ACV Auctions Inc. (NASDAQ:ACVA) Stake Trimmed by Fmr LLC

Fmr LLC lessened its stake in shares of ACV Auctions Inc. (NASDAQ:ACVA) by 9.1% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 12,205,497 shares of the company’s stock after selling 1,222,672 shares during the period. Fmr LLC owned about 7.28% of ACV Auctions worth $263,639,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of the company. Blue Trust Inc. boosted its position in shares of ACV Auctions by 65.8% in the fourth quarter. Blue Trust Inc. now owns 2,352 shares of the company’s stock worth $48,000 after buying an additional 933 shares during the period. KBC Group NV boosted its position in ACV Auctions by 80.4% during the 4th quarter. KBC Group NV now owns 7,406 shares of the company’s stock worth $160,000 after acquiring an additional 3,300 shares during the period. LPL Financial LLC purchased a new position in ACV Auctions during the 4th quarter valued at about $226,000. Xponance Inc. acquired a new position in shares of ACV Auctions in the 4th quarter valued at about $229,000. Finally, Versor Investments LP purchased a new stake in shares of ACV Auctions in the fourth quarter worth approximately $262,000. 88.55% of the stock is owned by hedge funds and other institutional investors.

ACV Auctions Stock Up 2.0 %

ACVA opened at $14.28 on Friday. The firm has a market cap of $2.41 billion, a P/E ratio of -29.13 and a beta of 1.74. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.56 and a current ratio of 1.56. The business has a 50 day moving average price of $16.27 and a 200 day moving average price of $19.06. ACV Auctions Inc. has a twelve month low of $11.88 and a twelve month high of $23.46.

ACV Auctions (NASDAQ:ACVA) last issued its quarterly earnings data on Wednesday, February 19th. The company reported ($0.14) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.15) by $0.01. ACV Auctions had a negative net margin of 12.51% and a negative return on equity of 12.94%. The business had revenue of $159.51 million during the quarter, compared to analysts’ expectations of $156.77 million. Research analysts forecast that ACV Auctions Inc. will post -0.07 EPS for the current year.

Insider Buying and Selling at ACV Auctions

In related news, CFO William Zerella sold 15,000 shares of the stock in a transaction that occurred on 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 owns 766,266 shares in the company, valued at $10,367,578.98. This represents a 1.92 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO George Chamoun sold 348,249 shares of the firm’s stock in a transaction that occurred on Thursday, March 20th. The shares were sold at an average price of $15.34, for a total value of $5,342,139.66. Following the completion of the sale, the chief executive officer now directly owns 2,821,193 shares in the company, valued at $43,277,100.62. This trade represents a 10.99 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 378,249 shares of company stock worth $5,849,140 over the last ninety days. Company insiders own 8.50% of the company’s stock.

Analyst Ratings Changes

ACVA has been the topic of a number of research analyst reports. JPMorgan Chase & Co. lowered their price objective on shares of ACV Auctions from $24.00 to $20.00 and set an “overweight” rating on the stock in a research report on Thursday, March 27th. Needham & Company LLC reaffirmed a “buy” rating and issued a $25.00 price target on shares of ACV Auctions in a research note on Wednesday, March 12th. Bank of America raised ACV Auctions from a “neutral” rating to a “buy” rating and reduced their price objective for the company from $22.00 to $20.00 in a research report on Wednesday, March 12th. JMP Securities lowered their target price on ACV Auctions from $22.00 to $18.00 and set a “market outperform” rating on the stock in a research note on Wednesday. Finally, Stephens raised ACV Auctions to a “hold” rating in a research note on Saturday, February 1st. Two research analysts have rated the stock with a hold rating and nine have given a buy rating to the company. According to MarketBeat.com, ACV Auctions currently 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.