ACV Auctions Inc. (NASDAQ:ACVA) Stock Position Reduced by Engle Capital Management L.P.

Engle Capital Management L.P. trimmed its holdings in ACV Auctions Inc. (NASDAQ:ACVA - Free Report) by 42.5% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 920,000 shares of the company's stock after selling 680,000 shares during the period. ACV Auctions accounts for about 6.0% of Engle Capital Management L.P.'s portfolio, making the stock its 6th biggest holding. Engle Capital Management L.P. owned approximately 0.55% of ACV Auctions worth $19,872,000 at the end of the most recent quarter.

Other hedge funds also recently made changes to their positions in the company. Raymond James Financial Inc. bought a new position in ACV Auctions during the 4th quarter worth $4,704,000. Intech Investment Management LLC lifted its holdings in ACV Auctions by 55.7% during the 4th quarter. Intech Investment Management LLC now owns 62,395 shares of the company's stock worth $1,348,000 after buying an additional 22,310 shares during the period. Moody National Bank Trust Division lifted its stake in shares of ACV Auctions by 64.6% in the 4th 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 during the period. Charles Schwab Investment Management Inc. lifted its stake in shares of ACV Auctions by 3.9% in the 4th 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 during the period. Finally, TimesSquare Capital Management LLC lifted its stake in shares of ACV Auctions by 6.7% in the 4th 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 during the period. 88.55% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of brokerages recently commented on ACVA. JMP Securities decreased their target price on 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. Piper Sandler raised ACV Auctions from a "neutral" rating to an "overweight" rating and increased their price objective for the company from $18.00 to $20.00 in a report on Thursday, March 20th. Stephens raised ACV Auctions to a "hold" rating in a report on Saturday, February 1st. Needham & Company LLC restated a "buy" rating and set a $25.00 target price on shares of ACV Auctions in a research report on Thursday. Finally, JPMorgan Chase & Co. lowered their price objective on ACV Auctions from $24.00 to $20.00 and set an "overweight" rating on the stock in a research report on Thursday, March 27th. Two research analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. Based on data from MarketBeat, ACV Auctions currently has an average rating of "Moderate Buy" and an average price target of $22.50.

ACV Auctions Stock Performance

Shares of ACVA stock traded up $0.31 during mid-day trading on Friday, reaching $16.69. 2,550,511 shares of the company's stock traded hands, compared to its average volume of 1,649,937. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.56 and a current ratio of 1.56. ACV Auctions Inc. has a 12 month low of $11.88 and a 12 month high of $23.46. The firm has a 50 day moving average price of $14.57 and a two-hundred day moving average price of $18.48. The firm has a market capitalization of $2.82 billion, a PE ratio of -34.06 and a beta of 1.72.

ACV Auctions (NASDAQ:ACVA - Get Free Report) last announced its quarterly earnings results on Wednesday, May 7th. The company reported ($0.09) 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%. The company's revenue was up 25.4% compared to the same quarter last year. During the same quarter in the previous year, the firm posted ($0.13) earnings per share. On average, research analysts forecast that ACV Auctions Inc. will post -0.07 EPS for the current year.

Insider Buying and Selling

In other news, CEO George Chamoun sold 348,249 shares of the 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 transaction, the chief executive officer now directly owns 2,821,193 shares in the company, valued at approximately $43,277,100.62. This trade represents a 10.99% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible 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 shares were 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 of the company's stock, valued at approximately $10,367,578.98. This trade represents a 1.92% decrease in their ownership of the stock. The disclosure for this sale can be found here. 8.50% of the stock is currently owned by corporate insiders.

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.