Granahan Investment Management LLC Has $31.03 Million Stock Position in ACV Auctions Inc. (NASDAQ:ACVA)

Granahan Investment Management LLC boosted its holdings in ACV Auctions Inc. (NASDAQ:ACVA - Free Report) by 41.1% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 1,436,473 shares of the company's stock after acquiring an additional 418,369 shares during the quarter. ACV Auctions accounts for about 1.3% of Granahan Investment Management LLC's investment portfolio, making the stock its 22nd biggest position. Granahan Investment Management LLC owned about 0.86% of ACV Auctions worth $31,028,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Blue Trust Inc. grew its position in ACV Auctions by 65.8% during the 4th quarter. Blue Trust Inc. now owns 2,352 shares of the company's stock worth $48,000 after acquiring an additional 933 shares during the last quarter. KBC Group NV grew its holdings in shares of ACV Auctions by 80.4% during the fourth quarter. KBC Group NV now owns 7,406 shares of the company's stock worth $160,000 after purchasing an additional 3,300 shares during the last quarter. LPL Financial LLC acquired a new stake in shares of ACV Auctions in the fourth quarter valued at $226,000. Xponance Inc. acquired a new stake in shares of ACV Auctions in the fourth quarter valued at $229,000. Finally, Versor Investments LP bought a new position in shares of ACV Auctions in the fourth quarter valued at about $262,000. 88.55% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research firms have recently commented on ACVA. Piper Sandler raised shares of 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. JMP Securities lowered their price target on shares of ACV Auctions from $22.00 to $18.00 and set a "market outperform" rating for the company in a report on Wednesday, April 9th. Needham & Company LLC reissued a "buy" rating and issued a $25.00 price target on shares of ACV Auctions in a report on Thursday, May 8th. Bank of America raised shares of ACV Auctions from a "neutral" rating to a "buy" rating and lowered their price target for the company from $22.00 to $20.00 in a report on Wednesday, March 12th. Finally, JPMorgan Chase & Co. lowered their price target on shares of ACV Auctions from $24.00 to $20.00 and set an "overweight" rating for the company in a report on Thursday, March 27th. Two equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $22.50.

Insider Activity at ACV Auctions

In other ACV Auctions news, CFO William Zerella sold 15,000 shares of ACV Auctions stock in a transaction dated Tuesday, March 11th. The stock was sold at an average price of $13.53, for a total value of $202,950.00. Following the sale, the chief financial officer now owns 766,266 shares of the company's stock, valued at $10,367,578.98. This trade represents a 1.92% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO George Chamoun sold 348,249 shares of ACV Auctions stock in a transaction dated 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 represents a 10.99% decrease in their position. The disclosure for this sale can be found here. 8.50% of the stock is currently owned by insiders.

ACV Auctions Trading Down 0.5%

ACVA traded down $0.09 during mid-day trading on Wednesday, hitting $16.83. The stock had a trading volume of 1,413,111 shares, compared to its average volume of 1,656,999. The stock's fifty day simple moving average is $14.66 and its 200-day simple moving average is $18.46. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.56 and a quick ratio of 1.56. The firm has a market capitalization of $2.84 billion, a price-to-earnings ratio of -34.35 and a beta of 1.72. ACV Auctions Inc. has a 1-year low of $11.88 and a 1-year high of $23.46.

ACV Auctions (NASDAQ:ACVA - Get Free Report) last announced its quarterly earnings results on Wednesday, May 7th. The company reported ($0.09) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.04 by ($0.13). ACV Auctions had a negative return on equity of 12.94% and a negative net margin of 12.51%. During the same period in the prior year, the company earned ($0.13) earnings per share. The firm's quarterly revenue was up 25.4% compared to the same quarter last year. As a group, research analysts forecast that ACV Auctions Inc. will post -0.07 EPS for the current fiscal 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.