135,244 Shares in ACV Auctions Inc. (NASDAQ:ACVA) Bought by Algert Global LLC

Algert Global LLC bought a new position in ACV Auctions Inc. (NASDAQ:ACVA - Free Report) during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 135,244 shares of the company's stock, valued at approximately $2,921,000. Algert Global LLC owned about 0.08% of ACV Auctions as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also bought and sold shares of the company. Blue Trust Inc. boosted its position in ACV Auctions by 65.8% in the fourth quarter. Blue Trust Inc. now owns 2,352 shares of the company's stock worth $48,000 after purchasing an additional 933 shares during the last quarter. KBC Group NV boosted its position in ACV Auctions by 80.4% in the fourth quarter. KBC Group NV now owns 7,406 shares of the company's stock worth $160,000 after purchasing an additional 3,300 shares during the last quarter. LPL Financial LLC purchased a new position in ACV Auctions in the fourth quarter worth about $226,000. Xponance Inc. bought a new position in shares of ACV Auctions in the fourth quarter worth about $229,000. Finally, Versor Investments LP bought a new position in shares of ACV Auctions in the fourth quarter worth about $262,000. 88.55% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on ACVA. JMP Securities decreased their price objective on ACV Auctions from $22.00 to $18.00 and set a "market outperform" rating on the stock in a research note on Wednesday, April 9th. JPMorgan Chase & Co. decreased their price objective on ACV Auctions from $24.00 to $20.00 and set an "overweight" rating on the stock in a research note on Thursday, March 27th. Piper Sandler raised ACV Auctions from a "neutral" rating to an "overweight" rating and raised their price objective for the stock from $18.00 to $20.00 in a research note on Thursday, March 20th. 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 research note on Wednesday, March 12th. Finally, Needham & Company LLC reaffirmed a "buy" rating and issued a $25.00 price objective on shares of ACV Auctions in a research note on Thursday. Two research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, ACV Auctions presently has a consensus rating of "Moderate Buy" and a consensus price target of $22.50.

ACV Auctions Price Performance

ACVA traded up $0.09 on Monday, hitting $16.76. 1,703,458 shares of the company's stock traded hands, compared to its average volume of 1,650,346. 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 one year low of $11.88 and a one year high of $23.46. The company's 50 day simple moving average is $14.57 and its 200-day simple moving average is $18.48. The firm has a market cap of $2.83 billion, a price-to-earnings ratio of -34.24 and a beta of 1.72.

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

Insiders Place Their Bets

In other news, CFO William Zerella sold 15,000 shares of the business'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 transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO George Chamoun sold 348,249 shares of the business'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 value 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 represents a 10.99% decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 8.50% of the company's stock.

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.