Charles Schwab Investment Management Inc. Purchases 48,021 Shares of ACV Auctions Inc. (NASDAQ:ACVA)

Charles Schwab Investment Management Inc. raised its position in shares of ACV Auctions Inc. (NASDAQ:ACVA) by 3.9% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,289,362 shares of the company’s stock after acquiring an additional 48,021 shares during the period. Charles Schwab Investment Management Inc. owned approximately 0.77% of ACV Auctions worth $27,850,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently made changes to their positions in the business. Moody National Bank Trust Division increased its position in ACV Auctions by 64.6% in the 4th quarter. Moody National Bank Trust Division now owns 79,199 shares of the company’s stock worth $1,711,000 after buying an additional 31,094 shares during the period. Quadrature Capital Ltd bought a new position in ACV Auctions in the third quarter worth $566,000. TimesSquare Capital Management LLC boosted its position in shares of ACV Auctions by 6.7% during the 4th quarter. TimesSquare Capital Management LLC now owns 1,891,627 shares of the company’s stock valued at $40,859,000 after acquiring an additional 118,421 shares in the last quarter. JPMorgan Chase & Co. grew its stake in shares of ACV Auctions by 10.9% in the 3rd quarter. JPMorgan Chase & Co. now owns 3,167,615 shares of the company’s stock valued at $64,398,000 after purchasing an additional 311,465 shares during the period. Finally, Quantbot Technologies LP acquired a new position in ACV Auctions during the third quarter worth $2,035,000. 88.55% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

ACVA has been the topic of several research analyst reports. B. Riley upped their price objective on shares of ACV Auctions from $24.00 to $27.00 and gave the stock a “buy” rating in a research note on Tuesday, November 26th. Citigroup raised their price target on ACV Auctions from $22.00 to $27.00 and gave the company a “buy” rating in a report on Wednesday, November 27th. Stephens upgraded ACV Auctions to a “hold” rating in a report on Saturday, February 1st. Needham & Company LLC reaffirmed a “buy” rating and issued a $25.00 price target on shares of ACV Auctions in a report on Wednesday, March 12th. Finally, Bank of America upgraded shares of ACV Auctions from a “neutral” rating to a “buy” rating and reduced their price target for the stock from $22.00 to $20.00 in a research report on Wednesday, March 12th. Three equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $23.05.

Insiders Place Their Bets

In other news, CFO William Zerella sold 15,000 shares of the firm’s stock in a transaction dated Tuesday, January 7th. The stock was sold at an average price of $20.57, for a total value of $308,550.00. Following the transaction, the chief financial officer now owns 462,452 shares of the company’s stock, valued at $9,512,637.64. This trade represents a 3.14 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Michael Waterman sold 30,162 shares of ACV Auctions stock in a transaction that occurred on Tuesday, January 7th. The shares were sold at an average price of $20.53, for a total value of $619,225.86. Following the sale, the insider now directly owns 314,738 shares in the company, valued at $6,461,571.14. This trade represents a 8.75 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 107,662 shares of company stock worth $2,138,401. 8.50% of the stock is currently owned by company insiders.

ACV Auctions Price Performance

ACV Auctions stock opened at $14.71 on Tuesday. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.56 and a quick ratio of 1.56. The firm has a market capitalization of $2.48 billion, a P/E ratio of -30.02 and a beta of 1.73. ACV Auctions Inc. has a one year low of $12.77 and a one year high of $23.46. The business has a fifty day moving average price of $19.12 and a 200-day moving average price of $19.82.

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

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.