Driehaus Capital Management LLC Increases Stock Holdings in ACV Auctions Inc. (NASDAQ:ACVA)

Driehaus Capital Management LLC boosted its stake in shares of ACV Auctions Inc. (NASDAQ:ACVA) by 128.5% during the 4th quarter, according to its most recent 13F filing with the SEC. The firm owned 2,837,165 shares of the company’s stock after buying an additional 1,595,657 shares during the period. Driehaus Capital Management LLC owned approximately 1.69% of ACV Auctions worth $61,283,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently bought and sold shares of ACVA. William Blair Investment Management LLC grew its stake in shares of ACV Auctions by 43.2% during the fourth quarter. William Blair Investment Management LLC now owns 12,099,686 shares of the company’s stock valued at $261,353,000 after buying an additional 3,652,871 shares during the last quarter. Franklin Resources Inc. grew its position in ACV Auctions by 2,346.2% in the 4th quarter. Franklin Resources Inc. now owns 1,001,365 shares of the company’s stock valued at $21,629,000 after acquiring an additional 960,430 shares during the last quarter. Vanguard Group Inc. increased its stake in ACV Auctions by 5.5% in the fourth quarter. Vanguard Group Inc. now owns 14,245,915 shares of the company’s stock worth $307,712,000 after purchasing an additional 738,391 shares during the period. Jennison Associates LLC lifted its position in shares of ACV Auctions by 17.2% during the fourth quarter. Jennison Associates LLC now owns 4,980,354 shares of the company’s stock worth $107,576,000 after purchasing an additional 732,422 shares during the last quarter. Finally, Wellington Management Group LLP boosted its stake in shares of ACV Auctions by 61.3% during the fourth quarter. Wellington Management Group LLP now owns 1,708,551 shares of the company’s stock valued at $36,905,000 after purchasing an additional 649,039 shares during the period. 88.55% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on ACVA shares. JPMorgan Chase & Co. decreased their price objective on ACV Auctions from $24.00 to $20.00 and set an “overweight” rating for the company in a report on Thursday, March 27th. Piper Sandler upgraded ACV Auctions from a “neutral” rating to an “overweight” rating and increased their price target for the company from $18.00 to $20.00 in a research note on Thursday, March 20th. Stephens raised shares of ACV Auctions to a “hold” rating in a research report on Saturday, February 1st. JMP Securities cut their price target on shares of ACV Auctions from $22.00 to $18.00 and set a “market outperform” rating on the stock in a research note on Wednesday, April 9th. Finally, Needham & Company LLC reiterated a “buy” rating and set a $25.00 price target on shares of ACV Auctions in a research note on Wednesday, March 12th. Two analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. Based on data from MarketBeat, ACV Auctions has an average rating of “Moderate Buy” and an average target price of $22.50.

ACV Auctions Stock Performance

ACVA opened at $15.75 on Thursday. The firm has a market capitalization of $2.66 billion, a PE ratio of -32.14 and a beta of 1.72. 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 Inc. has a twelve month low of $11.88 and a twelve month high of $23.46. The firm’s 50-day moving average price is $14.51 and its 200 day moving average price is $18.50.

ACV Auctions (NASDAQ:ACVA) last posted its quarterly earnings results on Wednesday, May 7th. The company reported ($0.09) EPS for the quarter, missing the consensus estimate of $0.04 by ($0.13). ACV Auctions had a negative net margin of 12.51% and a negative return on equity of 12.94%. During the same period last year, the firm posted ($0.13) earnings per share. ACV Auctions’s revenue for the quarter was up 25.4% on a year-over-year basis. As a group, sell-side analysts expect that ACV Auctions Inc. will post -0.07 EPS for the current fiscal year.

Insider Activity

In related news, CFO William Zerella sold 15,000 shares of the firm’s stock in a transaction dated Tuesday, March 11th. The stock was sold at an average price of $13.53, for a total transaction of $202,950.00. Following the completion of the sale, the chief financial officer now directly owns 766,266 shares of the company’s stock, valued at approximately $10,367,578.98. This trade represents a 1.92 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO George Chamoun sold 348,249 shares of the firm’s stock in a transaction on Thursday, March 20th. The stock was sold at an average price of $15.34, for a total value of $5,342,139.66. Following the transaction, the chief executive officer now owns 2,821,193 shares of the company’s stock, valued at approximately $43,277,100.62. This represents a 10.99 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 8.50% of the company’s stock.

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.