Deepwater Asset Management LLC Decreases Stake in ACV Auctions Inc. (NASDAQ:ACVA)

Deepwater Asset Management LLC trimmed its position in ACV Auctions Inc. (NASDAQ:ACVA) by 1.8% in the second quarter, according to its most recent filing with the SEC. The fund owned 776,099 shares of the company’s stock after selling 14,621 shares during the period. ACV Auctions accounts for approximately 5.1% of Deepwater Asset Management LLC’s investment portfolio, making the stock its 8th biggest position. Deepwater Asset Management LLC owned 0.47% of ACV Auctions worth $14,164,000 at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of the company. Amalgamated Bank raised its position in ACV Auctions by 18.0% in the second quarter. Amalgamated Bank now owns 5,120 shares of the company’s stock valued at $93,000 after purchasing an additional 782 shares during the last quarter. UMB Bank n.a. acquired a new position in shares of ACV Auctions in the first quarter valued at approximately $114,000. Penn Mutual Asset Management LLC bought a new position in ACV Auctions in the 4th quarter valued at approximately $153,000. Public Employees Retirement Association of Colorado acquired a new stake in ACV Auctions during the 2nd quarter worth approximately $225,000. Finally, Blair William & Co. IL grew its holdings in ACV Auctions by 14.7% during the 1st quarter. Blair William & Co. IL now owns 12,691 shares of the company’s stock worth $238,000 after acquiring an additional 1,626 shares during the last quarter. Institutional investors and hedge funds own 88.55% of the company’s stock.

Insider Transactions at ACV Auctions

In related news, insider Craig Eric Anderson sold 7,500 shares of the business’s stock in a transaction on Tuesday, July 2nd. The shares were sold at an average price of $17.81, for a total transaction of $133,575.00. Following the transaction, the insider now owns 328,167 shares in the company, valued at approximately $5,844,654.27. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other ACV Auctions news, CFO William Zerella sold 32,500 shares of the stock in a transaction that occurred on Tuesday, July 9th. The stock was sold at an average price of $17.51, for a total value of $569,075.00. Following the transaction, the chief financial officer now owns 503,077 shares in the company, valued at $8,808,878.27. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, insider Craig Eric Anderson sold 7,500 shares of the business’s stock in a transaction that occurred on Tuesday, July 2nd. The shares were sold at an average price of $17.81, for a total value of $133,575.00. Following the sale, the insider now owns 328,167 shares of the company’s stock, valued at approximately $5,844,654.27. The disclosure for this sale can be found here. Insiders sold a total of 739,868 shares of company stock valued at $14,141,795 in the last quarter. 8.50% of the stock is currently owned by company insiders.

ACV Auctions Stock Performance

Shares of ACVA opened at $20.75 on Friday. The company has a current ratio of 1.49, a quick ratio of 1.49 and a debt-to-equity ratio of 0.24. The firm’s fifty day simple moving average is $18.34 and its two-hundred day simple moving average is $18.13. ACV Auctions Inc. has a 12 month low of $12.84 and a 12 month high of $21.01. The stock has a market capitalization of $3.43 billion, a P/E ratio of -43.23 and a beta of 1.55.

ACV Auctions (NASDAQ:ACVA) last announced its earnings results on Wednesday, August 7th. The company reported ($0.07) EPS for the quarter, beating the consensus estimate of ($0.09) by $0.02. The company had revenue of $160.62 million for the quarter, compared to analyst estimates 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 predict that ACV Auctions Inc. will post -0.36 EPS for the current year.

Analyst Upgrades and Downgrades

ACVA has been the topic of a number of recent research reports. JMP Securities lifted their price target on shares of ACV Auctions from $21.00 to $24.00 and gave the stock a “market outperform” rating in a report on Tuesday, September 17th. JPMorgan Chase & Co. raised ACV Auctions from a “neutral” rating to an “overweight” rating and set a $21.00 target price on the stock in a report on Monday, June 10th. Barrington Research reissued an “outperform” rating and issued a $23.00 price target on shares of ACV Auctions in a research note on Friday, August 16th. Finally, Needham & Company LLC restated a “buy” rating and set a $23.00 price objective on shares of ACV Auctions in a research report on Monday, June 3rd. One analyst has rated the stock with a hold rating and five have assigned a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $21.50.

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.