ACV Auctions Inc. (NASDAQ:ACVA) Shares Purchased by MetLife Investment Management LLC

MetLife Investment Management LLC lifted its stake in ACV Auctions Inc. (NASDAQ:ACVA) by 5.8% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 90,629 shares of the company’s stock after acquiring an additional 4,935 shares during the period. MetLife Investment Management LLC owned 0.05% of ACV Auctions worth $1,958,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also made changes to their positions in the stock. Blue Trust Inc. lifted its position in 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 purchasing an additional 933 shares during the period. Arizona State Retirement System increased its position in shares of ACV Auctions by 3.6% during the 4th quarter. Arizona State Retirement System now owns 44,126 shares of the company’s stock valued at $953,000 after purchasing an additional 1,520 shares during the period. Franklin Resources Inc. increased its position in shares of ACV Auctions by 5.3% during the 3rd quarter. Franklin Resources Inc. now owns 40,935 shares of the company’s stock valued at $768,000 after purchasing an additional 2,057 shares during the period. Handelsbanken Fonder AB increased its position in shares of ACV Auctions by 6.0% during the 4th quarter. Handelsbanken Fonder AB now owns 44,000 shares of the company’s stock valued at $950,000 after purchasing an additional 2,500 shares during the period. Finally, Principal Financial Group Inc. increased its position in shares of ACV Auctions by 4.9% during the 3rd quarter. Principal Financial Group Inc. now owns 64,925 shares of the company’s stock valued at $1,320,000 after purchasing an additional 3,022 shares during the period. 88.55% of the stock is currently owned by institutional investors.

Insider Activity at ACV Auctions

In related news, CEO George Chamoun sold 348,249 shares of ACV Auctions stock in a transaction 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 sale, the chief executive officer now owns 2,821,193 shares of the company’s stock, valued at approximately $43,277,100.62. This trade represents a 10.99 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO William Zerella sold 15,000 shares of ACV Auctions stock in a transaction on Tuesday, March 11th. The shares were sold at an average price of $13.53, for a total value of $202,950.00. Following the sale, the chief financial officer now directly owns 766,266 shares of the company’s stock, valued at approximately $10,367,578.98. The trade was a 1.92 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 378,249 shares of company stock valued at $5,849,140. Insiders own 8.50% of the company’s stock.

Analyst Ratings Changes

Several brokerages have recently issued reports on ACVA. Bank of America upgraded ACV Auctions from a “neutral” rating to a “buy” rating and lowered their price target for the company from $22.00 to $20.00 in a research report on Wednesday, March 12th. JMP Securities reduced their price objective on ACV Auctions from $22.00 to $18.00 and set a “market outperform” rating for the company in a research note on Wednesday, April 9th. Piper Sandler raised ACV Auctions from a “neutral” rating to an “overweight” rating and raised their price objective for the stock from $18.00 to $20.00 in a research note on Thursday, March 20th. Stephens raised ACV Auctions to a “hold” rating in a research note on Saturday, February 1st. Finally, Needham & Company LLC reissued a “buy” rating and set a $25.00 price objective on shares of ACV Auctions in a research note on Wednesday, March 12th. Two research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $22.50.

ACV Auctions Stock Performance

Shares of ACV Auctions stock opened at $14.75 on Tuesday. The stock has a market cap of $2.49 billion, a PE ratio of -30.10 and a beta of 1.74. The business has a fifty day simple moving average of $14.75 and a 200-day simple moving average of $18.67. The company has a quick ratio of 1.56, a current ratio of 1.56 and a debt-to-equity ratio of 0.28. ACV Auctions Inc. has a 12 month low of $11.88 and a 12 month high of $23.46.

ACV Auctions (NASDAQ:ACVA) last issued its earnings results on Wednesday, February 19th. The company reported ($0.14) EPS for the quarter, topping the consensus estimate of ($0.15) by $0.01. The business had revenue of $159.51 million during the quarter, compared to analysts’ expectations of $156.77 million. ACV Auctions had a negative return on equity of 12.94% and a negative net margin of 12.51%. On average, sell-side analysts anticipate that ACV Auctions Inc. will post -0.07 EPS for the current fiscal year.

ACV Auctions Company 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.