ACV Auctions (NASDAQ:ACVA) Shares Down 10.5% – Here’s What Happened

ACV Auctions Inc. (NASDAQ:ACVA)’s stock price traded down 10.5% during trading on Thursday . The company traded as low as $6.45 and last traded at $6.4460. 1,142,915 shares were traded during trading, a decline of 54% from the average session volume of 2,471,209 shares. The stock had previously closed at $7.20.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on ACVA shares. The Goldman Sachs Group reduced their price target on ACV Auctions from $21.00 to $13.00 and set a “buy” rating on the stock in a research report on Friday, November 7th. Bank of America reiterated an “underperform” rating and issued a $6.00 price target (down from $16.50) on shares of ACV Auctions in a research note on Thursday, November 6th. Barrington Research downgraded ACV Auctions from an “outperform” rating to a “market perform” rating in a report on Thursday, November 6th. Citigroup cut their price objective on shares of ACV Auctions from $17.00 to $13.00 and set a “buy” rating on the stock in a report on Friday, November 21st. Finally, Needham & Company LLC lowered their target price on shares of ACV Auctions from $14.00 to $9.00 and set a “buy” rating for the company in a research note on Thursday, November 6th. Six equities research analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, ACV Auctions presently has a consensus rating of “Hold” and an average target price of $11.85.

ACV Auctions Price Performance

The firm has a 50-day simple moving average of $8.08 and a two-hundred day simple moving average of $9.20. The company has a market capitalization of $1.14 billion, a price-to-earnings ratio of -13.48 and a beta of 1.63. 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 Transactions at ACV Auctions

In related news, CEO George Chamoun acquired 31,172 shares of the stock in a transaction on Monday, December 15th. The shares were acquired at an average price of $7.97 per share, for a total transaction of $248,440.84. Following the transaction, the chief executive officer owned 2,618,714 shares in the company, valued at approximately $20,871,150.58. This trade represents a 1.20% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 2.90% of the company’s stock.

Institutional Trading of ACV Auctions

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Brighton Jones LLC acquired a new stake in shares of ACV Auctions during the 4th quarter valued at about $392,000. Royal Bank of Canada grew its holdings in ACV Auctions by 14.3% in the first quarter. Royal Bank of Canada now owns 83,187 shares of the company’s stock valued at $1,173,000 after purchasing an additional 10,382 shares during the period. AQR Capital Management LLC purchased a new stake in shares of ACV Auctions in the first quarter valued at approximately $197,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in shares of ACV Auctions by 19.1% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 188,904 shares of the company’s stock worth $2,662,000 after buying an additional 30,299 shares during the period. Finally, Millennium Management LLC lifted its position in shares of ACV Auctions by 35.7% during the 1st quarter. Millennium Management LLC now owns 728,697 shares of the company’s stock valued at $10,267,000 after buying an additional 191,883 shares in 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.