ACV Auctions Inc. (NASDAQ:ACVA) Stock Position Lowered by Park West Asset Management LLC

Park West Asset Management LLC cut its holdings in shares of ACV Auctions Inc. (NASDAQ:ACVA - Free Report) by 30.7% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 1,351,918 shares of the company's stock after selling 598,082 shares during the period. ACV Auctions comprises about 2.3% of Park West Asset Management LLC's investment portfolio, making the stock its 20th biggest holding. Park West Asset Management LLC owned approximately 0.81% of ACV Auctions worth $29,201,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of the business. Northern Trust Corp grew its stake in ACV Auctions by 8.9% during the 4th quarter. Northern Trust Corp now owns 1,725,599 shares of the company's stock valued at $37,273,000 after purchasing an additional 141,592 shares in the last quarter. Tudor Investment Corp ET AL acquired a new stake in shares of ACV Auctions during the fourth quarter worth approximately $4,062,000. Richmond Hill Investments LLC increased its stake in shares of ACV Auctions by 28.8% in the fourth quarter. Richmond Hill Investments LLC now owns 628,606 shares of the company's stock worth $13,578,000 after buying an additional 140,398 shares during the last quarter. Price T Rowe Associates Inc. MD increased its stake in shares of ACV Auctions by 13.5% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 106,300 shares of the company's stock worth $2,297,000 after buying an additional 12,650 shares during the last quarter. Finally, TFJ Management LLC acquired a new stake in ACV Auctions in the fourth quarter valued at $6,145,000. 88.55% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on ACVA. Bank of America raised shares of ACV Auctions from a "neutral" rating to a "buy" rating and dropped their target price for the stock from $22.00 to $20.00 in a research report on Wednesday, March 12th. Needham & Company LLC reissued a "buy" rating and issued a $25.00 price objective on shares of ACV Auctions in a report on Wednesday, March 12th. Stephens raised ACV Auctions to a "hold" rating in a report on Saturday, February 1st. 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. Finally, JPMorgan Chase & Co. dropped their price target 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 analysts have rated the stock with a hold rating and nine have issued a buy rating to the company's stock. According to MarketBeat, ACV Auctions has an average rating of "Moderate Buy" and a consensus target price of $22.50.

Insider Transactions at ACV Auctions

In related news, insider Michael Waterman sold 15,000 shares of ACV Auctions stock in a transaction dated Tuesday, February 4th. The shares were sold at an average price of $20.27, for a total transaction of $304,050.00. Following the sale, the insider now directly owns 311,354 shares in the company, valued at $6,311,145.58. The trade was a 4.60 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available 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. Over the last three months, insiders sold 378,249 shares of company stock worth $5,849,140. Company insiders own 8.50% of the company's stock.

ACV Auctions Stock Performance

ACVA traded up $0.28 during trading on Friday, reaching $15.24. 1,396,759 shares of the company were exchanged, compared to its average volume of 1,621,317. ACV Auctions Inc. has a 52 week low of $11.88 and a 52 week high of $23.46. The company has a current ratio of 1.56, a quick ratio of 1.56 and a debt-to-equity ratio of 0.28. The firm has a 50 day moving average of $14.58 and a 200 day moving average of $18.60. The stock has a market cap of $2.57 billion, a P/E ratio of -31.10 and a beta of 1.74.

ACV Auctions (NASDAQ:ACVA - Get Free Report) last released its quarterly earnings results on Wednesday, February 19th. The company reported ($0.14) EPS for the quarter, topping the consensus estimate of ($0.15) by $0.01. The business had revenue of $159.51 million during the quarter, compared to analyst estimates of $156.77 million. ACV Auctions had a negative net margin of 12.51% and a negative return on equity of 12.94%. On average, sell-side 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.