Cubist Systematic Strategies LLC Has $1.72 Million Stock Holdings in ACV Auctions Inc. (NASDAQ:ACVA)

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

Other institutional investors and hedge funds have also modified their holdings of the company. Raymond James Financial Inc. bought a new stake in shares of ACV Auctions during the fourth quarter worth approximately $4,704,000. Intech Investment Management LLC increased its stake in ACV Auctions by 55.7% in the fourth quarter. Intech Investment Management LLC now owns 62,395 shares of the company's stock valued at $1,348,000 after purchasing an additional 22,310 shares in the last quarter. Moody National Bank Trust Division increased its stake in ACV Auctions by 64.6% in the fourth quarter. Moody National Bank Trust Division now owns 79,199 shares of the company's stock valued at $1,711,000 after purchasing an additional 31,094 shares in the last quarter. Charles Schwab Investment Management Inc. increased its stake in ACV Auctions by 3.9% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,289,362 shares of the company's stock valued at $27,850,000 after purchasing an additional 48,021 shares in the last quarter. Finally, TimesSquare Capital Management LLC increased its stake in ACV Auctions by 6.7% in the fourth quarter. TimesSquare Capital Management LLC now owns 1,891,627 shares of the company's stock valued at $40,859,000 after purchasing an additional 118,421 shares in the last quarter. 88.55% of the stock is owned by institutional investors.

ACV Auctions Stock Up 0.6%

ACVA traded up $0.10 during trading hours on Friday, hitting $17.03. 2,015,890 shares of the company's stock were exchanged, compared to its average volume of 1,663,313. ACV Auctions Inc. has a 1-year low of $11.88 and a 1-year high of $23.46. The stock's 50-day moving average is $14.86 and its two-hundred day moving average is $18.45. The stock has a market cap of $2.87 billion, a price-to-earnings ratio of -34.75 and a beta of 1.72. 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 - Get Free Report) last issued 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 net margin of 12.51% and a negative return on equity of 12.94%. ACV Auctions's quarterly revenue was up 25.4% compared to the same quarter last year. During the same quarter in the prior year, the business earned ($0.13) earnings per share. Sell-side analysts predict that ACV Auctions Inc. will post -0.07 earnings per share for the current fiscal year.

Insider Activity at ACV Auctions

In other news, insider Michael Waterman sold 223,330 shares of the business's stock in a transaction that occurred on Tuesday, May 13th. The shares were sold at an average price of $17.00, for a total value of $3,796,610.00. Following the transaction, the insider now owns 466,548 shares in the company, valued at approximately $7,931,316. The trade was a 32.37% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO George Chamoun sold 348,249 shares of the business's stock in a transaction that occurred on Thursday, March 20th. The stock was 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 $43,277,100.62. This trade represents a 10.99% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 586,579 shares of company stock valued at $9,341,700. 8.50% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

Several brokerages have commented on ACVA. Stephens raised shares of ACV Auctions to a "hold" rating in a research note on Saturday, February 1st. Needham & Company LLC reaffirmed a "buy" rating and issued a $25.00 target price on shares of ACV Auctions in a research note on Thursday, May 8th. Piper Sandler raised shares of ACV Auctions from a "neutral" rating to an "overweight" rating and upped their target price for the company from $18.00 to $20.00 in a research note on Thursday, March 20th. Bank of America raised shares of ACV Auctions from a "neutral" rating to a "buy" rating and lowered their target price for the company from $22.00 to $20.00 in a research note on Wednesday, March 12th. Finally, JMP Securities lowered 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 report on Wednesday, April 9th. Two investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price 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.