ACV Auctions (NASDAQ:ACVA) Stock Price Down 11.1% – What’s Next?

ACV Auctions Inc. (NASDAQ:ACVA) shares were down 11.1% during mid-day trading on Monday . The stock traded as low as $6.01 and last traded at $5.9210. Approximately 1,368,246 shares changed hands during trading, a decline of 49% from the average daily volume of 2,670,811 shares. The stock had previously closed at $6.66.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on ACVA shares. Citigroup reduced their target price on shares of ACV Auctions from $17.00 to $13.00 and set a “buy” rating for the company in a research report on Friday, November 21st. Bank of America reaffirmed an “underperform” rating and set a $6.00 price objective (down previously from $16.50) on shares of ACV Auctions in a research note on Thursday, November 6th. Barclays increased their price objective on shares of ACV Auctions to $8.00 and gave the company an “equal weight” rating in a report on Wednesday, January 21st. Barrington Research cut ACV Auctions from an “outperform” rating to a “market perform” rating in a report on Thursday, November 6th. Finally, The Goldman Sachs Group dropped their price target on ACV Auctions from $21.00 to $13.00 and set a “buy” rating for the company in a research report on Friday, November 7th. Six investment analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, ACV Auctions presently has a consensus rating of “Hold” and a consensus target price of $11.85.

ACV Auctions Price Performance

The firm has a market cap of $970.36 million, a price-to-earnings ratio of -11.50 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. The stock’s fifty day moving average price is $7.94 and its 200-day moving average price is $8.87.

Insider Transactions at ACV Auctions

In other ACV Auctions news, CEO George Chamoun bought 14,286 shares of the business’s stock in a transaction on Monday, January 12th. The stock was bought at an average price of $8.81 per share, with a total value of $125,859.66. Following the completion of the purchase, the chief executive officer directly owned 2,598,383 shares in the company, valued at $22,891,754.23. The trade was a 0.55% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 2.90% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On ACV Auctions

Hedge funds have recently modified their holdings of the business. Brighton Jones LLC purchased a new stake in ACV Auctions in the 4th quarter valued at about $392,000. Royal Bank of Canada increased its position in shares of ACV Auctions by 14.3% during the first quarter. Royal Bank of Canada now owns 83,187 shares of the company’s stock valued at $1,173,000 after acquiring an additional 10,382 shares during the last quarter. AQR Capital Management LLC purchased a new stake in shares of ACV Auctions in the 1st quarter valued at approximately $197,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in shares of ACV Auctions by 19.1% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 188,904 shares of the company’s stock valued at $2,662,000 after acquiring an additional 30,299 shares during the period. Finally, Millennium Management LLC lifted its holdings in shares of ACV Auctions by 35.7% in the 1st quarter. Millennium Management LLC now owns 728,697 shares of the company’s stock worth $10,267,000 after acquiring an additional 191,883 shares during the last quarter. 88.55% of the stock is currently owned by hedge funds and other institutional investors.

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.