ACV Auctions Inc. (NASDAQ:ACVA) Shares Sold by Essex Investment Management Co. LLC

Essex Investment Management Co. LLC cut its holdings in shares of ACV Auctions Inc. (NASDAQ:ACVA) by 12.8% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 125,065 shares of the company’s stock after selling 18,303 shares during the period. Essex Investment Management Co. LLC’s holdings in ACV Auctions were worth $2,701,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Spyglass Capital Management LLC raised its position in shares of ACV Auctions by 69.1% in the third quarter. Spyglass Capital Management LLC now owns 2,614,245 shares of the company’s stock worth $53,148,000 after acquiring an additional 1,068,356 shares during the period. Wellington Management Group LLP purchased a new stake in ACV Auctions during the 3rd quarter valued at about $21,540,000. Massachusetts Financial Services Co. MA grew its stake in ACV Auctions by 11.6% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 8,655,640 shares of the company’s stock valued at $175,969,000 after acquiring an additional 897,477 shares in the last quarter. Jennison Associates LLC grew its stake in ACV Auctions by 17.2% during the 4th quarter. Jennison Associates LLC now owns 4,980,354 shares of the company’s stock valued at $107,576,000 after acquiring an additional 732,422 shares in the last quarter. Finally, New York State Common Retirement Fund grew its stake in ACV Auctions by 100.0% during the 4th quarter. New York State Common Retirement Fund now owns 753,296 shares of the company’s stock valued at $16,271,000 after acquiring an additional 376,557 shares in the last quarter. 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 firm’s stock in a transaction on Monday, December 30th. The shares were sold at an average price of $21.65, for a total transaction of $703,625.00. Following the transaction, the chief financial officer now directly owns 490,482 shares of the company’s stock, valued at approximately $10,618,935.30. This trade represents a 6.21 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Michael Waterman sold 15,000 shares of the firm’s stock in a transaction on Tuesday, February 4th. The stock was sold at an average price of $20.27, for a total transaction of $304,050.00. Following the transaction, the insider now directly owns 311,354 shares in the company, valued at $6,311,145.58. The trade was a 4.60 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 92,662 shares of company stock valued at $1,935,451 in the last ninety days. Insiders own 8.50% of the company’s stock.

ACV Auctions Price Performance

Shares of ACVA opened at $14.11 on Monday. ACV Auctions Inc. has a twelve month low of $13.02 and a twelve month high of $23.46. The firm’s fifty day simple moving average is $20.00 and its 200-day simple moving average is $20.01. The firm has a market capitalization of $2.38 billion, a price-to-earnings ratio of -28.80 and a beta of 1.73. The company has a current ratio of 1.56, a quick ratio of 1.56 and a debt-to-equity ratio of 0.28.

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

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on ACVA. B. Riley increased their price target on shares of ACV Auctions from $24.00 to $27.00 and gave the company a “buy” rating in a research note on Tuesday, November 26th. JMP Securities reissued a “market outperform” rating and issued a $25.00 price target on shares of ACV Auctions in a research note on Monday, December 16th. Stephens raised shares of ACV Auctions to a “hold” rating in a research note on Saturday, February 1st. Needham & Company LLC decreased their price objective on shares of ACV Auctions from $28.00 to $25.00 and set a “buy” rating on the stock in a report on Thursday, February 20th. Finally, Citigroup upped their price objective on shares of ACV Auctions from $22.00 to $27.00 and gave the stock a “buy” rating in a report on Wednesday, November 27th. Three equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $23.35.

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.