ACV Auctions (NASDAQ:ACVA) Shares Gap Down to $17.32

ACV Auctions Inc. (NASDAQ:ACVA) shares gapped down prior to trading on Thursday . The stock had previously closed at $17.32, but opened at $16.37. ACV Auctions shares last traded at $17.19, with a volume of 107,899 shares traded.

Wall Street Analysts Forecast Growth

ACVA has been the topic of several research reports. Northcoast Research raised shares of ACV Auctions from a “neutral” rating to a “buy” rating and set a $22.00 price target on the stock in a research note on Wednesday, January 10th. JMP Securities reaffirmed a “market outperform” rating and set a $19.00 price objective on shares of ACV Auctions in a research note on Wednesday, April 17th. Needham & Company LLC reaffirmed a “buy” rating and issued a $23.00 price target on shares of ACV Auctions in a research note on Thursday. Barrington Research reissued an “outperform” rating and set a $23.00 price objective on shares of ACV Auctions in a research note on Monday. Finally, Piper Sandler raised their price target on shares of ACV Auctions from $15.00 to $16.00 and gave the stock a “neutral” rating in a report on Thursday. Three analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. According to data from MarketBeat.com, ACV Auctions has an average rating of “Moderate Buy” and an average price target of $20.29.

ACV Auctions Trading Down 1.1 %

The company has a market cap of $2.81 billion, a PE ratio of -37.65 and a beta of 1.56. The stock has a 50 day moving average price of $18.03 and a 200 day moving average price of $15.75. The company has a current ratio of 2.12, a quick ratio of 2.12 and a debt-to-equity ratio of 0.25.

ACV Auctions (NASDAQ:ACVA) last announced its quarterly earnings data on Wednesday, February 21st. The company reported ($0.12) EPS for the quarter, beating the consensus estimate of ($0.13) by $0.01. The business had revenue of $118.38 million during the quarter, compared to analyst estimates of $117.62 million. ACV Auctions had a negative return on equity of 13.97% and a negative net margin of 15.64%. Sell-side analysts predict that ACV Auctions Inc. will post -0.29 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, insider Craig Eric Anderson sold 5,000 shares of the business’s stock in a transaction that occurred on Wednesday, February 28th. The stock was sold at an average price of $18.00, for a total value of $90,000.00. Following the sale, the insider now directly owns 202,797 shares of the company’s stock, valued at approximately $3,650,346. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other ACV Auctions news, insider Craig Eric Anderson sold 5,000 shares of the firm’s stock in a transaction dated Wednesday, February 28th. The shares were sold at an average price of $18.00, for a total transaction of $90,000.00. Following the completion of the sale, the insider now directly owns 202,797 shares in the company, valued at approximately $3,650,346. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Michael Waterman sold 10,130 shares of the company’s stock in a transaction that occurred on Tuesday, March 5th. The stock was sold at an average price of $18.47, for a total transaction of $187,101.10. Following the completion of the transaction, the insider now owns 234,234 shares in the company, valued at approximately $4,326,301.98. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 1,475,208 shares of company stock worth $26,669,099. 8.50% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On ACV Auctions

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Vanguard Group Inc. boosted its stake in shares of ACV Auctions by 8.6% in the 3rd quarter. Vanguard Group Inc. now owns 12,809,266 shares of the company’s stock worth $194,445,000 after buying an additional 1,010,941 shares during the last quarter. FMR LLC increased its stake in shares of ACV Auctions by 9.4% in the 3rd quarter. FMR LLC now owns 11,763,945 shares of the company’s stock worth $178,577,000 after purchasing an additional 1,011,236 shares in the last quarter. Atreides Management LP grew its stake in shares of ACV Auctions by 5.8% during the 3rd quarter. Atreides Management LP now owns 10,829,070 shares of the company’s stock valued at $164,385,000 after acquiring an additional 594,347 shares during the period. William Blair Investment Management LLC increased its position in ACV Auctions by 8.7% during the third quarter. William Blair Investment Management LLC now owns 4,369,867 shares of the company’s stock valued at $66,335,000 after acquiring an additional 350,865 shares during the last quarter. Finally, Jennison Associates LLC raised its stake in shares of ACV Auctions by 11.0% in the first quarter. Jennison Associates LLC now owns 3,954,432 shares of the company’s stock valued at $74,225,000 after acquiring an additional 393,423 shares during the period. Hedge funds and other 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.