ACV Auctions (NASDAQ:ACVA) Trading Down 2.3%

ACV Auctions Inc. (NASDAQ:ACVA) shares traded down 2.3% during trading on Wednesday . The stock traded as low as $18.49 and last traded at $18.49. 9,044 shares were traded during trading, a decline of 99% from the average session volume of 1,171,529 shares. The stock had previously closed at $18.92.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on the company. Barrington Research reiterated an “outperform” rating and issued a $23.00 price objective on shares of ACV Auctions in a report on Friday, August 16th. JMP Securities reiterated a “market outperform” rating and set a $21.00 price target on shares of ACV Auctions in a research note on Wednesday, July 10th. Needham & Company LLC reissued a “buy” rating and issued a $23.00 price objective on shares of ACV Auctions in a research note on Monday, June 3rd. Piper Sandler lifted their price objective on shares of ACV Auctions from $15.00 to $16.00 and gave the company a “neutral” rating in a report on Thursday, May 9th. Finally, JPMorgan Chase & Co. upgraded shares of ACV Auctions from a “neutral” rating to an “overweight” rating and set a $21.00 target price on the stock in a report on Monday, June 10th. One equities research analyst has rated the stock with a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat, ACV Auctions currently has a consensus rating of “Moderate Buy” and a consensus target price of $21.00.

ACV Auctions Stock Performance

The stock has a 50-day moving average price of $17.72 and a 200 day moving average price of $17.56. The company has a quick ratio of 1.62, a current ratio of 1.62 and a debt-to-equity ratio of 0.27. The firm has a market capitalization of $3.07 billion, a price-to-earnings ratio of -39.42 and a beta of 1.54.

Insider Buying and Selling

In other news, insider Michael Waterman sold 46,126 shares of the firm’s stock in a transaction on Wednesday, May 29th. The shares were sold at an average price of $18.00, for a total value of $830,268.00. Following the sale, the insider now directly owns 335,672 shares in the company, valued at approximately $6,042,096. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other news, insider Michael Waterman sold 46,126 shares of the firm’s stock in a transaction dated Wednesday, May 29th. The stock was sold at an average price of $18.00, for a total transaction of $830,268.00. Following the sale, the insider now owns 335,672 shares of the company’s stock, valued at approximately $6,042,096. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO William Zerella sold 32,500 shares of the company’s stock in a transaction that occurred on Tuesday, August 6th. The shares were sold at an average price of $15.19, for a total value of $493,675.00. Following the completion of the transaction, the chief financial officer now directly owns 503,077 shares of the company’s stock, valued at $7,641,739.63. The disclosure for this sale can be found here. Insiders sold 711,869 shares of company stock worth $12,671,967 over the last 90 days. 8.50% of the stock is owned by insiders.

Institutional Investors Weigh In On ACV Auctions

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Amalgamated Bank grew its holdings in shares of ACV Auctions by 18.0% during the second quarter. Amalgamated Bank now owns 5,120 shares of the company’s stock worth $93,000 after purchasing an additional 782 shares during the last quarter. UMB Bank n.a. acquired a new position in ACV Auctions during the first quarter worth approximately $114,000. Penn Mutual Asset Management LLC purchased a new stake in ACV Auctions in the fourth quarter valued at approximately $153,000. Public Employees Retirement Association of Colorado acquired a new stake in shares of ACV Auctions in the second quarter valued at approximately $225,000. Finally, Blair William & Co. IL grew its position in shares of ACV Auctions by 14.7% during the first quarter. Blair William & Co. IL now owns 12,691 shares of the company’s stock worth $238,000 after acquiring an additional 1,626 shares during the last quarter. 88.55% of the stock is currently owned by institutional investors and hedge funds.

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.