ACV Auctions (NASDAQ:ACVA) Stock Price Down 5.2% on Analyst Downgrade

ACV Auctions Inc. (NASDAQ:ACVA) shares traded down 5.2% during trading 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 changed hands during mid-day 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 topic of several other research reports. JMP Securities reissued a “market outperform” rating and set a $25.00 price objective on shares of ACV Auctions in a research note on Monday, December 16th. Bank of America raised ACV Auctions from a “neutral” rating to a “buy” rating and dropped their price target for the stock from $22.00 to $20.00 in a research report on Wednesday, March 12th. Needham & Company LLC restated a “buy” rating and issued a $25.00 price target on shares of ACV Auctions in a research note on Wednesday, March 12th. Piper Sandler upgraded ACV Auctions from a “neutral” rating to an “overweight” rating and lifted their price objective for the company from $18.00 to $20.00 in a research note on Thursday, March 20th. Finally, Stephens raised ACV Auctions to a “hold” rating in a research note on Saturday, February 1st. Two investment analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. According to data from MarketBeat, ACV Auctions presently has a consensus rating of “Moderate Buy” and a consensus target price of $23.14.

Insider Activity

In related news, CFO William Zerella sold 32,500 shares of the stock in a transaction that occurred on Monday, December 30th. The shares were sold at an average price of $21.65, for a total transaction of $703,625.00. Following the transaction, the chief financial officer now owns 490,482 shares in the company, valued at $10,618,935.30. This represents a 6.21 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Michael Waterman sold 15,000 shares of the firm’s stock in a transaction that occurred on Tuesday, February 4th. The stock was sold at an average price of $20.27, for a total transaction of $304,050.00. Following the completion of the sale, the insider now owns 311,354 shares in the company, valued at $6,311,145.58. This represents a 4.60 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 455,911 shares of company stock valued at $7,480,541 over the last ninety days. 8.50% of the stock is currently owned by corporate insiders.

Institutional Trading of ACV Auctions

A number of hedge funds have recently bought and sold shares of the company. William Blair Investment Management LLC boosted its position in ACV Auctions by 43.2% in the fourth quarter. William Blair Investment Management LLC now owns 12,099,686 shares of the company’s stock worth $261,353,000 after purchasing an additional 3,652,871 shares during the last quarter. Driehaus Capital Management LLC boosted its holdings in shares of ACV Auctions by 128.5% in the fourth quarter. Driehaus Capital Management LLC now owns 2,837,165 shares of the company’s stock worth $61,283,000 after buying an additional 1,595,657 shares during the last quarter. Spyglass Capital Management LLC grew its position in ACV Auctions by 69.1% during the third quarter. Spyglass Capital Management LLC now owns 2,614,245 shares of the company’s stock valued at $53,148,000 after buying an additional 1,068,356 shares during the period. Wellington Management Group LLP purchased a new stake in ACV Auctions during the third quarter valued at approximately $21,540,000. Finally, Franklin Resources Inc. increased its holdings in ACV Auctions by 2,346.2% during the fourth quarter. Franklin Resources Inc. now owns 1,001,365 shares of the company’s stock valued at $21,629,000 after buying an additional 960,430 shares during the last quarter. Hedge funds and other institutional investors own 88.55% of the company’s stock.

ACV Auctions Stock Down 3.3 %

The company’s 50-day simple moving average is $18.06 and its two-hundred day simple moving average is $19.59. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.56 and a quick ratio of 1.56. The firm has a market capitalization of $2.38 billion, a P/E ratio of -28.80 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 analysts’ consensus estimates of ($0.15) by $0.01. ACV Auctions had a negative return on equity of 12.94% and a negative net margin of 12.51%. The company had revenue of $159.51 million for the quarter, compared to analysts’ expectations of $156.77 million. As a group, research 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.