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

ACV Auctions Inc. (NYSE:ACVA) shares saw strong trading volume on Monday . 11,229,281 shares changed hands 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.

Analyst Ratings Changes

Several research analysts have commented on the stock. Citizens Jmp cut shares of ACV Auctions from an “outperform” rating to a “market perform” rating in a research report on Tuesday, August 11th. Weiss Ratings raised ACV Auctions from a “sell (e+)” rating to a “sell (d-)” rating in a report on Wednesday, August 5th. Barrington Research downgraded ACV Auctions from an “outperform” rating to a “strong sell” rating in a research report on Friday. Citigroup increased their price objective on ACV Auctions from $8.50 to $10.50 and gave the stock a “neutral” rating in a report on Monday. Finally, Needham & Company LLC cut ACV Auctions from a “buy” rating to a “hold” rating in a research report on Friday. One analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, five have given a Hold rating and four have assigned a Sell rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $9.70.

ACV Auctions Stock Up 0.1%

The firm’s fifty day moving average is $7.49 and its two-hundred day moving average is $6.19. The firm has a market cap of $1.77 billion, a price-to-earnings ratio of -28.96 and a beta of 1.84. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.52 and a quick ratio of 1.52.

Institutional Trading of ACV Auctions

A number of institutional investors have recently made changes to their positions in ACVA. Sequoia Financial Advisors LLC acquired a new position in shares of ACV Auctions during the second quarter valued at approximately $114,000. Integrated Wealth Concepts LLC acquired a new stake in ACV Auctions in the second quarter worth approximately $135,000. IFP Advisors Inc lifted its position in ACV Auctions by 6.7% in the second quarter. IFP Advisors Inc now owns 45,834 shares of the company’s stock worth $330,000 after purchasing an additional 2,866 shares during the period. Squarepoint Ops LLC boosted its stake in ACV Auctions by 64.6% during the 2nd quarter. Squarepoint Ops LLC now owns 547,529 shares of the company’s stock valued at $3,937,000 after purchasing an additional 214,971 shares in the last quarter. Finally, Baird Financial Group Inc. boosted its stake in ACV Auctions by 15.6% during the 2nd quarter. Baird Financial Group Inc. now owns 62,557 shares of the company’s stock valued at $450,000 after purchasing an additional 8,426 shares in the last quarter. 88.55% of the stock is owned by institutional investors and hedge funds.

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.