Corebridge Financial Inc. Lowers Position in ACV Auctions Inc. (NASDAQ:ACVA)

Corebridge Financial Inc. trimmed its position in shares of ACV Auctions Inc. (NASDAQ:ACVA) by 7.0% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 73,569 shares of the company’s stock after selling 5,554 shares during the quarter. Corebridge Financial Inc.’s holdings in ACV Auctions were worth $1,589,000 as of its most recent SEC filing.

A number of other hedge funds have also recently added to or reduced their stakes in ACVA. Blue Trust Inc. raised its position in shares of ACV Auctions by 65.8% in the fourth quarter. Blue Trust Inc. now owns 2,352 shares of the company’s stock worth $48,000 after acquiring an additional 933 shares during the period. KBC Group NV raised its holdings in ACV Auctions by 80.4% in the 4th quarter. KBC Group NV now owns 7,406 shares of the company’s stock worth $160,000 after purchasing an additional 3,300 shares during the period. LPL Financial LLC purchased a new position in ACV Auctions during the fourth quarter worth approximately $226,000. Xponance Inc. acquired a new stake in ACV Auctions in the fourth quarter valued at approximately $229,000. Finally, Versor Investments LP purchased a new stake in shares of ACV Auctions in the fourth quarter valued at approximately $262,000. 88.55% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other ACV Auctions news, CEO George Chamoun sold 348,249 shares of the stock in a transaction dated Thursday, March 20th. The shares were 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 owns 2,821,193 shares of the company’s stock, valued at $43,277,100.62. This trade represents a 10.99 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO William Zerella sold 15,000 shares of the business’s stock in a transaction that occurred on Tuesday, January 7th. The shares were sold at an average price of $20.57, for a total transaction of $308,550.00. Following the completion of the sale, the chief financial officer now directly owns 462,452 shares in the company, valued at $9,512,637.64. This trade represents a 3.14 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 423,411 shares of company stock worth $6,776,916. Company insiders own 8.50% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on the company. Bank of America upgraded ACV Auctions from a “neutral” rating to a “buy” rating and decreased their target price for the company from $22.00 to $20.00 in a research report on Wednesday, March 12th. Stephens raised shares of ACV Auctions to a “hold” rating in a research note on Saturday, February 1st. JMP Securities reaffirmed a “market outperform” rating and issued a $25.00 price target on shares of ACV Auctions in a research note on Monday, December 16th. Piper Sandler upgraded ACV Auctions from a “neutral” rating to an “overweight” rating and boosted their price objective for the stock from $18.00 to $20.00 in a research note on Thursday, March 20th. Finally, JPMorgan Chase & Co. decreased their target price on ACV Auctions from $24.00 to $20.00 and set an “overweight” rating on the stock in a research report on Thursday, March 27th. Two equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $23.14.

ACV Auctions Stock Up 4.8 %

Shares of NASDAQ:ACVA opened at $15.17 on Thursday. ACV Auctions Inc. has a 52-week low of $12.77 and a 52-week high of $23.46. The company has a quick ratio of 1.56, a current ratio of 1.56 and a debt-to-equity ratio of 0.28. The business has a fifty day moving average of $17.63 and a two-hundred day moving average of $19.48. The stock has a market cap of $2.56 billion, a P/E ratio of -30.96 and a beta of 1.73.

ACV Auctions (NASDAQ:ACVA) last issued its earnings results on Wednesday, February 19th. The company reported ($0.14) EPS for the quarter, topping analysts’ consensus estimates 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 company had revenue of $159.51 million for the quarter, compared to the consensus estimate of $156.77 million. On average, research analysts expect that ACV Auctions Inc. will post -0.07 earnings per share for the current year.

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.