ACV Auctions (NYSE:ACVA) Sees Unusually-High Trading Volume – Here’s Why

Shares of ACV Auctions Inc. (NYSE:ACVA) saw unusually-high trading volume on Monday . Approximately 11,229,281 shares were traded during trading, an increase of 168% from the previous session’s volume of 4,190,566 shares.The stock last traded at $10.4250 and had previously closed at $10.41.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on ACVA shares. Citizens Jmp downgraded shares of ACV Auctions from an “outperform” rating to a “market perform” rating in a report on Tuesday, August 11th. Bank of America reiterated an “underperform” rating on shares of ACV Auctions in a research report on Tuesday, August 11th. Needham & Company LLC cut ACV Auctions from a “buy” rating to a “hold” rating in a report on Friday, September 11th. Barrington Research downgraded ACV Auctions from an “outperform” rating to a “strong sell” rating in a research report on Friday, September 11th. Finally, Stephens upgraded ACV Auctions from an “equal weight” rating to an “overweight” rating and set a $10.50 target price on the stock in a research report on Tuesday, August 11th. Five investment analysts have rated the stock with a Buy rating, six have assigned a Hold rating and four have assigned a Sell rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $9.70.

ACV Auctions Trading Up 0.1%

The stock has a market capitalization of $1.77 billion, a P/E ratio of -28.96 and a beta of 1.84. The business has a 50 day simple moving average of $7.62 and a 200-day simple moving average of $6.27. The company has a debt-to-equity ratio of 0.53, a quick ratio of 1.52 and a current ratio of 1.52.

Institutional Investors Weigh In On ACV Auctions

Institutional investors and hedge funds have recently modified their holdings of the stock. Atreides Management LP raised its holdings in ACV Auctions by 125.2% during the 4th quarter. Atreides Management LP now owns 12,411,800 shares of the company’s stock worth $99,543,000 after buying an additional 6,901,010 shares during the period. Senvest Management LLC lifted its stake in ACV Auctions by 9.0% during the first quarter. Senvest Management LLC now owns 3,530,785 shares of the company’s stock valued at $14,971,000 after buying an additional 291,729 shares in the last quarter. Arvin Capital Management LP boosted its holdings in shares of ACV Auctions by 272.8% in the fourth quarter. Arvin Capital Management LP now owns 2,296,913 shares of the company’s stock worth $18,421,000 after buying an additional 1,680,723 shares during the period. Royce & Associates LP increased its position in shares of ACV Auctions by 141.7% in the fourth quarter. Royce & Associates LP now owns 1,736,476 shares of the company’s stock worth $13,927,000 after acquiring an additional 1,018,084 shares in the last quarter. Finally, CenterBook Partners LP increased its position in shares of ACV Auctions by 61.6% in the fourth quarter. CenterBook Partners LP now owns 917,549 shares of the company’s stock worth $7,359,000 after acquiring an additional 349,750 shares in the last quarter. Institutional investors and hedge funds own 88.55% of the company’s stock.

About ACV Auctions

ACV Auctions Inc (NYSE: ACVA) operates a digital marketplace for wholesale vehicle transactions. Its platform connects automotive dealers with sellers, including franchised and independent dealerships, commercial partners and other participants in the wholesale vehicle market, enabling vehicles to be bought and sold through online auctions.

The company provides services designed to support the wholesale transaction process, including vehicle inspections and condition reports, digital auction tools, transportation and logistics coordination, and post-sale protection and arbitration services.