ACV Auctions (NASDAQ:ACVA) Shares Gap Down – Here’s Why

Shares of ACV Auctions Inc. (NASDAQ:ACVA) gapped down prior to trading 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.

Analyst Ratings Changes

ACVA has been the subject of several recent analyst reports. Jefferies Financial Group boosted their price target on ACV Auctions from $22.00 to $25.00 and gave the stock a “buy” rating in a research note on Tuesday. 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. JMP Securities lifted their price objective on ACV Auctions from $21.00 to $24.00 and gave the stock a “market outperform” rating in a report on Tuesday, September 17th. Finally, Raymond James assumed coverage on ACV Auctions in a report on Friday, September 27th. They issued a “market perform” rating and a $22.00 price objective for the company. Two equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat.com, ACV Auctions currently has an average rating of “Moderate Buy” and an average target price of $22.00.

ACV Auctions Stock Down 2.9 %

The company has a fifty day moving average of $19.22 and a 200 day moving average of $18.29. The company has a quick ratio of 1.49, a current ratio of 1.49 and a debt-to-equity ratio of 0.24. The company has a market cap of $2.98 billion, a P/E ratio of -37.79 and a beta of 1.56.

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

Insider Buying and Selling at ACV Auctions

In other ACV Auctions news, CFO William Zerella sold 32,500 shares of the business’s stock in a transaction dated Tuesday, August 6th. The stock was sold at an average price of $15.19, for a total transaction of $493,675.00. Following the completion of the sale, the chief financial officer now owns 503,077 shares of the company’s stock, valued at approximately $7,641,739.63. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other news, COO Vikas Mehta sold 145,928 shares of the company’s stock in a transaction dated Friday, August 23rd. The stock was sold at an average price of $18.71, for a total value of $2,730,312.88. Following the completion of the transaction, the chief operating officer now owns 468,505 shares of the company’s stock, valued at $8,765,728.55. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CFO William Zerella sold 32,500 shares of the company’s stock in a transaction dated Tuesday, August 6th. The stock was 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 approximately $7,641,739.63. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 741,926 shares of company stock valued at $14,285,765. Company insiders own 8.50% of the company’s stock.

Hedge Funds Weigh In On ACV Auctions

Hedge funds have recently made changes to their positions in the business. Blue Trust Inc. boosted 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 period. Park Place Capital Corp lifted its position in shares of ACV Auctions by 34.1% in the third quarter. Park Place Capital Corp now owns 2,779 shares of the company’s stock worth $56,000 after buying an additional 706 shares in the last quarter. Amalgamated Bank lifted its position in shares of ACV Auctions by 18.0% in the second quarter. Amalgamated Bank now owns 5,120 shares of the company’s stock worth $93,000 after buying an additional 782 shares in the last quarter. Public Employees Retirement Association of Colorado purchased a new stake in shares of ACV Auctions in the second quarter worth about $225,000. Finally, Blair William & Co. IL lifted its position in shares of ACV Auctions by 14.7% in the first quarter. Blair William & Co. IL now owns 12,691 shares of the company’s stock worth $238,000 after buying 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.