ACV Auctions Inc. (NASDAQ:ACVA) Shares Sold by Cubist Systematic Strategies LLC

Cubist Systematic Strategies LLC trimmed its holdings in ACV Auctions Inc. (NASDAQ:ACVA - Free Report) by 82.9% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 79,420 shares of the company's stock after selling 386,128 shares during the quarter. Cubist Systematic Strategies LLC's holdings in ACV Auctions were worth $1,715,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds also recently bought and sold shares of the business. Barclays PLC lifted its stake in ACV Auctions by 16.8% during the third quarter. Barclays PLC now owns 244,999 shares of the company's stock valued at $4,980,000 after buying an additional 35,155 shares in the last quarter. Franklin Resources Inc. lifted its stake in ACV Auctions by 5.3% during the third quarter. Franklin Resources Inc. now owns 40,935 shares of the company's stock valued at $768,000 after buying an additional 2,057 shares in the last quarter. Moody National Bank Trust Division lifted its position in shares of ACV Auctions by 64.6% in the fourth quarter. Moody National Bank Trust Division now owns 79,199 shares of the company's stock worth $1,711,000 after purchasing an additional 31,094 shares in the last quarter. Procyon Advisors LLC acquired a new stake in shares of ACV Auctions during the fourth quarter worth approximately $361,000. Finally, Brighton Jones LLC acquired a new stake in shares of ACV Auctions during the fourth quarter worth approximately $392,000. 88.55% of the stock is owned by institutional investors and hedge funds.

ACV Auctions Trading Up 0.7%

Shares of ACV Auctions stock opened at $16.79 on Tuesday. The business has a fifty day simple moving average of $14.60 and a two-hundred day simple moving average of $18.47. ACV Auctions Inc. has a 1 year low of $11.88 and a 1 year high of $23.46. The company has a market capitalization of $2.83 billion, a price-to-earnings ratio of -34.27 and a beta of 1.72. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.56 and a quick ratio of 1.56.

ACV Auctions (NASDAQ:ACVA - Get Free Report) last posted its quarterly earnings data 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 return on equity of 12.94% and a negative net margin of 12.51%. The company's revenue for the quarter was up 25.4% compared to the same quarter last year. During the same period in the prior year, the firm posted ($0.13) EPS. Research analysts forecast that ACV Auctions Inc. will post -0.07 EPS for the current year.

Insider Activity

In other ACV Auctions news, 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 transaction of $5,342,139.66. Following the completion of the transaction, the chief executive officer now owns 2,821,193 shares in the company, valued at approximately $43,277,100.62. This trade represents a 10.99% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO William Zerella sold 15,000 shares of the firm's 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 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 disclosure for this sale can be found here. Insiders own 8.50% of the company's stock.

Analysts Set New Price Targets

ACVA has been the subject of several research reports. Bank of America upgraded shares of ACV Auctions from a "neutral" rating to a "buy" rating and decreased their price target for the stock from $22.00 to $20.00 in a report on Wednesday, March 12th. JPMorgan Chase & Co. decreased 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. Piper Sandler upgraded shares of ACV Auctions from a "neutral" rating to an "overweight" rating and raised their price target for the stock from $18.00 to $20.00 in a report on Thursday, March 20th. Needham & Company LLC restated a "buy" rating and set a $25.00 price target on shares of ACV Auctions in a report on Thursday, May 8th. Finally, JMP Securities cut their price objective on shares of ACV Auctions from $22.00 to $18.00 and set a "market outperform" rating on the stock in a research report on Wednesday, April 9th. Two analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company's stock. According to data from MarketBeat, the stock 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.

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