Arizona State Retirement System Raises Position in ACV Auctions Inc. (NASDAQ:ACVA)

Arizona State Retirement System lifted its stake in ACV Auctions Inc. (NASDAQ:ACVA) by 10.4% in the second quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 41,303 shares of the company’s stock after purchasing an additional 3,881 shares during the quarter. Arizona State Retirement System’s holdings in ACV Auctions were worth $754,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Jennison Associates LLC raised its stake in shares of ACV Auctions by 11.0% in the first quarter. Jennison Associates LLC now owns 3,954,432 shares of the company’s stock valued at $74,225,000 after acquiring an additional 393,423 shares during the period. Dimensional Fund Advisors LP grew its stake in shares of ACV Auctions by 21.7% during the fourth quarter. Dimensional Fund Advisors LP now owns 1,846,726 shares of the company’s stock valued at $27,979,000 after buying an additional 329,854 shares during the last quarter. TimesSquare Capital Management LLC raised its holdings in shares of ACV Auctions by 45.6% in the first quarter. TimesSquare Capital Management LLC now owns 1,765,822 shares of the company’s stock worth $33,144,000 after buying an additional 552,719 shares during the period. Bank of New York Mellon Corp lifted its stake in shares of ACV Auctions by 217.5% during the 2nd quarter. Bank of New York Mellon Corp now owns 1,391,070 shares of the company’s stock worth $25,387,000 after acquiring an additional 952,929 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its holdings in ACV Auctions by 1.8% during 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 acquiring an additional 18,626 shares during the period. Hedge funds and other institutional investors own 88.55% of the company’s stock.

ACV Auctions Stock Performance

Shares of NASDAQ:ACVA opened at $19.87 on Friday. The company has a quick ratio of 1.49, a current ratio of 1.49 and a debt-to-equity ratio of 0.24. The company has a market capitalization of $3.31 billion, a price-to-earnings ratio of -41.40 and a beta of 1.55. The firm has a 50 day moving average of $18.03 and a 200 day moving average of $18.04. ACV Auctions Inc. has a 52 week low of $12.84 and a 52 week high of $20.79.

ACV Auctions (NASDAQ:ACVA) last posted its earnings results on Wednesday, August 7th. The company reported ($0.07) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.09) by $0.02. The company had revenue of $160.62 million for the quarter, compared to analyst estimates of $156.33 million. ACV Auctions had a negative return on equity of 13.20% and a negative net margin of 14.53%. On average, sell-side analysts predict that ACV Auctions Inc. will post -0.36 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several analysts have recently weighed in on ACVA shares. JMP Securities reiterated a “market outperform” rating and set a $21.00 target price on shares of ACV Auctions in a research report on Monday, September 9th. Barrington Research reaffirmed an “outperform” rating and set a $23.00 target price on shares of ACV Auctions in a research report on Friday, August 16th. JPMorgan Chase & Co. upgraded ACV Auctions from a “neutral” rating to an “overweight” rating and set a $21.00 price target for the company in a report on Monday, June 10th. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $23.00 target price on shares of ACV Auctions in a report on Monday, June 3rd. One investment analyst has rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $21.00.

Insider Transactions at ACV Auctions

In other ACV Auctions news, COO Vikas Mehta sold 154,324 shares of the stock in a transaction dated Tuesday, September 10th. The stock was sold at an average price of $19.19, for a total value of $2,961,477.56. Following the completion of the sale, the chief operating officer now directly owns 432,457 shares in the company, valued at $8,298,849.83. The transaction was disclosed in a document filed with the SEC, which is available at this link. In other ACV Auctions news, COO Vikas Mehta sold 154,324 shares of the firm’s stock in a transaction on Tuesday, September 10th. The shares were sold at an average price of $19.19, for a total value of $2,961,477.56. Following the completion of the transaction, the chief operating officer now owns 432,457 shares of the company’s stock, valued at $8,298,849.83. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CEO George Chamoun sold 131,480 shares of the business’s stock in a transaction on Thursday, June 20th. The shares were sold at an average price of $17.62, for a total transaction of $2,316,677.60. Following the sale, the chief executive officer now directly owns 961,245 shares in the company, valued at $16,937,136.90. The disclosure for this sale can be found here. Insiders sold 678,624 shares of company stock valued at $12,357,333 in the last quarter. 8.50% of the stock is currently owned by corporate insiders.

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.