Balyasny Asset Management L.P. Buys Shares of 104,738 ACV Auctions Inc. (NASDAQ:ACVA)

Balyasny Asset Management L.P. purchased a new position in shares of ACV Auctions Inc. (NASDAQ:ACVA - Free Report) during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 104,738 shares of the company's stock, valued at approximately $2,262,000. Balyasny Asset Management L.P. owned approximately 0.06% of ACV Auctions as of its most recent SEC filing.

Other large investors also recently added to or reduced their stakes in the company. Blue Trust Inc. lifted its stake in ACV Auctions by 65.8% during 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 in the last quarter. KBC Group NV grew its stake in shares of 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 acquiring an additional 3,300 shares in the last quarter. LPL Financial LLC acquired a new position in shares of ACV Auctions during the fourth quarter worth $226,000. Xponance Inc. acquired a new position in shares of ACV Auctions during the fourth quarter worth $229,000. Finally, Versor Investments LP acquired a new position in shares of ACV Auctions during the fourth quarter worth $262,000. 88.55% of the stock is currently owned by institutional investors and hedge funds.

ACV Auctions Trading Up 0.6%

Shares of ACVA stock traded up $0.10 during mid-day trading 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 fifty-two week low of $11.88 and a fifty-two week high of $23.46. The stock has a 50-day simple moving average of $14.86 and a two-hundred day simple moving average of $18.45. The company has a quick ratio of 1.56, a current ratio of 1.56 and a debt-to-equity ratio of 0.28. The stock has a market cap of $2.87 billion, a price-to-earnings ratio of -34.75 and a beta of 1.72.

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

Insider Buying and Selling

In other ACV Auctions news, CFO William Zerella sold 15,000 shares of the firm's stock in a transaction dated Tuesday, March 11th. The stock was sold at an average price of $13.53, for a total value of $202,950.00. Following the transaction, the chief financial officer now directly owns 766,266 shares of the company's stock, valued at $10,367,578.98. This trade represents a 1.92% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Michael Waterman sold 223,330 shares of ACV Auctions stock in a transaction dated Tuesday, May 13th. The stock was sold at an average price of $17.00, for a total value of $3,796,610.00. Following the sale, the insider now directly owns 466,548 shares in the company, valued at approximately $7,931,316. The trade was a 32.37% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 586,579 shares of company stock valued at $9,341,700. 8.50% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

A number of research analysts have commented on the stock. JMP Securities dropped their price objective on shares of 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. Needham & Company LLC reissued a "buy" rating and issued a $25.00 price objective on shares of ACV Auctions in a research note on Thursday, May 8th. JPMorgan Chase & Co. cut their price objective on shares of ACV Auctions from $24.00 to $20.00 and set an "overweight" rating for the company in a research report on Thursday, March 27th. Piper Sandler raised shares of ACV Auctions from a "neutral" rating to an "overweight" rating and increased their price target for the stock from $18.00 to $20.00 in a report on Thursday, March 20th. Finally, Bank of America raised ACV Auctions from a "neutral" rating to a "buy" rating and lowered their price objective for the company 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 assigned a buy rating to the company. According to data from MarketBeat, ACV Auctions presently has an average rating of "Moderate Buy" and an average target price of $22.50.

About ACV Auctions

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.