ACV Auctions Inc. (NASDAQ:ACVA) Shares Sold by Bank of New York Mellon Corp

Bank of New York Mellon Corp reduced its holdings in ACV Auctions Inc. (NASDAQ:ACVA) by 12.1% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 1,027,451 shares of the company’s stock after selling 140,859 shares during the quarter. Bank of New York Mellon Corp owned approximately 0.61% of ACV Auctions worth $22,193,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also recently added to or reduced their stakes in ACVA. Blue Trust Inc. increased its stake in ACV Auctions by 65.8% in the fourth quarter. Blue Trust Inc. now owns 2,352 shares of the company’s stock valued at $48,000 after purchasing an additional 933 shares during the last quarter. KBC Group NV increased its stake in ACV Auctions by 80.4% during the fourth quarter. KBC Group NV now owns 7,406 shares of the company’s stock worth $160,000 after acquiring an additional 3,300 shares during the last quarter. Verdence Capital Advisors LLC acquired a new stake in ACV Auctions during the third quarter worth about $206,000. Icon Wealth Advisors LLC increased its stake in ACV Auctions by 13.5% during the third quarter. Icon Wealth Advisors LLC now owns 11,048 shares of the company’s stock worth $225,000 after acquiring an additional 1,317 shares during the last quarter. Finally, Aigen Investment Management LP acquired a new stake in ACV Auctions during the third quarter worth about $287,000. 88.55% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at ACV Auctions

In other ACV Auctions news, CFO William Zerella sold 32,500 shares of the stock in a transaction that occurred on Monday, December 30th. The stock was sold at an average price of $21.65, for a total transaction of $703,625.00. Following the transaction, the chief financial officer now owns 490,482 shares of the company’s stock, valued at $10,618,935.30. This trade represents a 6.21 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Michael Waterman sold 30,162 shares of the stock in a transaction that occurred on Tuesday, January 7th. The stock was sold at an average price of $20.53, for a total value of $619,225.86. Following the transaction, the insider now directly owns 314,738 shares in the company, valued at approximately $6,461,571.14. This represents a 8.75 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 92,662 shares of company stock valued at $1,935,451. Insiders own 8.50% of the company’s stock.

ACV Auctions Trading Down 7.2 %

Shares of ACVA opened at $13.10 on Tuesday. The company has a market capitalization of $2.21 billion, a P/E ratio of -26.73 and a beta of 1.73. ACV Auctions Inc. has a one year low of $12.96 and a one year high of $23.46. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.56 and a current ratio of 1.56. The stock has a 50-day moving average price of $19.83 and a 200 day moving average price of $19.97.

ACV Auctions (NASDAQ:ACVA) last issued its quarterly earnings results on Wednesday, February 19th. The company reported ($0.14) EPS for the quarter, beating analysts’ consensus estimates of ($0.15) by $0.01. The firm had revenue of $159.51 million during the quarter, compared to the consensus estimate of $156.77 million. ACV Auctions had a negative return on equity of 12.94% and a negative net margin of 12.51%. Sell-side analysts forecast that ACV Auctions Inc. will post -0.07 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on ACVA shares. B. Riley upped their price target on ACV Auctions from $24.00 to $27.00 and gave the stock a “buy” rating in a research note on Tuesday, November 26th. Needham & Company LLC dropped their price target on ACV Auctions from $28.00 to $25.00 and set a “buy” rating for the company in a research note on Thursday, February 20th. Stephens upgraded ACV Auctions to a “hold” rating in a research note on Saturday, February 1st. Citigroup increased their target price on ACV Auctions from $22.00 to $27.00 and gave the company a “buy” rating in a research note on Wednesday, November 27th. Finally, JMP Securities reiterated a “market outperform” rating and issued a $25.00 target price on shares of ACV Auctions in a research note on Monday, December 16th. Three research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $23.35.

ACV Auctions Company 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.