ACV Auctions (NASDAQ:ACVA) Reaches New 12-Month Low – Time to Sell?

ACV Auctions Inc. (NASDAQ:ACVA) shares hit a new 52-week low during mid-day trading on Wednesday . The company traded as low as $9.56 and last traded at $9.93, with a volume of 2702744 shares changing hands. The stock had previously closed at $9.82.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on the company. Needham & Company LLC dropped their price target on ACV Auctions from $25.00 to $16.00 and set a “buy” rating for the company in a research report on Tuesday, August 12th. Citigroup dropped their price target on ACV Auctions from $21.00 to $17.00 and set a “buy” rating for the company in a research report on Tuesday, August 12th. JPMorgan Chase & Co. dropped their price target on ACV Auctions from $20.00 to $19.00 and set an “overweight” rating for the company in a research report on Thursday, July 17th. The Goldman Sachs Group dropped their price target on ACV Auctions from $26.00 to $21.00 and set a “buy” rating for the company in a research report on Tuesday, August 12th. Finally, Stephens dropped their price target on ACV Auctions from $16.00 to $11.50 and set an “equal weight” rating for the company in a research report on Tuesday, August 12th. Ten analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $19.45.

ACV Auctions Trading Up 1.1%

The company has a market capitalization of $1.71 billion, a PE ratio of -20.26 and a beta of 1.68. 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 stock has a fifty day moving average of $11.84 and a two-hundred day moving average of $14.25.

Insider Transactions at ACV Auctions

In related news, insider Michael Waterman sold 34,339 shares of the firm’s stock in a transaction dated Tuesday, July 8th. The stock was sold at an average price of $16.05, for a total transaction of $551,140.95. Following the transaction, the insider directly owned 379,957 shares of the company’s stock, valued at approximately $6,098,309.85. This trade represents a 8.29% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Craig Eric Anderson sold 15,000 shares of the firm’s stock in a transaction dated Tuesday, July 22nd. The shares were sold at an average price of $15.04, for a total value of $225,600.00. Following the transaction, the insider directly owned 340,799 shares in the company, valued at approximately $5,125,616.96. This represents a 4.22% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 51,089 shares of company stock worth $794,433. 2.90% of the stock is currently owned by insiders.

Hedge Funds Weigh In On ACV Auctions

Large investors have recently modified their holdings of the company. Versant Capital Management Inc increased its stake in ACV Auctions by 464.4% in the 1st quarter. Versant Capital Management Inc now owns 2,201 shares of the company’s stock worth $31,000 after purchasing an additional 1,811 shares during the period. BI Asset Management Fondsmaeglerselskab A S purchased a new position in ACV Auctions in the 1st quarter worth approximately $35,000. CWM LLC increased its stake in ACV Auctions by 77.4% in the 2nd quarter. CWM LLC now owns 4,642 shares of the company’s stock worth $75,000 after purchasing an additional 2,026 shares during the period. GAMMA Investing LLC increased its stake in ACV Auctions by 3,005.8% in the 1st quarter. GAMMA Investing LLC now owns 5,932 shares of the company’s stock worth $84,000 after purchasing an additional 5,741 shares during the period. Finally, Neo Ivy Capital Management purchased a new position in ACV Auctions in the 2nd quarter worth approximately $87,000. 88.55% of the stock is owned by hedge funds and other 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.