ACV Auctions (NASDAQ:ACVA) Sets New 12-Month Low – Here’s Why

ACV Auctions Inc. (NASDAQ:ACVA) shares reached a new 52-week low on Tuesday . The stock traded as low as $14.57 and last traded at $14.74, with a volume of 71229 shares. The stock had previously closed at $15.21.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on the stock. B. Riley raised their price target on shares of ACV Auctions from $24.00 to $27.00 and gave the stock a “buy” rating in a report on Tuesday, November 26th. Barrington Research restated an “outperform” rating and issued a $23.00 price target on shares of ACV Auctions in a report on Monday, November 4th. JMP Securities restated a “market outperform” rating and issued a $25.00 price target on shares of ACV Auctions in a report on Monday, December 16th. Citigroup raised their price target on shares of ACV Auctions from $22.00 to $27.00 and gave the stock a “buy” rating in a report on Wednesday, November 27th. Finally, Stephens upgraded shares of ACV Auctions to a “hold” rating in a report on Saturday, February 1st. Three investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $23.35.

ACV Auctions Trading Down 4.3 %

The firm has a market cap of $2.46 billion, a P/E ratio of -29.73 and a beta of 1.69. The company has a quick ratio of 1.56, a current ratio of 1.56 and a debt-to-equity ratio of 0.28. The firm’s 50-day simple moving average is $20.58 and its 200 day simple moving average is $20.13.

ACV Auctions (NASDAQ:ACVA) last announced its quarterly earnings data on Wednesday, February 19th. The company reported ($0.14) EPS for the quarter, topping the consensus estimate of ($0.15) by $0.01. ACV Auctions had a negative net margin of 12.51% and a negative return on equity of 12.94%. The business had revenue of $159.51 million for the quarter, compared to analyst estimates of $156.77 million. As a group, analysts expect that ACV Auctions Inc. will post -0.07 earnings per share for the current year.

Insider Activity

In related news, insider Michael Waterman sold 30,162 shares of the business’s stock in a transaction that occurred on Tuesday, January 7th. The shares were sold at an average price of $20.53, for a total transaction of $619,225.86. Following the completion of the transaction, the insider now owns 314,738 shares of the company’s stock, valued at approximately $6,461,571.14. The trade was a 8.75 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO William Zerella sold 15,000 shares of the business’s stock in a transaction that occurred on Tuesday, January 7th. The shares were sold at an average price of $20.57, for a total transaction of $308,550.00. Following the transaction, the chief financial officer now directly owns 462,452 shares of the company’s stock, valued at approximately $9,512,637.64. This represents a 3.14 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 92,662 shares of company stock valued at $1,935,451 over the last quarter. Company insiders own 8.50% of the company’s stock.

Hedge Funds Weigh In On ACV Auctions

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Blue Trust Inc. lifted its holdings in shares of ACV Auctions by 65.8% in the 4th quarter. Blue Trust Inc. now owns 2,352 shares of the company’s stock worth $48,000 after acquiring an additional 933 shares during the last quarter. Icon Wealth Advisors LLC lifted its holdings in shares of ACV Auctions by 13.5% in the 3rd quarter. Icon Wealth Advisors LLC now owns 11,048 shares of the company’s stock worth $225,000 after acquiring an additional 1,317 shares during the last quarter. Arizona State Retirement System lifted its holdings in shares of ACV Auctions by 3.6% in the 4th quarter. Arizona State Retirement System now owns 44,126 shares of the company’s stock worth $953,000 after acquiring an additional 1,520 shares during the last quarter. Los Angeles Capital Management LLC lifted its holdings in shares of ACV Auctions by 6.6% in the 3rd quarter. Los Angeles Capital Management LLC now owns 26,958 shares of the company’s stock worth $548,000 after acquiring an additional 1,670 shares during the last quarter. Finally, Franklin Resources Inc. lifted its holdings in shares of ACV Auctions by 5.3% in the 3rd quarter. Franklin Resources Inc. now owns 40,935 shares of the company’s stock worth $768,000 after acquiring an additional 2,057 shares during the last quarter. 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 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.