Shares of ACV Auctions Inc. (NASDAQ:ACVA – Get Free Report) dropped 4.3% during mid-day trading on Thursday . The company traded as low as $17.84 and last traded at $17.94. Approximately 530,413 shares changed hands during trading, a decline of 56% from the average daily volume of 1,214,202 shares. The stock had previously closed at $18.74.
Wall Street Analyst Weigh In
A number of equities analysts have recently commented on the company. JMP Securities raised 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. Barrington Research restated an “outperform” rating and issued a $23.00 price target on shares of ACV Auctions in a report on Friday, August 16th. Finally, Raymond James assumed coverage on shares of ACV Auctions in a research report on Friday, September 27th. They set a “market perform” rating and a $22.00 price target on the stock. Two investment analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $21.57.
View Our Latest Report on ACVA
ACV Auctions Price Performance
ACV Auctions (NASDAQ:ACVA – Get Free Report) last released its quarterly earnings results on Wednesday, August 7th. The company reported ($0.07) EPS for the quarter, topping 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 firm had revenue of $160.62 million for the quarter, compared to analyst estimates of $156.33 million. Sell-side analysts expect that ACV Auctions Inc. will post -0.36 earnings per share for the current fiscal year.
Insider Activity at ACV Auctions
In related news, CFO William Zerella sold 32,500 shares of ACV Auctions stock in a transaction on Tuesday, August 6th. The shares were sold at an average price of $15.19, for a total transaction of $493,675.00. Following the sale, the chief financial officer now owns 503,077 shares of the company’s stock, valued at $7,641,739.63. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. In other news, VP Andrew Peer sold 1,795 shares of the stock in a transaction that occurred on Thursday, September 19th. The stock was sold at an average price of $21.00, for a total transaction of $37,695.00. Following the completion of the transaction, the vice president now directly owns 62,956 shares in the company, valued at approximately $1,322,076. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CFO William Zerella sold 32,500 shares of the firm’s stock in a transaction that occurred on Tuesday, August 6th. The stock was sold at an average price of $15.19, for a total transaction of $493,675.00. Following the sale, the chief financial officer now directly owns 503,077 shares of the company’s stock, valued at $7,641,739.63. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 691,425 shares of company stock valued at $13,336,852. Corporate insiders own 8.50% of the company’s stock.
Institutional Inflows and Outflows
A number of large investors have recently added to or reduced their stakes in the stock. Park Place Capital Corp increased its position in shares of ACV Auctions by 34.1% in the 3rd quarter. Park Place Capital Corp now owns 2,779 shares of the company’s stock worth $56,000 after purchasing an additional 706 shares during the last quarter. Amalgamated Bank increased its holdings in ACV Auctions by 18.0% in the second quarter. Amalgamated Bank now owns 5,120 shares of the company’s stock valued at $93,000 after buying an additional 782 shares during the last quarter. UMB Bank n.a. acquired a new stake in ACV Auctions during the first quarter valued at approximately $114,000. Public Employees Retirement Association of Colorado bought a new position in ACV Auctions during the 2nd quarter worth approximately $225,000. Finally, Blair William & Co. IL grew its position in shares of ACV Auctions by 14.7% in the 1st quarter. Blair William & Co. IL now owns 12,691 shares of the company’s stock worth $238,000 after acquiring an additional 1,626 shares in the last quarter. 88.55% of the stock is currently owned by institutional investors.
About ACV Auctions
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.
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