The Goldman Sachs Group Issues Pessimistic Forecast for ACV Auctions (NASDAQ:ACVA) Stock Price

Key Points

• The Goldman Sachs Group has lowered its price target for ACV Auctions from $26.00 to $21.00, while maintaining a "buy" rating, indicating a potential upside of 87.58% from the current price.
• ACV Auctions stock experienced a 16.1% decline during trading on Tuesday, reaching a price of $11.20.
• Multiple analysts have downgraded their price targets for ACV Auctions, with Needham & Company setting a target of $16.00 and Citigroup adjusting theirs to $17.00, while the stock maintains a consensus average rating of "Moderate Buy."

ACV Auctions (NASDAQ:ACVA - Get Free Report) had its price target cut by investment analysts at The Goldman Sachs Group from $26.00 to $21.00 in a research report issued on Tuesday,Benzinga reports. The firm currently has a "buy" rating on the stock. The Goldman Sachs Group's price objective would indicate a potential upside of 80.26% from the stock's current price.

ACVA has been the topic of several other research reports. JMP Securities decreased their price target on ACV Auctions from $20.00 to $18.00 and set a "market outperform" rating on the stock in a research note on Tuesday. Stephens cut their price objective on ACV Auctions from $16.00 to $11.50 and set an "equal weight" rating on the stock in a report on Tuesday. Needham & Company LLC cut their price objective on ACV Auctions from $25.00 to $16.00 and set a "buy" rating on the stock in a report on Tuesday. JPMorgan Chase & Co. cut their price objective on ACV Auctions from $20.00 to $19.00 and set an "overweight" rating on the stock in a report on Thursday, July 17th. Finally, Bank of America cut their price target on ACV Auctions from $20.00 to $16.50 and set a "buy" rating on the stock in a report on Tuesday. Two analysts have rated the stock with a hold rating and ten have given a buy rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $19.67.

ACV Auctions Trading Up 3.2%

NASDAQ ACVA traded up $0.36 on Tuesday, reaching $11.65. 2,947,948 shares of the company were exchanged, compared to its average volume of 2,127,866. The business's fifty day moving average price is $15.10 and its 200 day moving average price is $15.89. The stock has a market capitalization of $1.99 billion, a P/E ratio of -23.78 and a beta of 1.69. 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 has a fifty-two week low of $10.26 and a fifty-two week high of $23.46.

Insider Buying and Selling at ACV Auctions

In related news, insider Michael Waterman sold 34,339 shares of ACV Auctions stock in a transaction on Tuesday, July 8th. The stock was sold at an average price of $16.05, for a total transaction of $551,140.95. Following the completion of the transaction, the insider directly owned 379,957 shares of the company's stock, valued at approximately $6,098,309.85. The trade was a 8.29% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, insider Craig Eric Anderson sold 15,000 shares of ACV Auctions stock in a transaction on 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 approximately $5,125,616.96. This represents a 4.22% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 2.90% of the company's stock.

Hedge Funds Weigh In On ACV Auctions

Institutional investors have recently made changes to their positions in the stock. SG Americas Securities LLC acquired a new position in shares of ACV Auctions in the first quarter worth $364,000. Cramer Rosenthal Mcglynn LLC grew its position in shares of ACV Auctions by 1.4% in the fourth quarter. Cramer Rosenthal Mcglynn LLC now owns 2,237,786 shares of the company's stock valued at $48,336,000 after purchasing an additional 30,641 shares during the period. Tempus Wealth Planning LLC purchased a new stake in shares of ACV Auctions in the first quarter valued at $277,000. Raymond James Financial Inc. purchased a new stake in shares of ACV Auctions in the fourth quarter valued at $4,704,000. Finally, XTX Topco Ltd grew its position in shares of ACV Auctions by 270.6% in the first quarter. XTX Topco Ltd now owns 80,355 shares of the company's stock valued at $1,132,000 after purchasing an additional 58,674 shares during the period. 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.