Shay Capital LLC Acquires New Shares in ACV Auctions Inc. (NASDAQ:ACVA)

Shay Capital LLC bought a new stake in ACV Auctions Inc. (NASDAQ:ACVA) during the fourth quarter, Holdings Channel reports. The institutional investor bought 46,000 shares of the company’s stock, valued at approximately $994,000.

Several other 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% in the 4th 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 in the last quarter. Driehaus Capital Management LLC lifted its stake in ACV Auctions by 128.5% in the fourth quarter. Driehaus Capital Management LLC now owns 2,837,165 shares of the company’s stock valued at $61,283,000 after acquiring an additional 1,595,657 shares during the last quarter. Franklin Resources Inc. grew its position in ACV Auctions by 2,346.2% in the fourth quarter. Franklin Resources Inc. now owns 1,001,365 shares of the company’s stock worth $21,629,000 after acquiring an additional 960,430 shares in the last quarter. Frontier Capital Management Co. LLC increased 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. increased 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 owned by institutional investors and hedge funds.

Insider Transactions at ACV Auctions

In related news, CFO William Zerella sold 15,000 shares of the firm’s stock in a transaction on Tuesday, March 11th. The stock was sold at an average price of $13.53, for a total value of $202,950.00. Following the completion of the transaction, the chief financial officer now directly owns 766,266 shares of the company’s stock, valued at $10,367,578.98. This trade represents a 1.92% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Michael Waterman sold 223,330 shares of ACV Auctions stock in a transaction on Tuesday, May 13th. The stock was sold at an average price of $17.00, for a total transaction of $3,796,610.00. Following the sale, the insider now owns 466,548 shares in the company, valued at $7,931,316. This represents a 32.37% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 586,579 shares of company stock valued at $9,341,700. 8.50% of the stock is owned by corporate insiders.

ACV Auctions Stock Performance

Shares of NASDAQ ACVA opened at $16.97 on Friday. ACV Auctions Inc. has a 12 month low of $11.88 and a 12 month high of $23.46. The company has a market cap of $2.86 billion, a P/E ratio of -34.63 and a beta of 1.72. The business’s 50 day moving average is $14.79 and its two-hundred day moving average is $18.44. 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 (NASDAQ:ACVA) last issued its quarterly earnings results on Wednesday, May 7th. The company reported ($0.09) earnings per share for the quarter, missing analysts’ consensus estimates 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 quarter in the prior year, the company earned ($0.13) earnings per share. The company’s quarterly revenue was up 25.4% compared to the same quarter last year. On average, equities analysts expect that ACV Auctions Inc. will post -0.07 EPS for the current year.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on ACVA shares. JMP Securities reduced their price objective on shares of 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. Stephens raised ACV Auctions to a “hold” rating in a research report on Saturday, February 1st. Needham & Company LLC reissued a “buy” rating and set a $25.00 price objective on shares of ACV Auctions in a report on Thursday, May 8th. Bank of America raised ACV Auctions from a “neutral” rating to a “buy” rating and cut their price objective for the company from $22.00 to $20.00 in a research note on Wednesday, March 12th. Finally, Piper Sandler raised ACV Auctions from a “neutral” rating to an “overweight” rating and upped their target price for the stock from $18.00 to $20.00 in a research report on Thursday, March 20th. Two investment analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $22.50.

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.