ACV Auctions (NYSE:ACVA) Reaches New 1-Year High - Here's What Happened

Key Points

• ACV Auctions shares reached a new 52-week high, trading as high as $10.50 amid volume of roughly 7.6 million shares. The stock has risen above its 50-day and 200-day moving averages.
• Analyst sentiment has weakened, with several firms downgrading the stock; ACV currently has a consensus “Hold” rating and an average price target of $9.70, below its recent trading level.
• Institutional investors own a significant 88.55% of ACV Auctions, while the company operates a digital wholesale vehicle marketplace connecting automotive dealers with vehicle buyers and sellers.

ACV Auctions Inc. (NYSE:ACVA - Get Free Report) shares hit a new 52-week high on Monday. The stock traded as high as $10.50 and last traded at $10.4650, with a volume of 7627280 shares changing hands. The stock had previously closed at $10.45.

Analysts Set New Price Targets

Several equities analysts recently issued reports on ACVA shares. CJS Securities cut ACV Auctions from a "market outperform" rating to a "market perform" rating in a research report on Tuesday, September 15th. Citizens Jmp lowered ACV Auctions from an "outperform" rating to a "market perform" rating in a report on Tuesday, August 11th. Citigroup boosted their price target on ACV Auctions from $8.50 to $10.50 and gave the stock a "neutral" rating in a research note on Monday, September 14th. Needham & Company LLC cut ACV Auctions from a "buy" rating to a "hold" rating in a research report on Friday, September 11th. Finally, Barrington Research downgraded ACV Auctions from an "outperform" rating to a "strong sell" rating in a report on Friday, September 11th. Five investment analysts have rated the stock with a Buy rating, seven have given a Hold rating and four have assigned a Sell rating to the company's stock. According to MarketBeat, ACV Auctions currently has an average rating of "Hold" and an average price target of $9.70.

ACV Auctions Price Performance

The stock has a market capitalization of $1.78 billion, a P/E ratio of -29.07 and a beta of 1.76. The company has a debt-to-equity ratio of 0.53, a quick ratio of 1.52 and a current ratio of 1.52. The firm has a fifty day moving average price of $8.42 and a two-hundred day moving average price of $6.77.

Institutional Investors Weigh In On ACV Auctions

Hedge funds and other institutional investors have recently made changes to their positions in the business. Versant Capital Management Inc grew its position in ACV Auctions by 28.8% during the second quarter. Versant Capital Management Inc now owns 6,187 shares of the company's stock valued at $44,000 after buying an additional 1,382 shares during the period. Alpine Global Management LLC purchased a new stake in ACV Auctions during the fourth quarter valued at approximately $88,000. Allworth Financial LP raised its position in ACV Auctions by 316.8% in the second quarter. Allworth Financial LP now owns 11,004 shares of the company's stock worth $79,000 after acquiring an additional 8,364 shares during the period. VIRGINIA RETIREMENT SYSTEMS ET Al bought a new position in ACV Auctions in the second quarter worth approximately $80,000. Finally, Chicago Partners Investment Group LLC purchased a new position in shares of ACV Auctions during the 1st quarter worth $52,000. Hedge funds and other institutional investors own 88.55% of the company's stock.

ACV Auctions Company Profile

ACV Auctions Inc operates a digital marketplace for wholesale vehicle transactions. Its platform connects automotive dealers with buyers and sellers, enabling vehicles to be auctioned online rather than through traditional physical wholesale auctions.

The company provides services intended to support the wholesale vehicle lifecycle, including vehicle listings, digital auctions, condition reports and inspection tools. Its platform also offers related solutions such as transportation coordination, title processing and financing options for eligible dealers.

Founded in 2014 and headquartered in Buffalo, New York, ACV Auctions primarily serves automotive dealers and other participants in the United States wholesale vehicle market.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.