ACV Auctions Inc. (ACVA) stock plunged 10.36% in pre-market trading on Thursday, following a price target cut and cautious outlook from analysts.
Citizens JMP lowered its price target on ACVA to $22 from $25, while maintaining an Outperform rating on the shares. This price target reduction likely contributed to the pre-market sell-off.
Additionally, Jefferies cut its price target on ACVA to $25 from $27, reflecting concerns about the company's outlook. During ACVA's Q4 2024 earnings call, the company provided a cautious market outlook, assuming flat dealer wholesale volumes for 2025 due to ongoing economic uncertainties and consumer affordability issues.
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