Engle Capital Management L.P. Has $19.87 Million Position in ACV Auctions Inc. (NASDAQ:ACVA)

Engle Capital Management L.P. reduced its stake in ACV Auctions Inc. (NASDAQ:ACVA - Free Report) by 42.5% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 920,000 shares of the company's stock after selling 680,000 shares during the period. ACV Auctions makes up approximately 6.0% of Engle Capital Management L.P.'s investment portfolio, making the stock its 6th biggest position. Engle Capital Management L.P. owned about 0.55% of ACV Auctions worth $19,872,000 as of its most recent SEC filing.

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

Insider Activity

In other news, CFO William Zerella sold 15,000 shares of the company's stock in a transaction dated Tuesday, March 11th. The shares were sold at an average price of $13.53, for a total transaction of $202,950.00. Following the completion of the transaction, the chief financial officer now owns 766,266 shares in the company, valued at approximately $10,367,578.98. This represents a 1.92% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO George Chamoun sold 348,249 shares of the stock in a transaction dated 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 of the company's stock, valued at $43,277,100.62. This represents a 10.99% decrease in their position. The disclosure for this sale can be found here. Insiders own 8.50% of the company's stock.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on ACVA. JMP Securities dropped their price target on 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 upgraded shares of ACV Auctions to a "hold" rating in a research report on Saturday, February 1st. Piper Sandler upgraded shares of 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. Needham & Company LLC reiterated a "buy" rating and issued a $25.00 price target on shares of ACV Auctions in a report on Thursday, May 8th. Finally, Bank of America raised ACV Auctions from a "neutral" rating to a "buy" rating and decreased their price objective for the stock from $22.00 to $20.00 in a report on Wednesday, March 12th. Two analysts have rated the stock with a hold rating and nine have issued a buy rating to the company's stock. According to data from MarketBeat, ACV Auctions currently has a consensus rating of "Moderate Buy" and an average price target of $22.50.

ACV Auctions Stock Up 0.4%

Shares of ACVA stock traded up $0.07 during trading hours on Wednesday, reaching $16.99. 607,593 shares of the company's stock were exchanged, compared to its average volume of 1,653,979. The company has a current ratio of 1.56, a quick ratio of 1.56 and a debt-to-equity ratio of 0.28. ACV Auctions Inc. has a fifty-two week low of $11.88 and a fifty-two week high of $23.46. The company has a market cap of $2.87 billion, a price-to-earnings ratio of -34.67 and a beta of 1.72. The stock's 50 day moving average is $14.66 and its 200-day moving average is $18.46.

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 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 period last year, the company earned ($0.13) earnings per share. ACV Auctions's revenue was up 25.4% on a year-over-year basis. Analysts predict that ACV Auctions Inc. will post -0.07 earnings per share 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.