Polar Asset Management Partners Inc. Lowers Holdings in ACV Auctions Inc. (NASDAQ:ACVA)

Polar Asset Management Partners Inc. trimmed its position in ACV Auctions Inc. (NASDAQ:ACVA) by 50.2% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 471,000 shares of the company’s stock after selling 474,000 shares during the quarter. Polar Asset Management Partners Inc. owned 0.28% of ACV Auctions worth $10,174,000 at the end of the most recent reporting period.

Several other hedge funds have also made changes to their positions in ACVA. William Blair Investment Management LLC lifted its holdings in shares of ACV Auctions by 43.2% in the 4th quarter. William Blair Investment Management LLC now owns 12,099,686 shares of the company’s stock worth $261,353,000 after buying an additional 3,652,871 shares during the period. Driehaus Capital Management LLC lifted its stake in shares of ACV Auctions by 128.5% during the 4th quarter. Driehaus Capital Management LLC now owns 2,837,165 shares of the company’s stock worth $61,283,000 after purchasing an additional 1,595,657 shares during the last quarter. Franklin Resources Inc. lifted its stake in shares of ACV Auctions by 2,346.2% during the 4th quarter. Franklin Resources Inc. now owns 1,001,365 shares of the company’s stock worth $21,629,000 after purchasing an additional 960,430 shares during the last quarter. Frontier Capital Management Co. LLC lifted its stake in shares of ACV Auctions by 59.7% during the 4th quarter. Frontier Capital Management Co. LLC now owns 2,061,028 shares of the company’s stock worth $44,518,000 after purchasing an additional 770,828 shares during the last quarter. Finally, Vanguard Group Inc. lifted its stake in shares of ACV Auctions by 5.5% during the 4th 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 last quarter. 88.55% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other news, CFO William Zerella sold 15,000 shares of the business’s stock in a transaction dated Tuesday, March 11th. The shares were sold at an average price of $13.53, for a total transaction of $202,950.00. Following the transaction, the chief financial officer now 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 sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO George Chamoun sold 348,249 shares of the business’s stock in a transaction dated Thursday, March 20th. The shares were sold at an average price of $15.34, for a total transaction of $5,342,139.66. Following the transaction, the chief executive officer now directly owns 2,821,193 shares in the company, valued at approximately $43,277,100.62. The trade was a 10.99% decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 8.50% of the company’s stock.

ACV Auctions Trading Down 0.5%

Shares of ACVA opened at $16.83 on Thursday. ACV Auctions Inc. has a 52-week low of $11.88 and a 52-week high of $23.46. The company has a quick ratio of 1.56, a current ratio of 1.56 and a debt-to-equity ratio of 0.28. The firm’s fifty day moving average is $14.71 and its two-hundred day moving average is $18.45. The stock has a market cap of $2.84 billion, a PE ratio of -34.35 and a beta of 1.72.

ACV Auctions (NASDAQ:ACVA) last announced its quarterly earnings results on Wednesday, May 7th. The company reported ($0.09) earnings per share 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%. The business’s revenue was up 25.4% on a year-over-year basis. During the same quarter last year, the firm posted ($0.13) EPS. Research analysts forecast that ACV Auctions Inc. will post -0.07 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of equities research analysts have commented on the company. 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 upgraded ACV Auctions to a “hold” rating in a research report on Saturday, February 1st. Needham & Company LLC reiterated a “buy” rating and set a $25.00 price target on shares of ACV Auctions in a research report on Thursday, May 8th. Bank of America raised ACV Auctions from a “neutral” rating to a “buy” rating and dropped their price objective for the company from $22.00 to $20.00 in a report on Wednesday, March 12th. Finally, JMP Securities dropped their price objective on ACV Auctions from $22.00 to $18.00 and set a “market outperform” rating on the stock in a report on Wednesday, April 9th. Two investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $22.50.

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.