Federated Hermes Inc. Sells 167,953 Shares of ACV Auctions Inc. (NASDAQ:ACVA)

Federated Hermes Inc. reduced its stake in shares of ACV Auctions Inc. (NASDAQ:ACVA) by 46.6% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 192,305 shares of the company’s stock after selling 167,953 shares during the period. Federated Hermes Inc. owned about 0.12% of ACV Auctions worth $2,913,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of the stock. Mirae Asset Global Investments Co. Ltd. grew its position in shares of ACV Auctions by 2.4% during the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 206,872 shares of the company’s stock valued at $3,134,000 after acquiring an additional 4,784 shares during the period. Arizona State Retirement System grew its position in shares of ACV Auctions by 4.1% during the 4th quarter. Arizona State Retirement System now owns 38,400 shares of the company’s stock valued at $582,000 after acquiring an additional 1,500 shares during the period. Trust Point Inc. bought a new position in shares of ACV Auctions during the 4th quarter valued at approximately $429,000. Deepwater Asset Management LLC grew its position in shares of ACV Auctions by 20.1% during the 4th quarter. Deepwater Asset Management LLC now owns 851,819 shares of the company’s stock valued at $12,905,000 after acquiring an additional 142,296 shares during the period. Finally, Winthrop Advisory Group LLC bought a new position in shares of ACV Auctions during the 4th quarter valued at approximately $417,000. 88.55% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several research analysts recently commented on the stock. JMP Securities reaffirmed a “market outperform” rating and issued a $19.00 price objective on shares of ACV Auctions in a report on Wednesday, April 17th. Northcoast Research raised shares of ACV Auctions from a “neutral” rating to a “buy” rating and set a $22.00 price objective for the company in a report on Wednesday, January 10th. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $23.00 price objective on shares of ACV Auctions in a report on Thursday, February 22nd. Two investment analysts have rated the stock with a hold rating and nine have given 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 $20.21.

Insider Activity at ACV Auctions

In other ACV Auctions news, CFO William Zerella sold 32,500 shares of the company’s stock in a transaction that occurred on Tuesday, February 6th. The shares were sold at an average price of $14.07, for a total value of $457,275.00. Following the completion of the transaction, the chief financial officer now directly owns 305,579 shares in the company, valued at $4,299,496.53. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other ACV Auctions news, insider Craig Eric Anderson sold 7,500 shares of the company’s stock in a transaction that occurred on Tuesday, April 9th. The shares were sold at an average price of $18.50, for a total value of $138,750.00. Following the completion of the transaction, the insider now directly owns 194,525 shares in the company, valued at $3,598,712.50. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CFO William Zerella sold 32,500 shares of the company’s stock in a transaction that occurred on Tuesday, February 6th. The stock was sold at an average price of $14.07, for a total transaction of $457,275.00. Following the completion of the transaction, the chief financial officer now owns 305,579 shares of the company’s stock, valued at $4,299,496.53. The disclosure for this sale can be found here. Insiders sold a total of 1,507,708 shares of company stock valued at $27,126,374 in the last three months. Company insiders own 13.67% of the company’s stock.

ACV Auctions Trading Up 2.1 %

Shares of ACVA opened at $18.09 on Friday. The firm’s 50-day moving average price is $17.76 and its 200-day moving average price is $15.57. The firm has a market capitalization of $2.96 billion, a price-to-earnings ratio of -39.33 and a beta of 1.57. The company has a current ratio of 2.12, a quick ratio of 2.12 and a debt-to-equity ratio of 0.25. ACV Auctions Inc. has a 1-year low of $12.15 and a 1-year high of $19.54.

ACV Auctions (NASDAQ:ACVA) last issued its quarterly earnings results on Wednesday, February 21st. The company reported ($0.12) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.13) by $0.01. ACV Auctions had a negative net margin of 15.64% and a negative return on equity of 13.97%. The company had revenue of $118.38 million during the quarter, compared to analysts’ expectations of $117.62 million. Sell-side analysts anticipate that ACV Auctions Inc. will post -0.29 EPS for the current year.

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.