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

ACV Auctions Inc. (NASDAQ:ACVA) was down 5.2% during mid-day 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. Approximately 1,703,592 shares were traded during mid-day trading, an increase of 21% from the average daily volume of 1,404,448 shares. The stock had previously closed at $15.28.

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

Insider Activity at ACV Auctions

In other news, CEO George Chamoun sold 348,249 shares of ACV Auctions stock in a transaction that occurred on Thursday, March 20th. The stock was sold at an average price of $15.34, for a total value of $5,342,139.66. Following the completion of the transaction, the chief executive officer now owns 2,821,193 shares in the company, valued at approximately $43,277,100.62. The trade was a 10.99 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed 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 value of $308,550.00. Following the transaction, the chief financial officer now directly owns 462,452 shares in the company, 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 455,911 shares of company stock valued at $7,480,541 over the last 90 days. 8.50% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the company. Blue Trust Inc. raised its stake in shares of ACV Auctions by 65.8% in the fourth quarter. Blue Trust Inc. now owns 2,352 shares of the company’s stock valued at $48,000 after acquiring an additional 933 shares during the period. KBC Group NV raised its position in ACV Auctions by 80.4% in the 4th quarter. KBC Group NV now owns 7,406 shares of the company’s stock worth $160,000 after purchasing an additional 3,300 shares during the period. Integrated Advisors Network LLC purchased a new stake in ACV Auctions in the 4th quarter worth about $200,000. Mackenzie Financial Corp bought a new stake in ACV Auctions in the fourth quarter worth about $206,000. Finally, Icon Wealth Advisors LLC boosted its position in shares of ACV Auctions by 13.5% during the third quarter. Icon Wealth Advisors LLC now owns 11,048 shares of the company’s stock valued at $225,000 after buying an additional 1,317 shares during the period. 88.55% of the stock is owned by hedge funds and other institutional investors.

ACV Auctions Stock Performance

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 business has a 50 day moving average price of $18.06 and a 200 day moving average price of $19.59. The stock has a market cap of $2.38 billion, a P/E ratio of -28.80 and a beta of 1.73.

ACV Auctions (NASDAQ:ACVA) last posted its quarterly earnings data on Wednesday, February 19th. The company reported ($0.14) earnings per share (EPS) for the quarter, beating 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 during the quarter, compared to analysts’ expectations of $156.77 million. As a group, sell-side analysts expect that ACV Auctions Inc. will post -0.07 EPS for the current year.

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.