ACV Auctions (NASDAQ:ACVA) Reaches New 12-Month Low – Here’s What Happened

ACV Auctions Inc. (NASDAQ:ACVA)’s stock price reached a new 52-week low during mid-day trading on Friday . The stock traded as low as $12.11 and last traded at $12.69, with a volume of 390075 shares traded. The stock had previously closed at $13.59.

Analysts Set New Price Targets

A number of research analysts have recently commented on ACVA shares. Piper Sandler raised shares of ACV Auctions from a “neutral” rating to an “overweight” rating and upped their price objective for the company from $18.00 to $20.00 in a research report on Thursday, March 20th. JMP Securities reiterated a “market outperform” rating and issued a $25.00 price objective on shares of ACV Auctions in a research report on Monday, December 16th. Bank of America upgraded ACV Auctions from a “neutral” rating to a “buy” rating and lowered their price objective for the company from $22.00 to $20.00 in a research report on Wednesday, March 12th. Needham & Company LLC reaffirmed a “buy” rating and issued a $25.00 target price on shares of ACV Auctions in a research report on Wednesday, March 12th. Finally, JPMorgan Chase & Co. decreased their price target on shares of ACV Auctions from $24.00 to $20.00 and set an “overweight” rating on the stock in a research note on Thursday, March 27th. Two equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. According to data from MarketBeat.com, ACV Auctions presently has a consensus rating of “Moderate Buy” and a consensus target price of $23.14.

ACV Auctions Price Performance

The company has a market cap of $2.25 billion, a price-to-earnings ratio of -27.15 and a beta of 1.74. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.56 and a current ratio of 1.56. The company’s 50 day moving average price is $17.30 and its 200 day moving average price is $19.39.

ACV Auctions (NASDAQ:ACVA) last released its quarterly earnings results on Wednesday, February 19th. The company reported ($0.14) EPS for the quarter, beating analysts’ consensus estimates of ($0.15) by $0.01. The firm had revenue of $159.51 million for the quarter, compared to analyst estimates of $156.77 million. ACV Auctions had a negative net margin of 12.51% and a negative return on equity of 12.94%. On average, equities research analysts predict that ACV Auctions Inc. will post -0.07 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, insider Michael Waterman sold 30,162 shares of the company’s stock in a transaction dated Tuesday, January 7th. The shares were sold at an average price of $20.53, for a total transaction of $619,225.86. Following the transaction, the insider now owns 314,738 shares in the company, valued at $6,461,571.14. This represents a 8.75 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO William Zerella sold 15,000 shares of the firm’s stock in a transaction dated Tuesday, January 7th. The shares were sold at an average price of $20.57, for a total transaction of $308,550.00. Following the completion of the sale, the chief financial officer now owns 462,452 shares of the company’s stock, valued at $9,512,637.64. The trade was a 3.14 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 423,411 shares of company stock worth $6,776,916 in the last three months. Insiders own 8.50% of the company’s stock.

Institutional Trading of ACV Auctions

Several hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. raised its position in ACV Auctions by 5.5% in the 4th quarter. Vanguard Group Inc. now owns 14,245,915 shares of the company’s stock worth $307,712,000 after purchasing an additional 738,391 shares during the last quarter. William Blair Investment Management LLC raised its position in shares of ACV Auctions by 43.2% during the fourth quarter. William Blair Investment Management LLC now owns 12,099,686 shares of the company’s stock worth $261,353,000 after acquiring an additional 3,652,871 shares during the last quarter. Alliancebernstein L.P. raised its position in shares of ACV Auctions by 5.3% during the fourth quarter. Alliancebernstein L.P. now owns 5,622,255 shares of the company’s stock worth $121,441,000 after acquiring an additional 284,880 shares during the last quarter. Jennison Associates LLC lifted its stake in shares of ACV Auctions by 17.2% during the fourth quarter. Jennison Associates LLC now owns 4,980,354 shares of the company’s stock valued at $107,576,000 after acquiring an additional 732,422 shares during the period. Finally, Geode Capital Management LLC boosted its holdings in ACV Auctions by 1.7% in the fourth quarter. Geode Capital Management LLC now owns 3,575,347 shares of the company’s stock valued at $77,246,000 after acquiring an additional 58,259 shares during the last quarter. 88.55% of the stock is owned by institutional investors.

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.