ACV Auctions (NASDAQ:ACVA) Trading Down 5.2% After Analyst Downgrade

ACV Auctions Inc. (NASDAQ:ACVA) shares fell 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 were traded during 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 subject of a number of other reports. Needham & Company LLC reaffirmed a “buy” rating and issued a $25.00 target price on shares of ACV Auctions in a report on Wednesday, March 12th. Stephens raised ACV Auctions to a “hold” rating in a research report on Saturday, February 1st. JMP Securities reiterated a “market outperform” rating and issued a $25.00 target price on shares of ACV Auctions in a research note on Monday, December 16th. 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, Bank of America upgraded shares of ACV Auctions from a “neutral” rating to a “buy” rating and lowered their price objective for the company from $22.00 to $20.00 in a research report on Wednesday, March 12th. Two 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 stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $23.14.

Insiders Place Their Bets

In related news, CFO William Zerella sold 15,000 shares of the business’s stock in a transaction dated Tuesday, March 11th. The shares were sold at an average price of $13.53, for a total value of $202,950.00. Following the sale, the chief financial officer now directly owns 766,266 shares in the company, valued at $10,367,578.98. The trade was a 1.92 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO George Chamoun sold 348,249 shares of the firm’s stock in a transaction dated Thursday, March 20th. The shares were sold at an average price of $15.34, for a total transaction of $5,342,139.66. Following the transaction, the chief executive officer now owns 2,821,193 shares of the company’s stock, valued at $43,277,100.62. This trade represents a 10.99 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 455,911 shares of company stock worth $7,480,541. 8.50% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. Wellington Management Group LLP increased its position in ACV Auctions by 61.3% during the fourth quarter. Wellington Management Group LLP now owns 1,708,551 shares of the company’s stock worth $36,905,000 after buying an additional 649,039 shares in the last quarter. California State Teachers Retirement System raised its stake in ACV Auctions by 1.4% in the 4th quarter. California State Teachers Retirement System now owns 141,873 shares of the company’s stock valued at $3,064,000 after purchasing an additional 1,906 shares during the last quarter. Universal Beteiligungs und Servicegesellschaft mbH purchased a new position in ACV Auctions in the 4th quarter valued at about $4,026,000. Integrated Advisors Network LLC acquired a new stake in shares of ACV Auctions during the 4th quarter worth about $200,000. Finally, Mackenzie Financial Corp acquired a new stake in shares of ACV Auctions during the 4th quarter worth about $206,000. 88.55% of the stock is currently owned by institutional investors and hedge funds.

ACV Auctions Trading Down 4.6 %

The business’s fifty day moving average price is $18.21 and its 200 day moving average price is $19.62. 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 firm has a market capitalization of $2.46 billion, a PE ratio of -29.76 and a beta of 1.73.

ACV Auctions (NASDAQ:ACVA) last released its earnings results on Wednesday, February 19th. The company reported ($0.14) EPS for the quarter, topping the consensus estimate of ($0.15) by $0.01. ACV Auctions had a negative net margin of 12.51% and a negative return on equity of 12.94%. The firm had revenue of $159.51 million during the quarter, compared to analysts’ expectations of $156.77 million. As a group, analysts expect that ACV Auctions Inc. will post -0.07 EPS for the current fiscal 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.