ACV Auctions Inc. (NASDAQ:ACVA) Position Increased by Congress Asset Management Co. MA

Congress Asset Management Co. MA increased its stake in shares of ACV Auctions Inc. (NASDAQ:ACVA) by 7.3% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 396,356 shares of the company’s stock after buying an additional 26,915 shares during the quarter. Congress Asset Management Co. MA owned about 0.24% of ACV Auctions worth $6,005,000 at the end of the most recent quarter.

Several other large investors have also recently added to or reduced their stakes in ACVA. Parkside Financial Bank & Trust acquired a new stake in shares of ACV Auctions in the 3rd quarter worth about $66,000. Penn Mutual Asset Management LLC bought a new stake in shares of ACV Auctions during the fourth quarter valued at approximately $153,000. Greycroft LP acquired a new position in shares of ACV Auctions during the third quarter worth approximately $231,000. Ieq Capital LLC bought a new position in ACV Auctions in the 4th quarter worth approximately $249,000. Finally, Algert Global LLC acquired a new stake in ACV Auctions in the 3rd quarter valued at approximately $307,000. 88.55% of the stock is owned by institutional investors and hedge funds.

ACV Auctions Trading Down 3.0 %

NASDAQ:ACVA opened at $17.69 on Monday. The stock has a fifty day simple moving average of $17.98 and a 200 day simple moving average of $16.45. The firm has a market capitalization of $2.92 billion, a price-to-earnings ratio of -36.85 and a beta of 1.55. ACV Auctions Inc. has a 1-year low of $12.84 and a 1-year high of $19.62. The company has a quick ratio of 1.62, a current ratio of 1.62 and a debt-to-equity ratio of 0.27.

ACV Auctions (NASDAQ:ACVA) last announced its earnings results on Wednesday, May 8th. The company reported ($0.09) EPS for the quarter, missing the consensus estimate of ($0.08) by ($0.01). ACV Auctions had a negative return on equity of 13.50% and a negative net margin of 15.28%. The firm had revenue of $145.69 million during the quarter, compared to analyst estimates of $144.14 million. Sell-side analysts forecast that ACV Auctions Inc. will post -0.37 earnings per share for the current year.

Insider Buying and Selling at ACV Auctions

In other news, CEO George Chamoun sold 124,999 shares of the firm’s stock in a transaction on Tuesday, March 19th. The stock was sold at an average price of $18.42, for a total value of $2,302,481.58. Following the completion of the sale, the chief executive officer now owns 597,921 shares of the company’s stock, valued at $11,013,704.82. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In other news, CEO George Chamoun sold 124,999 shares of the stock in a transaction that occurred on Tuesday, March 19th. The shares were sold at an average price of $18.42, for a total value of $2,302,481.58. Following the completion of the sale, the chief executive officer now directly owns 597,921 shares of the company’s stock, valued at $11,013,704.82. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO William Zerella sold 32,500 shares of the company’s stock in a transaction that occurred on Tuesday, March 19th. The shares were sold at an average price of $18.40, for a total transaction of $598,000.00. Following the completion of the transaction, the chief financial officer now owns 323,286 shares in the company, valued at approximately $5,948,462.40. The disclosure for this sale can be found here. Insiders have sold a total of 817,777 shares of company stock valued at $14,961,989 in the last three months. 8.50% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on ACVA. JMP Securities increased their price target on ACV Auctions from $20.00 to $21.00 and gave the stock a “market outperform” rating in a research note on Friday, June 7th. Piper Sandler raised their target price on shares of ACV Auctions from $15.00 to $16.00 and gave the company a “neutral” rating in a research note on Thursday, May 9th. Needham & Company LLC reaffirmed a “buy” rating and issued a $23.00 price target on shares of ACV Auctions in a research note on Monday, June 3rd. JPMorgan Chase & Co. upgraded shares of ACV Auctions from a “neutral” rating to an “overweight” rating and set a $21.00 price objective on the stock in a research note on Monday, June 10th. Finally, Barrington Research restated an “outperform” rating and issued a $23.00 target price on shares of ACV Auctions in a research report on Monday, May 13th. Two research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $20.67.

ACV Auctions Profile

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.