ACV Auctions (NASDAQ:ACVA) Stock Price Down 11.1% – Here’s What Happened

ACV Auctions Inc. (NASDAQ:ACVA)’s stock price dropped 11.1% during mid-day trading on Monday . The stock traded as low as $6.01 and last traded at $5.9210. Approximately 1,368,246 shares were traded during mid-day trading, a decline of 49% from the average daily volume of 2,670,811 shares. The stock had previously closed at $6.66.

Wall Street Analyst Weigh In

ACVA has been the topic of a number of recent research reports. Bank of America reiterated an “underperform” rating and issued a $6.00 target price (down previously from $16.50) on shares of ACV Auctions in a research report on Thursday, November 6th. Barclays lifted their price objective on shares of ACV Auctions to $8.00 and gave the company an “equal weight” rating in a research note on Wednesday, January 21st. Needham & Company LLC dropped their price objective on shares of ACV Auctions from $14.00 to $9.00 and set a “buy” rating on the stock in a report on Thursday, November 6th. Barrington Research lowered shares of ACV Auctions from an “outperform” rating to a “market perform” rating in a research note on Thursday, November 6th. Finally, Jefferies Financial Group cut shares of ACV Auctions from a “buy” rating to a “hold” rating and set a $9.00 target price for the company. in a report on Thursday, December 11th. Six equities research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, ACV Auctions presently has an average rating of “Hold” and an average target price of $11.85.

ACV Auctions Trading Down 15.4%

The firm has a market cap of $970.36 million, a PE ratio of -11.50 and a beta of 1.63. The company has a 50-day simple moving average of $7.94 and a 200 day simple moving average of $8.87. The company has a current ratio of 1.56, a quick ratio of 1.56 and a debt-to-equity ratio of 0.28.

Insider Buying and Selling

In related news, CEO George Chamoun acquired 14,286 shares of ACV Auctions stock in a transaction on Monday, January 12th. The stock was bought at an average cost of $8.81 per share, for a total transaction of $125,859.66. Following the completion of the transaction, the chief executive officer owned 2,598,383 shares of the company’s stock, valued at approximately $22,891,754.23. The trade was a 0.55% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available through this link. Insiders own 2.90% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the stock. Atreides Management LP raised its holdings in shares of ACV Auctions by 125.2% during the fourth quarter. Atreides Management LP now owns 12,411,800 shares of the company’s stock valued at $99,543,000 after acquiring an additional 6,901,010 shares during the last quarter. Wasatch Advisors LP boosted its stake in shares of ACV Auctions by 301.0% in the second quarter. Wasatch Advisors LP now owns 7,295,400 shares of the company’s stock worth $118,331,000 after acquiring an additional 5,475,874 shares during the last quarter. Sunriver Management LLC purchased a new stake in shares of ACV Auctions during the fourth quarter worth approximately $23,768,000. SG Capital Management LLC purchased a new stake in shares of ACV Auctions during the third quarter worth approximately $17,103,000. Finally, Arvin Capital Management LP raised its stake in ACV Auctions by 272.8% in the 4th quarter. Arvin Capital Management LP now owns 2,296,913 shares of the company’s stock valued at $18,421,000 after purchasing an additional 1,680,723 shares during the last quarter. Institutional investors and hedge funds own 88.55% of the company’s stock.

About ACV Auctions

ACV Auctions operates a digital marketplace that connects automotive dealers through a mobile-first platform for wholesale vehicle auctions. The company’s software enables dealers to list, inspect and bid on used vehicles in real time, leveraging smartphone-based condition reporting, high-resolution imagery and data analytics to streamline the buying and selling process. ACV Auctions also offers subscription-based access to its auction platform, supplemental reconditioning services and financing tools designed to help dealers optimize inventory turn and reduce risk.

Since its founding in 2014, ACV Auctions has expanded its technology offerings beyond core auction services to include dealer management integrations, transportation logistics coordination and title management solutions.