ACV Auctions (NASDAQ:ACVA) Hits New 52-Week Low After Analyst Downgrade

ACV Auctions Inc. (NASDAQ:ACVA)’s stock price reached a new 52-week low during mid-day trading on Tuesday after Needham & Company LLC lowered their price target on the stock from $16.00 to $14.00. Needham & Company LLC currently has a buy rating on the stock. ACV Auctions traded as low as $9.55 and last traded at $9.69, with a volume of 2953385 shares changing hands. The stock had previously closed at $10.12.

Several other research analysts have also recently weighed in on the stock. The Goldman Sachs Group dropped their price objective on shares of ACV Auctions from $26.00 to $21.00 and set a “buy” rating for the company in a research report on Tuesday, August 12th. Bank of America lowered their target price on shares of ACV Auctions from $20.00 to $16.50 and set a “buy” rating for the company in a report on Tuesday, August 12th. JPMorgan Chase & Co. lowered their target price on shares of ACV Auctions from $20.00 to $19.00 and set an “overweight” rating for the company in a report on Thursday, July 17th. Stephens lowered their target price on shares of ACV Auctions from $16.00 to $11.50 and set an “equal weight” rating for the company in a report on Tuesday, August 12th. Finally, JMP Securities lowered their target price on shares of ACV Auctions from $20.00 to $18.00 and set a “market outperform” rating for the company in a report on Tuesday, August 12th. Ten analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $19.27.

Insider Activity

In other news, insider Craig Eric Anderson sold 15,000 shares of the business’s stock in a transaction on Tuesday, July 22nd. The shares were sold at an average price of $15.04, for a total value of $225,600.00. Following the completion of the transaction, the insider owned 340,799 shares of the company’s stock, valued at $5,125,616.96. The trade was a 4.22% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 2.90% of the stock is owned by company insiders.

Hedge Funds Weigh In On ACV Auctions

Institutional investors and hedge funds have recently made changes to their positions in the company. BI Asset Management Fondsmaeglerselskab A S acquired a new position in shares of ACV Auctions in the 1st quarter valued at $35,000. CWM LLC grew its holdings in shares of ACV Auctions by 77.4% in the 2nd quarter. CWM LLC now owns 4,642 shares of the company’s stock valued at $75,000 after buying an additional 2,026 shares during the period. GAMMA Investing LLC grew its holdings in shares of ACV Auctions by 3,005.8% in the 1st quarter. GAMMA Investing LLC now owns 5,932 shares of the company’s stock valued at $84,000 after buying an additional 5,741 shares during the period. Neo Ivy Capital Management acquired a new position in shares of ACV Auctions in the 2nd quarter valued at $87,000. Finally, AlphaQuest LLC grew its holdings in shares of ACV Auctions by 2,640.6% in the 1st quarter. AlphaQuest LLC now owns 6,687 shares of the company’s stock valued at $94,000 after buying an additional 6,443 shares during the period. Institutional investors and hedge funds own 88.55% of the company’s stock.

ACV Auctions Stock Down 4.8%

The company has a market cap of $1.59 billion, a price-to-earnings ratio of -18.83 and a beta of 1.64. The firm’s fifty day moving average price is $11.36 and its 200-day moving average price is $14.07. The company has a current ratio of 1.56, a quick ratio of 1.56 and a debt-to-equity ratio of 0.28.

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.