Marshall Wace LLP Sells 26,964 Shares of ACV Auctions Inc. (NASDAQ:ACVA)

Marshall Wace LLP lowered its position in ACV Auctions Inc. (NASDAQ:ACVA) by 56.1% during the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 21,094 shares of the company’s stock after selling 26,964 shares during the period. Marshall Wace LLP’s holdings in ACV Auctions were worth $385,000 as of its most recent SEC filing.

A number of other hedge funds have also recently added to or reduced their stakes in the company. Comerica Bank grew its stake in ACV Auctions by 5,045.7% in the first quarter. Comerica Bank now owns 63,550 shares of the company’s stock worth $1,193,000 after purchasing an additional 62,315 shares during the period. Jennison Associates LLC lifted its position in ACV Auctions by 11.0% during the 1st 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. Congress Asset Management Co. MA boosted its stake in ACV Auctions by 21.8% during the first quarter. Congress Asset Management Co. MA now owns 482,881 shares of the company’s stock worth $9,064,000 after acquiring an additional 86,525 shares in the last quarter. William Blair Investment Management LLC grew its holdings in ACV Auctions by 4.1% in the second quarter. William Blair Investment Management LLC now owns 5,013,642 shares of the company’s stock worth $91,499,000 after purchasing an additional 198,228 shares during the period. Finally, TimesSquare Capital Management LLC increased its stake in shares of ACV Auctions by 45.6% during the first quarter. TimesSquare Capital Management LLC now owns 1,765,822 shares of the company’s stock valued at $33,144,000 after purchasing an additional 552,719 shares in the last quarter. Institutional investors and hedge funds own 88.55% of the company’s stock.

ACV Auctions Trading Down 3.7 %

Shares of ACVA opened at $18.05 on Friday. The company’s fifty day simple moving average is $18.85 and its 200-day simple moving average is $18.28. The company has a market cap of $2.98 billion, a P/E ratio of -37.60 and a beta of 1.56. The company has a current ratio of 1.49, a quick ratio of 1.49 and a debt-to-equity ratio of 0.24. ACV Auctions Inc. has a twelve month low of $12.84 and a twelve month high of $21.10.

ACV Auctions (NASDAQ:ACVA) last posted its quarterly earnings data on Wednesday, August 7th. The company reported ($0.07) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.09) by $0.02. The company had revenue of $160.62 million during the quarter, compared to analysts’ expectations of $156.33 million. ACV Auctions had a negative return on equity of 13.20% and a negative net margin of 14.53%. As a group, analysts expect that ACV Auctions Inc. will post -0.36 EPS for the current year.

Wall Street Analyst Weigh In

ACVA has been the topic of a number of recent research reports. JMP Securities increased their target price on ACV Auctions from $21.00 to $24.00 and gave the stock a “market outperform” rating in a research note on Tuesday, September 17th. Barrington Research reissued an “outperform” rating and set a $23.00 price objective on shares of ACV Auctions in a research report on Friday, August 16th. Finally, Raymond James initiated coverage on shares of ACV Auctions in a report on Friday, September 27th. They issued a “market perform” rating and a $22.00 target price for the company. Two investment analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $21.57.

Insider Activity

In other news, COO Vikas Mehta sold 154,324 shares of ACV Auctions stock in a transaction that occurred on Tuesday, September 10th. The shares were sold at an average price of $19.19, for a total transaction of $2,961,477.56. Following the completion of the transaction, the chief operating officer now directly owns 432,457 shares of the company’s stock, valued at $8,298,849.83. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In related news, CFO William Zerella sold 32,500 shares of the company’s stock in a transaction dated Tuesday, August 6th. The shares were sold at an average price of $15.19, for a total transaction of $493,675.00. Following the completion of the sale, the chief financial officer now owns 503,077 shares of the company’s stock, valued at approximately $7,641,739.63. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, COO Vikas Mehta sold 154,324 shares of the business’s stock in a transaction on 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 transaction, the chief operating officer now directly owns 432,457 shares in the company, valued at $8,298,849.83. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 691,425 shares of company stock valued at $13,336,852 in the last ninety days. Insiders own 8.50% of the company’s stock.

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.