HighTower Advisors LLC Has $739,000 Position in ACV Auctions Inc. (NASDAQ:ACVA)

HighTower Advisors LLC raised its stake in ACV Auctions Inc. (NASDAQ:ACVA) by 36.0% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 34,216 shares of the company’s stock after acquiring an additional 9,057 shares during the quarter. HighTower Advisors LLC’s holdings in ACV Auctions were worth $739,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also recently bought and sold shares of the company. Intech Investment Management LLC acquired a new stake in ACV Auctions during the 3rd quarter worth $815,000. Charles Schwab Investment Management Inc. grew its position in shares of ACV Auctions by 3.3% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,241,341 shares of the company’s stock valued at $25,236,000 after purchasing an additional 39,812 shares during the last quarter. Quantbot Technologies LP acquired a new stake in shares of ACV Auctions during the third quarter worth $2,035,000. Summit Partners Public Asset Management LLC grew its position in shares of ACV Auctions by 10.7% during the 3rd quarter. Summit Partners Public Asset Management LLC now owns 1,552,026 shares of the company’s stock worth $31,553,000 after purchasing an additional 150,000 shares in the last quarter. Finally, Spyglass Capital Management LLC raised its stake in ACV Auctions by 69.1% in the third quarter. Spyglass Capital Management LLC now owns 2,614,245 shares of the company’s stock valued at $53,148,000 after purchasing an additional 1,068,356 shares in the last quarter. Institutional investors and hedge funds own 88.55% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on ACVA. Bank of America raised ACV Auctions from a “neutral” rating to a “buy” rating and reduced their price objective for the company from $22.00 to $20.00 in a research note on Wednesday, March 12th. Stephens raised shares of ACV Auctions to a “hold” rating in a research report on Saturday, February 1st. JPMorgan Chase & Co. cut their price objective on shares of ACV Auctions from $24.00 to $20.00 and set an “overweight” rating on the stock in a report on Thursday. JMP Securities reissued a “market outperform” rating and set a $25.00 target price on shares of ACV Auctions in a research report on Monday, December 16th. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $25.00 price objective on shares of ACV Auctions in a report on Wednesday, March 12th. Two analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $23.14.

ACV Auctions Stock Performance

Shares of NASDAQ ACVA opened at $14.11 on Friday. The company has a current ratio of 1.56, a quick ratio of 1.56 and a debt-to-equity ratio of 0.28. The stock has a market cap of $2.38 billion, a price-to-earnings ratio of -28.80 and a beta of 1.73. The stock’s 50-day moving average is $18.06 and its 200 day moving average is $19.59. ACV Auctions Inc. has a 1-year low of $12.77 and a 1-year high of $23.46.

ACV Auctions (NASDAQ:ACVA) last issued 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. ACV Auctions had a negative net margin of 12.51% and a negative return on equity of 12.94%. The firm had revenue of $159.51 million during the quarter, compared to the consensus estimate of $156.77 million. On average, sell-side analysts anticipate that ACV Auctions Inc. will post -0.07 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, CEO George Chamoun sold 348,249 shares of the business’s stock in a transaction that occurred on Thursday, March 20th. The stock was sold at an average price of $15.34, for a total transaction of $5,342,139.66. Following the completion of the transaction, the chief executive officer now directly owns 2,821,193 shares in the company, valued at approximately $43,277,100.62. The trade was a 10.99 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Michael Waterman sold 30,162 shares of ACV Auctions stock in a transaction on Tuesday, January 7th. The shares were sold at an average price of $20.53, for a total transaction of $619,225.86. Following the transaction, the insider now owns 314,738 shares in the company, valued at approximately $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 90 days, insiders sold 455,911 shares of company stock worth $7,480,541. 8.50% of the stock is 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.