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 target price reduced by research analysts at The Goldman Sachs Group from $26.00 to $21.00 in a research note issued to investors on Tuesday,Benzinga reports. The brokerage presently has a "buy" rating on the stock. The Goldman Sachs Group's price target would indicate a potential upside of 85.51% from the stock's current price.

Several other research analysts also recently weighed in on the company. Needham & Company LLC cut their price target on ACV Auctions from $25.00 to $16.00 and set a "buy" rating for the company in a research note on Tuesday. Citigroup dropped their price target on ACV Auctions from $21.00 to $17.00 and set a "buy" rating for the company in a research report on Tuesday. Stephens set a $11.50 target price on ACV Auctions and gave the stock an "equal weight" rating in a research note on Tuesday. JMP Securities cut their target price on ACV Auctions from $20.00 to $18.00 and set a "market outperform" rating for the company in a research note on Tuesday. Finally, Bank of America cut their target price on ACV Auctions from $20.00 to $16.50 and set a "buy" rating for the company in a research note on Tuesday. Two investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the company's stock. According to MarketBeat.com, ACV Auctions presently has a consensus rating of "Moderate Buy" and a consensus target price of $19.67.

ACV Auctions Stock Down 2.2%

Shares of NASDAQ:ACVA traded down $0.25 during trading on Tuesday, reaching $11.32. 750,390 shares of the stock were exchanged, compared to its average volume of 2,109,857. The firm has a market cap of $1.94 billion, a price-to-earnings ratio of -23.15 and a beta of 1.69. The stock has a fifty day moving average of $15.30 and a two-hundred day moving average of $16.03. ACV Auctions has a 1-year low of $10.26 and a 1-year high of $23.46. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.56 and a quick ratio of 1.56.

Insider Buying and Selling at ACV Auctions

In related news, insider Craig Eric Anderson sold 15,000 shares of the 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 completion of 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 position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Michael Waterman sold 34,339 shares of the stock in a transaction 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 completion of the transaction, the insider directly owned 379,957 shares of the company's stock, valued at approximately $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. 2.90% of the stock is currently owned by corporate insiders.

Institutional Trading of ACV Auctions

Hedge funds and other institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. boosted its holdings in ACV Auctions by 7.4% during the 1st quarter. Vanguard Group Inc. now owns 15,301,225 shares of the company's stock valued at $215,594,000 after acquiring an additional 1,055,310 shares during the period. William Blair Investment Management LLC boosted its holdings in ACV Auctions by 0.3% during the 2nd quarter. William Blair Investment Management LLC now owns 11,109,706 shares of the company's stock valued at $180,199,000 after acquiring an additional 32,797 shares during the period. Massachusetts Financial Services Co. MA boosted its holdings in ACV Auctions by 0.6% during the 2nd quarter. Massachusetts Financial Services Co. MA now owns 9,143,400 shares of the company's stock valued at $148,306,000 after acquiring an additional 58,570 shares during the period. Alliancebernstein L.P. boosted its holdings in ACV Auctions by 10.5% during the 1st quarter. Alliancebernstein L.P. now owns 6,214,362 shares of the company's stock valued at $87,560,000 after acquiring an additional 592,107 shares during the period. Finally, Jennison Associates LLC boosted its holdings in ACV Auctions by 2.6% during the 2nd quarter. Jennison Associates LLC now owns 5,571,294 shares of the company's stock valued at $90,366,000 after acquiring an additional 143,773 shares during the period. 88.55% of the stock is owned by institutional investors and hedge funds.

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.