Confluence Wealth Services Inc. Reduces Stake in ACV Auctions Inc. (NASDAQ:ACVA)

Confluence Wealth Services Inc. cut its stake in shares of ACV Auctions Inc. (NASDAQ:ACVA) by 38.8% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 10,258 shares of the company’s stock after selling 6,500 shares during the period. Confluence Wealth Services Inc.’s holdings in ACV Auctions were worth $155,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Vanguard Group Inc. lifted its position in ACV Auctions by 8.6% during the third quarter. Vanguard Group Inc. now owns 12,809,266 shares of the company’s stock valued at $194,445,000 after purchasing an additional 1,010,941 shares in the last quarter. Loomis Sayles & Co. L P purchased a new position in ACV Auctions during the third quarter valued at $32,611,000. Deepwater Asset Management LLC lifted its position in ACV Auctions by 20.1% during the fourth quarter. Deepwater Asset Management LLC now owns 851,819 shares of the company’s stock valued at $12,905,000 after purchasing an additional 142,296 shares in the last quarter. William Blair Investment Management LLC lifted its position in ACV Auctions by 8.7% during the third quarter. William Blair Investment Management LLC now owns 4,369,867 shares of the company’s stock valued at $66,335,000 after purchasing an additional 350,865 shares in the last quarter. Finally, Massachusetts Financial Services Co. MA lifted its position in ACV Auctions by 8.6% during the third quarter. Massachusetts Financial Services Co. MA now owns 1,705,720 shares of the company’s stock valued at $25,893,000 after purchasing an additional 134,587 shares in the last quarter. 88.55% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on ACVA shares. Northcoast Research upgraded ACV Auctions from a “neutral” rating to a “buy” rating and set a $22.00 target price on the stock in a research report on Wednesday, January 10th. Needham & Company LLC reissued a “buy” rating and set a $23.00 price target on shares of ACV Auctions in a report on Thursday, February 22nd. Finally, JMP Securities decreased their price target on ACV Auctions from $20.00 to $19.00 and set a “market outperform” rating on the stock in a report on Tuesday, January 16th. Two analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. According to MarketBeat.com, ACV Auctions currently has an average rating of “Moderate Buy” and a consensus target price of $20.21.

Insiders Place Their Bets

In related news, CEO George Chamoun sold 120,062 shares of ACV Auctions stock in a transaction that occurred on Thursday, March 21st. The shares were sold at an average price of $19.14, for a total value of $2,297,986.68. Following the completion of the sale, the chief executive officer now owns 597,921 shares in the company, valued at approximately $11,444,207.94. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, insider Craig Eric Anderson sold 5,000 shares of the stock in a transaction dated Wednesday, February 28th. The shares were sold at an average price of $18.00, for a total transaction of $90,000.00. Following the completion of the transaction, the insider now directly owns 202,797 shares of the company’s stock, valued at $3,650,346. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO George Chamoun sold 120,062 shares of the company’s stock in a transaction dated Thursday, March 21st. The stock was sold at an average price of $19.14, for a total transaction of $2,297,986.68. Following the transaction, the chief executive officer now owns 597,921 shares in the company, valued at $11,444,207.94. The disclosure for this sale can be found here. Insiders have sold 1,467,708 shares of company stock valued at $26,429,599 in the last ninety days. 13.67% of the stock is currently owned by corporate insiders.

ACV Auctions Stock Performance

Shares of ACVA stock opened at $18.65 on Wednesday. The firm has a market capitalization of $3.06 billion, a price-to-earnings ratio of -40.54 and a beta of 1.57. The company has a debt-to-equity ratio of 0.25, a current ratio of 2.12 and a quick ratio of 2.12. The business has a fifty day moving average of $16.80 and a 200 day moving average of $15.31. ACV Auctions Inc. has a 1 year low of $11.58 and a 1 year high of $19.54.

ACV Auctions (NASDAQ:ACVA) last posted its earnings results on Wednesday, February 21st. The company reported ($0.12) EPS for the quarter, beating analysts’ consensus estimates of ($0.13) by $0.01. ACV Auctions had a negative return on equity of 13.97% and a negative net margin of 15.64%. The firm had revenue of $118.38 million for the quarter, compared to analysts’ expectations of $117.62 million. As a group, research analysts expect that ACV Auctions Inc. will post -0.29 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.