ACV Auctions (NASDAQ:ACVA) Stock Price Down 2.3%

ACV Auctions Inc. (NASDAQ:ACVA) shares were down 2.3% on Wednesday . The stock traded as low as $18.49 and last traded at $18.49. Approximately 9,044 shares changed hands during trading, a decline of 99% from the average daily volume of 1,171,529 shares. The stock had previously closed at $18.92.

Analysts Set New Price Targets

ACVA has been the topic of several research reports. JPMorgan Chase & Co. upgraded shares of ACV Auctions from a “neutral” rating to an “overweight” rating and set a $21.00 target price on the stock in a report on Monday, June 10th. Barrington Research reiterated an “outperform” rating and set a $23.00 price objective on shares of ACV Auctions in a research report on Friday, August 16th. JMP Securities reissued a “market outperform” rating and issued a $21.00 target price on shares of ACV Auctions in a report on Wednesday, July 10th. Piper Sandler boosted their price target on ACV Auctions from $15.00 to $16.00 and gave the company a “neutral” rating in a research note on Thursday, May 9th. Finally, Needham & Company LLC reissued a “buy” rating and issued a $23.00 price objective on shares of ACV Auctions in a report on Monday, June 3rd. One equities research analyst has rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat, ACV Auctions presently has an average rating of “Moderate Buy” and a consensus target price of $21.00.

ACV Auctions Stock Performance

The company has a debt-to-equity ratio of 0.27, a current ratio of 1.62 and a quick ratio of 1.62. The firm’s 50-day moving average price is $17.72 and its 200-day moving average price is $17.56. The stock has a market cap of $3.07 billion, a P/E ratio of -39.42 and a beta of 1.54.

Insider Activity

In related news, CEO George Chamoun sold 77,995 shares of the business’s stock in a transaction dated Tuesday, June 18th. The stock was sold at an average price of $17.71, for a total value of $1,381,291.45. Following the sale, the chief executive officer now directly owns 961,245 shares in the company, valued at $17,023,648.95. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other ACV Auctions news, CFO William Zerella sold 276,900 shares of the stock in a transaction on Tuesday, June 11th. The shares were sold at an average price of $18.13, for a total transaction of $5,020,197.00. Following the completion of the transaction, the chief financial officer now owns 515,671 shares in the company, valued at $9,349,115.23. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO George Chamoun sold 77,995 shares of ACV Auctions stock in a transaction on Tuesday, June 18th. The stock was sold at an average price of $17.71, for a total transaction of $1,381,291.45. Following the completion of the transaction, the chief executive officer now directly owns 961,245 shares of the company’s stock, valued at $17,023,648.95. The disclosure for this sale can be found here. Insiders sold a total of 711,869 shares of company stock worth $12,671,967 over the last 90 days. Corporate insiders own 8.50% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the business. Dimensional Fund Advisors LP raised its position in ACV Auctions by 21.7% during the fourth quarter. Dimensional Fund Advisors LP now owns 1,846,726 shares of the company’s stock valued at $27,979,000 after purchasing an additional 329,854 shares during the period. Comerica Bank raised its holdings in ACV Auctions by 5,045.7% during the 1st quarter. Comerica Bank now owns 63,550 shares of the company’s stock valued at $1,193,000 after buying an additional 62,315 shares during the period. Jennison Associates LLC lifted its position in ACV Auctions by 11.0% in the first quarter. Jennison Associates LLC now owns 3,954,432 shares of the company’s stock worth $74,225,000 after buying an additional 393,423 shares during the last quarter. Congress Asset Management Co. MA increased its position in ACV Auctions by 21.8% during the first quarter. Congress Asset Management Co. MA now owns 482,881 shares of the company’s stock valued at $9,064,000 after acquiring an additional 86,525 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. raised its stake in shares of ACV Auctions by 1.8% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,044,415 shares of the company’s stock valued at $15,823,000 after acquiring an additional 18,626 shares during the period. 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.