ACV Auctions (NASDAQ:ACVA) Shares Gap Down – Should You Sell?

ACV Auctions Inc. (NASDAQ:ACVA) shares 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

Several research analysts have recently weighed in on the stock. Jefferies Financial Group lifted their price target on shares of ACV Auctions from $22.00 to $25.00 and gave the stock a “buy” rating in a research note on Tuesday. Raymond James assumed coverage on shares of ACV Auctions in a report on Friday, September 27th. They set a “market perform” rating and a $22.00 price objective for the company. Barrington Research reaffirmed an “outperform” rating and set a $23.00 target price on shares of ACV Auctions in a research note on Friday, August 16th. Finally, JMP Securities raised their price objective on ACV Auctions from $21.00 to $24.00 and gave the company a “market outperform” rating in a research report on Tuesday, September 17th. Two research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $22.00.

ACV Auctions Stock Performance

The firm has a market capitalization of $2.93 billion, a PE ratio of -36.98 and a beta of 1.56. The business has a 50-day simple moving average of $19.19 and a 200-day simple moving average of $18.29. The company has a debt-to-equity ratio of 0.24, a current ratio of 1.49 and a quick ratio of 1.49.

ACV Auctions (NASDAQ:ACVA) last announced its 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. The business had revenue of $160.62 million during the quarter, compared to analyst estimates of $156.33 million. ACV Auctions had a negative return on equity of 13.20% and a negative net margin of 14.53%. Equities research analysts expect that ACV Auctions Inc. will post -0.35 earnings per share for the current fiscal year.

Insider Buying and Selling

In other ACV Auctions news, CFO William Zerella sold 32,500 shares of the company’s stock in a transaction dated Tuesday, October 15th. The shares were sold at an average price of $18.79, for a total value of $610,675.00. Following the transaction, the chief financial officer now directly owns 490,482 shares in the company, valued at $9,216,156.78. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, CFO William Zerella sold 32,500 shares of the company’s stock in a transaction dated Tuesday, October 15th. The shares were sold at an average price of $18.79, for a total value of $610,675.00. Following the completion of the sale, the chief financial officer now directly owns 490,482 shares of the company’s stock, valued at $9,216,156.78. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Brian Hirsch sold 61,666 shares of the firm’s stock in a transaction dated Friday, August 23rd. The shares were sold at an average price of $18.63, for a total transaction of $1,148,837.58. Following the transaction, the director now directly owns 9,239 shares in the company, valued at $172,122.57. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 741,926 shares of company stock valued at $14,285,765 in the last 90 days. Company insiders own 8.50% of the company’s stock.

Hedge Funds Weigh In On ACV Auctions

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Park Place Capital Corp boosted its stake in ACV Auctions by 34.1% in the third quarter. Park Place Capital Corp now owns 2,779 shares of the company’s stock valued at $56,000 after acquiring an additional 706 shares in the last quarter. MCF Advisors LLC increased its position in ACV Auctions by 107.0% during the 3rd quarter. MCF Advisors LLC now owns 1,480 shares of the company’s stock valued at $30,000 after buying an additional 765 shares in the last quarter. Amalgamated Bank raised its position in shares of ACV Auctions by 18.0% in the 2nd quarter. Amalgamated Bank now owns 5,120 shares of the company’s stock valued at $93,000 after purchasing an additional 782 shares during the last quarter. Blue Trust Inc. raised its position in shares of ACV Auctions by 165.2% in the 3rd quarter. Blue Trust Inc. now owns 1,419 shares of the company’s stock valued at $29,000 after purchasing an additional 884 shares during the last quarter. Finally, Blair William & Co. IL boosted its stake in 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 purchasing an additional 1,626 shares in the last quarter. Hedge funds and other institutional investors own 88.55% of the company’s stock.

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.