Swedbank AB Buys 500,000 Shares of ACV Auctions Inc. $ACVA

Swedbank AB boosted its stake in ACV Auctions Inc. (NASDAQ:ACVA) by 50.0% during the third quarter, HoldingsChannel reports. The firm owned 1,500,000 shares of the company’s stock after buying an additional 500,000 shares during the period. Swedbank AB’s holdings in ACV Auctions were worth $14,865,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Wasatch Advisors LP lifted its holdings in shares of ACV Auctions by 301.0% during the 2nd quarter. Wasatch Advisors LP now owns 7,295,400 shares of the company’s stock worth $118,331,000 after acquiring an additional 5,475,874 shares during the last quarter. Philadelphia Financial Management of San Francisco LLC purchased a new stake in ACV Auctions in the first quarter worth approximately $14,426,000. Senvest Management LLC grew its position in ACV Auctions by 144.8% during the second quarter. Senvest Management LLC now owns 1,689,290 shares of the company’s stock valued at $27,400,000 after acquiring an additional 999,290 shares during the last quarter. Cambiar Investors LLC bought a new position in ACV Auctions during the second quarter valued at approximately $10,146,000. Finally, Alliancebernstein L.P. raised its stake in shares of ACV Auctions by 10.5% during the first quarter. Alliancebernstein L.P. now owns 6,214,362 shares of the company’s stock worth $87,560,000 after acquiring an additional 592,107 shares in the last quarter. Hedge funds and other institutional investors own 88.55% of the company’s stock.

Insider Activity at ACV Auctions

In other news, Director Robert P. Goodman bought 912,408 shares of the stock in a transaction dated Monday, November 10th. The stock was purchased at an average cost of $5.61 per share, for a total transaction of $5,118,608.88. Following the transaction, the director owned 912,408 shares of the company’s stock, valued at $5,118,608.88. The trade was a ? increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO George Chamoun bought 31,172 shares of the business’s stock in a transaction that occurred on Monday, December 15th. The stock was acquired at an average cost of $7.97 per share, with a total value of $248,440.84. Following the completion of the acquisition, the chief executive officer owned 2,618,714 shares of the company’s stock, valued at $20,871,150.58. This represents a 1.20% increase in their position. The SEC filing for this purchase provides additional information. Over the last ninety days, insiders purchased 1,024,151 shares of company stock valued at $5,867,396. Corporate insiders own 2.90% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms recently commented on ACVA. Citigroup reduced their target price on shares of ACV Auctions from $17.00 to $13.00 and set a “buy” rating on the stock in a report on Friday, November 21st. Barclays upped their price target on shares of ACV Auctions to $7.00 and gave the company an “equal weight” rating in a research report on Thursday, December 4th. Barrington Research downgraded ACV Auctions from an “outperform” rating to a “market perform” rating in a report on Thursday, November 6th. Bank of America reissued an “underperform” rating and issued a $6.00 target price (down previously from $16.50) on shares of ACV Auctions in a research note on Thursday, November 6th. Finally, Needham & Company LLC cut their target price on shares of ACV Auctions from $14.00 to $9.00 and set a “buy” rating on the stock in a report on Thursday, November 6th. Six research analysts have rated the stock with a Buy rating, four have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $11.75.

ACV Auctions Stock Performance

Shares of ACVA opened at $8.29 on Friday. The firm has a market capitalization of $1.43 billion, a P/E ratio of -16.91 and a beta of 1.64. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.56 and a quick ratio of 1.56. ACV Auctions Inc. has a one year low of $4.95 and a one year high of $22.47. The business has a fifty day moving average of $7.79 and a 200 day moving average of $11.08.

ACV Auctions (NASDAQ:ACVA) last posted its quarterly earnings data on Wednesday, November 5th. The company reported $0.07 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.07. The company had revenue of $199.56 million for the quarter, compared to the consensus estimate of $200.26 million. ACV Auctions had a negative net margin of 12.51% and a negative return on equity of 12.94%. The firm’s revenue was up 16.5% compared to the same quarter last year. During the same quarter last year, the firm posted $0.04 earnings per share. As a group, sell-side analysts anticipate that ACV Auctions Inc. will post -0.07 EPS for the current year.

About ACV Auctions

ACV Auctions operates a digital marketplace that connects automotive dealers through a mobile-first platform for wholesale vehicle auctions. The company’s software enables dealers to list, inspect and bid on used vehicles in real time, leveraging smartphone-based condition reporting, high-resolution imagery and data analytics to streamline the buying and selling process. ACV Auctions also offers subscription-based access to its auction platform, supplemental reconditioning services and financing tools designed to help dealers optimize inventory turn and reduce risk.

Since its founding in 2014, ACV Auctions has expanded its technology offerings beyond core auction services to include dealer management integrations, transportation logistics coordination and title management solutions.