ACV Auctions (NASDAQ:ACVA) Downgraded to “Hold” at Zacks Investment Research

Zacks Investment Research downgraded shares of ACV Auctions (NASDAQ:ACVA) from a buy rating to a hold rating in a report released on Tuesday morning, Zacks.com reports.

According to Zacks, “ACV Auctions Inc. provides an online automotive marketplace for dealers and commercial partners. ACV Auctions Inc. is based in BUFFALO, N.Y. “

ACVA has been the topic of a number of other reports. JPMorgan Chase & Co. upgraded shares of ACV Auctions from a neutral rating to an overweight rating and set a $30.00 price target on the stock in a report on Wednesday, August 4th. Piper Sandler upgraded shares of ACV Auctions from a neutral rating to an overweight rating and reduced their price target for the company from $30.00 to $26.00 in a report on Tuesday, August 17th. Jefferies Financial Group started coverage on shares of ACV Auctions in a report on Friday, July 23rd. They issued a buy rating and a $41.00 price target on the stock. Bank of America upgraded shares of ACV Auctions from a neutral rating to a buy rating and lifted their price target for the company from $33.00 to $35.00 in a report on Friday, August 13th. Finally, Citigroup upgraded shares of ACV Auctions from a neutral rating to a buy rating and reduced their price target for the company from $29.00 to $23.00 in a report on Monday, August 23rd. Five analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. Based on data from MarketBeat.com, ACV Auctions presently has an average rating of Buy and an average target price of $34.73.

Shares of ACVA stock opened at $20.00 on Tuesday. ACV Auctions has a one year low of $18.18 and a one year high of $37.77. The company’s fifty day moving average price is $21.51.

ACV Auctions (NASDAQ:ACVA) last announced its quarterly earnings data on Tuesday, August 10th. The company reported ($0.06) EPS for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.16) by $0.10. On average, analysts anticipate that ACV Auctions will post -0.69 earnings per share for the current fiscal year.

In related news, Director Robert P. Goodman sold 147,000 shares of ACV Auctions stock in a transaction dated Monday, August 16th. The shares were sold at an average price of $21.40, for a total transaction of $3,145,800.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Robert P. Goodman sold 31,755 shares of ACV Auctions stock in a transaction dated Thursday, September 9th. The stock was sold at an average price of $20.21, for a total transaction of $641,768.55. The disclosure for this sale can be found here. Insiders sold a total of 320,341 shares of company stock valued at $7,095,170 over the last three months.

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Morgan Stanley bought a new stake in ACV Auctions during the 1st quarter valued at about $40,000. Royal Bank of Canada lifted its holdings in ACV Auctions by 443.3% during the 2nd quarter. Royal Bank of Canada now owns 1,630 shares of the company’s stock valued at $42,000 after buying an additional 1,330 shares in the last quarter. Advisor Group Holdings Inc. lifted its holdings in ACV Auctions by 175.1% during the 2nd quarter. Advisor Group Holdings Inc. now owns 3,301 shares of the company’s stock valued at $85,000 after buying an additional 2,101 shares in the last quarter. UBS Group AG bought a new stake in ACV Auctions during the 1st quarter valued at about $121,000. Finally, Jane Street Group LLC bought a new stake in ACV Auctions during the 1st quarter valued at about $213,000. Institutional investors own 26.03% 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. It also provides data services that offer transparent and accurate vehicle information to customers. ACV Auctions, Inc was incorporated in 2014 and is based in Buffalo, New York.

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