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

Key Points

• Analysts at JMP Securities have lowered their price target for ACV Auctions from $20.00 to $18.00, indicating a potential upside of 35.03% from the company's previous close.
• Multiple firms have revised their price objectives for ACV Auctions, with estimates ranging from $16.00 to $19.00, while the stock currently has an average target price of $20.36 and a consensus rating of "Moderate Buy."
• Insider trading activity has been notable, with significant shares sold by insiders, indicating a decrease in their ownership percentages.

ACV Auctions (NASDAQ:ACVA - Get Free Report) had its price target dropped by research analysts at JMP Securities from $20.00 to $18.00 in a note issued to investors on Tuesday,Benzinga reports. The firm presently has a "market outperform" rating on the stock. JMP Securities' price target would indicate a potential upside of 35.03% from the company's previous close.

ACVA has been the subject of a number of other research reports. JPMorgan Chase & Co. cut their price objective on shares of ACV Auctions from $20.00 to $19.00 and set an "overweight" rating for the company in a report on Thursday, July 17th. Citigroup cut their price objective on shares of ACV Auctions from $21.00 to $17.00 and set a "buy" rating for the company in a report on Tuesday. Bank of America cut their price objective on shares of ACV Auctions from $20.00 to $16.50 and set a "buy" rating for the company in a report on Tuesday. Finally, Needham & Company LLC cut their price objective on shares of ACV Auctions from $25.00 to $16.00 and set a "buy" rating for the company in a report on Tuesday. Two investment analysts have rated the stock with a hold rating and nine have given a buy rating to the company. Based on data from MarketBeat, ACV Auctions presently has a consensus rating of "Moderate Buy" and an average target price of $20.36.

ACV Auctions Stock Down 2.1%

Shares of ACVA opened at $13.33 on Tuesday. ACV Auctions has a 52 week low of $11.88 and a 52 week high of $23.46. The firm has a market cap of $2.28 billion, a P/E ratio of -27.20 and a beta of 1.69. The firm's 50-day simple moving average is $15.50 and its 200 day simple moving average is $16.09. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.56 and a current ratio of 1.56.

Insider Activity at ACV Auctions

In other news, insider Michael Waterman sold 34,339 shares of the firm's stock in a transaction on 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 transaction, the insider owned 379,957 shares of the company's stock, valued at approximately $6,098,309.85. This trade represents a 8.29% decrease in their ownership of the stock. The transaction 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 firm's stock in a transaction on Tuesday, July 22nd. The shares were sold at an average price of $15.04, for a total transaction 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 disclosure for this sale can be found here. 2.90% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On ACV Auctions

Several large investors have recently modified their holdings of ACVA. Versant Capital Management Inc raised its stake in shares of ACV Auctions by 464.4% during the first quarter. Versant Capital Management Inc now owns 2,201 shares of the company's stock valued at $31,000 after acquiring an additional 1,811 shares during the last quarter. BI Asset Management Fondsmaeglerselskab A S bought a new position in shares of ACV Auctions during the first quarter valued at $35,000. CWM LLC increased its position in shares of ACV Auctions by 77.4% during the second quarter. CWM LLC now owns 4,642 shares of the company's stock worth $75,000 after buying an additional 2,026 shares during the period. GAMMA Investing LLC increased its position in shares of ACV Auctions by 3,005.8% during the first quarter. GAMMA Investing LLC now owns 5,932 shares of the company's stock worth $84,000 after buying an additional 5,741 shares during the period. Finally, AlphaQuest LLC increased its position in shares of ACV Auctions by 2,640.6% during the first quarter. AlphaQuest LLC now owns 6,687 shares of the company's stock worth $94,000 after buying an additional 6,443 shares during the period. Institutional investors own 88.55% of the company's stock.

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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