ACV Auctions (NASDAQ:ACVA) Trading Down 5.2% Following Analyst Downgrade

Shares of ACV Auctions Inc. (NASDAQ:ACVA) traded down 5.2% on Thursday after JPMorgan Chase & Co. lowered their price target on the stock from $24.00 to $20.00. JPMorgan Chase & Co. currently has an overweight rating on the stock. ACV Auctions traded as low as $14.00 and last traded at $14.49. 1,703,592 shares were traded during trading, an increase of 21% from the average session volume of 1,404,448 shares. The stock had previously closed at $15.28.

ACVA has been the subject of a number of other research reports. JMP Securities reissued a “market outperform” rating and set a $25.00 target price on shares of ACV Auctions in a research note on Monday, December 16th. Piper Sandler upgraded ACV Auctions from a “neutral” rating to an “overweight” rating and boosted their target price for the company from $18.00 to $20.00 in a research note on Thursday, March 20th. Stephens raised ACV Auctions to a “hold” rating in a research note on Saturday, February 1st. Citigroup lifted their price target on ACV Auctions from $22.00 to $27.00 and gave the company a “buy” rating in a report on Wednesday, November 27th. Finally, Needham & Company LLC restated a “buy” rating and issued a $25.00 price objective on shares of ACV Auctions in a report on Wednesday, March 12th. Two equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $23.14.

Insider Transactions at ACV Auctions

In related news, CEO George Chamoun sold 348,249 shares of the business’s stock in a transaction dated Thursday, March 20th. The stock was sold at an average price of $15.34, for a total transaction of $5,342,139.66. Following the transaction, the chief executive officer now directly owns 2,821,193 shares in the company, valued at $43,277,100.62. The trade was a 10.99 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Michael Waterman sold 30,162 shares of ACV Auctions stock in a transaction that occurred on Tuesday, January 7th. The stock was sold at an average price of $20.53, for a total value of $619,225.86. Following the sale, the insider now directly owns 314,738 shares in the company, valued at $6,461,571.14. The trade was a 8.75 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 455,911 shares of company stock worth $7,480,541. Company insiders own 8.50% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Intech Investment Management LLC bought a new position in shares of ACV Auctions during the 3rd quarter worth approximately $815,000. Charles Schwab Investment Management Inc. increased its position in ACV Auctions by 3.3% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,241,341 shares of the company’s stock worth $25,236,000 after purchasing an additional 39,812 shares during the period. Quantbot Technologies LP acquired a new stake in ACV Auctions in the third quarter worth about $2,035,000. Summit Partners Public Asset Management LLC lifted its holdings in ACV Auctions by 10.7% in the third quarter. Summit Partners Public Asset Management LLC now owns 1,552,026 shares of the company’s stock valued at $31,553,000 after buying an additional 150,000 shares during the period. Finally, Spyglass Capital Management LLC boosted its position in shares of ACV Auctions by 69.1% during the third quarter. Spyglass Capital Management LLC now owns 2,614,245 shares of the company’s stock worth $53,148,000 after purchasing an additional 1,068,356 shares in the last quarter. 88.55% of the stock is owned by institutional investors.

ACV Auctions Trading Down 5.0 %

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 company has a fifty day simple moving average of $18.34 and a two-hundred day simple moving average of $19.66. The stock has a market capitalization of $2.45 billion, a P/E ratio of -29.63 and a beta of 1.73.

ACV Auctions (NASDAQ:ACVA) last announced its earnings results on Wednesday, February 19th. The company reported ($0.14) EPS for the quarter, topping the consensus estimate of ($0.15) by $0.01. The business had revenue of $159.51 million during the quarter, compared to analysts’ expectations 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, sell-side analysts expect that ACV Auctions Inc. will post -0.07 earnings per share for the current year.

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.