Vanguard Group Inc. Lowers Position in ACV Auctions Inc. (NASDAQ:ACVA)

Vanguard Group Inc. reduced its stake in ACV Auctions Inc. (NASDAQ:ACVA) by 3.6% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 12,345,110 shares of the company’s stock after selling 464,156 shares during the period. Vanguard Group Inc. owned approximately 7.53% of ACV Auctions worth $187,028,000 at the end of the most recent quarter.

Other hedge funds also recently bought and sold shares of the company. Jennison Associates LLC lifted its holdings in shares of ACV Auctions by 9.7% in the 4th quarter. Jennison Associates LLC now owns 3,561,009 shares of the company’s stock worth $53,949,000 after acquiring an additional 313,856 shares during the last quarter. Dimensional Fund Advisors LP lifted its stake in ACV Auctions by 21.7% during the fourth quarter. Dimensional Fund Advisors LP now owns 1,846,726 shares of the company’s stock worth $27,979,000 after purchasing an additional 329,854 shares in the last quarter. Northern Trust Corp boosted its position in shares of ACV Auctions by 8.8% during the third quarter. Northern Trust Corp now owns 1,477,339 shares of the company’s stock worth $22,426,000 after buying an additional 119,475 shares during the period. TimesSquare Capital Management LLC grew its stake in shares of ACV Auctions by 12.1% in the fourth quarter. TimesSquare Capital Management LLC now owns 1,213,103 shares of the company’s stock valued at $18,379,000 after buying an additional 130,710 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. raised its holdings in shares of ACV Auctions by 1.8% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,044,415 shares of the company’s stock valued at $15,823,000 after buying an additional 18,626 shares during the period. Hedge funds and other institutional investors own 88.55% of the company’s stock.

Insider Activity at ACV Auctions

In other ACV Auctions news, COO Vikas Mehta sold 13,399 shares of the business’s stock in a transaction that occurred on Thursday, April 4th. The stock was sold at an average price of $18.55, for a total value of $248,551.45. Following the completion of the sale, the chief operating officer now owns 321,475 shares in the company, valued at $5,963,361.25. The sale was disclosed in a document filed with the SEC, which is available through this link. In related news, CFO William Zerella sold 32,500 shares of the business’s stock in a transaction dated Tuesday, April 16th. The stock was sold at an average price of $17.17, for a total value of $558,025.00. Following the transaction, the chief financial officer now owns 314,151 shares in the company, valued at approximately $5,393,972.67. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, COO Vikas Mehta sold 13,399 shares of the stock in a transaction that occurred on Thursday, April 4th. The stock was sold at an average price of $18.55, for a total value of $248,551.45. Following the sale, the chief operating officer now directly owns 321,475 shares of the company’s stock, valued at $5,963,361.25. The disclosure for this sale can be found here. Insiders sold a total of 666,432 shares of company stock valued at $11,959,825 in the last three months. 8.50% of the stock is currently owned by company insiders.

ACV Auctions Stock Performance

Shares of ACV Auctions stock opened at $17.97 on Wednesday. The firm has a market capitalization of $2.97 billion, a P/E ratio of -37.44 and a beta of 1.54. 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 Inc. has a 52 week low of $12.84 and a 52 week high of $19.62. The firm’s 50 day moving average is $18.00 and its two-hundred day moving average is $16.72.

ACV Auctions (NASDAQ:ACVA) last announced its quarterly 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 company had revenue of $145.69 million for the quarter, compared to analyst estimates of $144.14 million. Research analysts forecast that ACV Auctions Inc. will post -0.37 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

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

About ACV Auctions

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.