ACV Auctions Inc. (NASDAQ:ACVA - Get Free Report)'s stock price traded down 4.3% on Thursday . The stock traded as low as $17.84 and last traded at $17.94. 530,413 shares traded hands during mid-day trading, a decline of 56% from the average session volume of 1,214,202 shares. The stock had previously closed at $18.74.
Several research analysts recently issued reports on the stock. Raymond James began coverage on shares of ACV Auctions in a report on Friday, September 27th. They set a "market perform" rating and a $22.00 price target for the company. JMP Securities raised their price target on ACV Auctions from $21.00 to $24.00 and gave the company a "market outperform" rating in a report on Tuesday, September 17th. Finally, Barrington Research restated an "outperform" rating and issued a $23.00 price target on shares of ACV Auctions in a research note on Friday, August 16th. Two equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company's stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $21.57.
Get Our Latest Stock Analysis on ACVA
The firm has a market cap of $2.93 billion, a PE ratio of -39.04 and a beta of 1.56. The company has a debt-to-equity ratio of 0.24, a current ratio of 1.49 and a quick ratio of 1.49. The business has a 50-day moving average price of $18.82 and a two-hundred day moving average price of $18.28.
ACV Auctions (NASDAQ:ACVA - Get Free Report) last posted its earnings results on Wednesday, August 7th. The company reported ($0.07) earnings per share for the quarter, beating the consensus estimate 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 firm had revenue of $160.62 million during the quarter, compared to the consensus estimate of $156.33 million. Analysts forecast that ACV Auctions Inc. will post -0.36 EPS for the current year.
In other news, CFO William Zerella sold 32,500 shares of the company's stock in a transaction on Tuesday, August 6th. The stock was sold at an average price of $15.19, for a total value of $493,675.00. Following the sale, the chief financial officer now directly owns 503,077 shares in the company, valued at $7,641,739.63. This represents a 0.00 % decrease in their ownership of the stock. The sale 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 ACV Auctions stock in a transaction that occurred 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 completion of the sale, the vice president now directly owns 62,956 shares of the company's stock, valued at approximately $1,322,076. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO William Zerella sold 32,500 shares of the stock in a transaction on Tuesday, August 6th. The stock was sold at an average price of $15.19, for a total value of $493,675.00. Following the transaction, the chief financial officer now directly owns 503,077 shares in the company, valued at approximately $7,641,739.63. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 691,425 shares of company stock worth $13,336,852. 8.50% of the stock is owned by insiders.
Hedge funds and other institutional investors have recently made changes to their positions in the business. Massachusetts Financial Services Co. MA boosted its stake in ACV Auctions by 47.6% in the 2nd quarter. Massachusetts Financial Services Co. MA now owns 7,758,163 shares of the company's stock worth $141,586,000 after buying an additional 2,502,064 shares during the last quarter. William Blair Investment Management LLC grew its holdings in ACV Auctions by 4.1% in the second quarter. William Blair Investment Management LLC now owns 5,013,642 shares of the company's stock valued at $91,499,000 after purchasing an additional 198,228 shares during the period. Jennison Associates LLC grew its holdings in 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 purchasing an additional 393,423 shares during the period. Dimensional Fund Advisors LP increased its position in ACV Auctions by 8.4% during the second quarter. Dimensional Fund Advisors LP now owns 2,103,770 shares of the company's stock worth $38,394,000 after purchasing an additional 163,380 shares during the last quarter. Finally, TimesSquare Capital Management LLC raised its stake in ACV Auctions by 45.6% during the first quarter. TimesSquare Capital Management LLC now owns 1,765,822 shares of the company's stock worth $33,144,000 after purchasing an additional 552,719 shares during the period. Hedge funds and other institutional investors own 88.55% of the company's stock.
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.
This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to [email protected].
Before you consider ACV Auctions, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and ACV Auctions wasn't on the list.
While ACV Auctions currently has a "Moderate Buy" rating among analysts, top-rated analysts believe these five stocks are better buys.