of $14.14.

Insider Transactions at ACV Auctions

In other news, insider Craig Eric Anderson sold 15,000 shares of ACV Auctions stock in a transaction dated Tuesday, July 22nd. The stock was sold at an average price of $15.04, for a total value of $225,600.00. Following the transaction, the insider directly owned 340,799 shares of the company's stock, valued at $5,125,616.96. The trade was a 4.22% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, insider Michael Waterman sold 34,339 shares of ACV Auctions 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 transaction, the insider directly owned 379,957 shares in the company, valued at $6,098,309.85. This represents a 8.29% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 51,089 shares of company stock worth $794,433. 2.90% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On ACV Auctions

Hedge funds and other institutional investors have recently modified their holdings of the company. SG Americas Securities LLC acquired a new position in shares of ACV Auctions in the 1st quarter valued at about $364,000. Rivermont Capital Management LP lifted its position in ACV Auctions by 16.8% during the 1st quarter. Rivermont Capital Management LP now owns 933,113 shares of the company's stock worth $13,148,000 after acquiring an additional 133,936 shares in the last quarter. Tempus Wealth Planning LLC acquired a new position in ACV Auctions during the 1st quarter worth approximately $277,000. Jump Financial LLC lifted its position in ACV Auctions by 233.3% during the 1st quarter. Jump Financial LLC now owns 92,996 shares of the company's stock worth $1,310,000 after acquiring an additional 65,096 shares in the last quarter. Finally, Vanguard Group Inc. lifted its position in ACV Auctions by 7.4% during the 1st quarter. Vanguard Group Inc. now owns 15,301,225 shares of the company's stock worth $215,594,000 after acquiring an additional 1,055,310 shares in the last quarter. 88.55% of the stock is owned by institutional investors and hedge funds.

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.

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