ACV Auctions (NASDAQ:ACVA) Trading Down 10.5% – Time to Sell?

Shares of ACV Auctions Inc. (NASDAQ:ACVA) were down 10.5% on Thursday . The company traded as low as $6.45 and last traded at $6.4460. Approximately 1,142,915 shares traded hands during mid-day trading, a decline of 54% from the average daily volume of 2,471,209 shares. The stock had previously closed at $7.20.

Analyst Upgrades and Downgrades

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

ACV Auctions Stock Down 9.7%

The firm’s fifty day simple moving average is $8.14 and its two-hundred day simple moving average is $9.28. 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 company has a market capitalization of $1.12 billion, a price-to-earnings ratio of -13.28 and a beta of 1.63.

Insider Activity at ACV Auctions

In other ACV Auctions news, CEO George Chamoun bought 31,172 shares of ACV Auctions stock in a transaction on Monday, December 15th. The shares were bought at an average price of $7.97 per share, for a total transaction of $248,440.84. Following the completion of the transaction, the chief executive officer directly owned 2,618,714 shares of the company’s stock, valued at $20,871,150.58. This trade represents a 1.20% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available at this link. Also, Director Brian Hirsch purchased 80,571 shares of the stock in a transaction dated Friday, November 14th. The shares were acquired at an average price of $6.21 per share, with a total value of $500,345.91. Following the completion of the acquisition, the director owned 99,678 shares in the company, valued at approximately $619,000.38. This trade represents a 421.68% increase in their position. The disclosure for this purchase is available in the SEC filing. Insiders purchased 126,029 shares of company stock valued at $874,646 over the last quarter. 2.90% of the stock is currently owned by company insiders.

Institutional Trading of ACV Auctions

Several institutional investors and hedge funds have recently bought and sold shares of ACVA. Fifth Third Bancorp raised its stake in shares of ACV Auctions by 72.4% in the 4th quarter. Fifth Third Bancorp now owns 3,383 shares of the company’s stock valued at $27,000 after acquiring an additional 1,421 shares during the period. Aster Capital Management DIFC Ltd increased its holdings in ACV Auctions by 298.4% in the 3rd quarter. Aster Capital Management DIFC Ltd now owns 3,323 shares of the company’s stock valued at $33,000 after purchasing an additional 2,489 shares during the last quarter. Larson Financial Group LLC raised its position in ACV Auctions by 38,076.9% in the fourth quarter. Larson Financial Group LLC now owns 4,963 shares of the company’s stock valued at $40,000 after purchasing an additional 4,950 shares during the period. Farther Finance Advisors LLC lifted its stake in ACV Auctions by 12,979.5% during the fourth quarter. Farther Finance Advisors LLC now owns 5,755 shares of the company’s stock worth $46,000 after purchasing an additional 5,711 shares in the last quarter. Finally, Covestor Ltd boosted its position in shares of ACV Auctions by 39.9% during the third quarter. Covestor Ltd now owns 5,785 shares of the company’s stock worth $57,000 after buying an additional 1,649 shares during the period. 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.