ACV Auctions (NASDAQ:ACVA) Shares Gap Down – What’s Next?

ACV Auctions Inc. (NASDAQ:ACVA) shares gapped down before the market opened on Wednesday . The stock had previously closed at $18.56, but opened at $17.63. ACV Auctions shares last traded at $18.36, with a volume of 11,728 shares changing hands.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on ACVA shares. Raymond James began coverage on shares of ACV Auctions in a research report on Friday, September 27th. They set a “market perform” rating and a $22.00 target price on the stock. JMP Securities raised their target price on ACV Auctions from $21.00 to $24.00 and gave the stock a “market outperform” rating in a research report on Tuesday, September 17th. Jefferies Financial Group upped their price target on ACV Auctions from $22.00 to $25.00 and gave the company a “buy” rating in a research report on Tuesday. Finally, Barrington Research reiterated an “outperform” rating and set a $23.00 target price on shares of ACV Auctions in a research report on Friday, August 16th. Two investment analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $22.00.

ACV Auctions Stock Performance

The company’s 50-day moving average is $19.19 and its two-hundred day moving average is $18.29. The company has a market capitalization of $2.93 billion, a P/E ratio of -36.98 and a beta of 1.56. The company has a quick ratio of 1.49, a current ratio of 1.49 and a debt-to-equity ratio of 0.24.

ACV Auctions (NASDAQ:ACVA) last posted its quarterly earnings data on Wednesday, August 7th. The company reported ($0.07) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.09) by $0.02. ACV Auctions had a negative net margin of 14.53% and a negative return on equity of 13.20%. The company had revenue of $160.62 million during the quarter, compared to the consensus estimate of $156.33 million. Equities analysts anticipate that ACV Auctions Inc. will post -0.35 earnings per share for the current fiscal year.

Insider Activity

In related news, VP Andrew Peer sold 1,795 shares of the firm’s stock in a transaction that occurred on Thursday, September 19th. The stock was sold at an average price of $21.00, for a total transaction of $37,695.00. Following the transaction, the vice president now directly owns 62,956 shares in the company, valued at $1,322,076. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other ACV Auctions news, VP Andrew Peer sold 1,795 shares of the firm’s stock in a transaction on Thursday, September 19th. The shares were sold at an average price of $21.00, for a total value of $37,695.00. Following the sale, the vice president now owns 62,956 shares of the company’s stock, valued at $1,322,076. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO William Zerella sold 32,500 shares of the company’s stock in a transaction dated Tuesday, August 6th. The shares were sold at an average price of $15.19, for a total transaction of $493,675.00. Following the transaction, the chief financial officer now directly owns 503,077 shares of the company’s stock, valued at approximately $7,641,739.63. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 741,926 shares of company stock valued at $14,285,765. Corporate insiders own 8.50% of the company’s stock.

Institutional Trading of ACV Auctions

Several large investors have recently added to or reduced their stakes in ACVA. Park Place Capital Corp lifted its stake in shares of ACV Auctions by 34.1% in the 3rd quarter. Park Place Capital Corp now owns 2,779 shares of the company’s stock valued at $56,000 after purchasing an additional 706 shares during the period. MCF Advisors LLC grew its holdings in ACV Auctions by 107.0% in the third quarter. MCF Advisors LLC now owns 1,480 shares of the company’s stock worth $30,000 after purchasing an additional 765 shares during the period. Amalgamated Bank boosted its position in shares of ACV Auctions by 18.0% in the 2nd quarter. Amalgamated Bank now owns 5,120 shares of the company’s stock worth $93,000 after purchasing an additional 782 shares in the last quarter. Blue Trust Inc. grew its stake in shares of ACV Auctions by 165.2% in the third quarter. Blue Trust Inc. now owns 1,419 shares of the company’s stock worth $29,000 after acquiring an additional 884 shares during the last quarter. Finally, Blair William & Co. IL increased its stake in ACV Auctions by 14.7% during the 1st quarter. Blair William & Co. IL now owns 12,691 shares of the company’s stock valued at $238,000 after purchasing an additional 1,626 shares in the last quarter. Institutional investors own 88.55% of the company’s stock.

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.