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

Balyasny Asset Management L.P. bought a new position in shares of ACV Auctions Inc. (NASDAQ:ACVA - Free Report) in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 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 filing with the Securities & Exchange Commission.

A number of other institutional investors have also recently bought and sold shares of the business. Raymond James Financial Inc. bought a new stake in shares of ACV Auctions during the 4th quarter worth approximately $4,704,000. Intech Investment Management LLC grew its position in shares of ACV Auctions by 55.7% in the 4th quarter. Intech Investment Management LLC now owns 62,395 shares of the company's stock valued at $1,348,000 after buying an additional 22,310 shares during the last quarter. Moody National Bank Trust Division lifted its position 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 worth $1,711,000 after purchasing an additional 31,094 shares during the period. Charles Schwab Investment Management Inc. boosted its position in ACV Auctions by 3.9% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,289,362 shares of the company's stock valued at $27,850,000 after acquiring an additional 48,021 shares during the last quarter. Finally, TimesSquare Capital Management LLC increased its holdings in ACV Auctions by 6.7% in the fourth quarter. TimesSquare Capital Management LLC now owns 1,891,627 shares of the company's stock worth $40,859,000 after purchasing an additional 118,421 shares in the last quarter. Institutional investors own 88.55% of the company's stock.

Analyst Ratings Changes

Several equities research analysts have recently commented on ACVA shares. Stephens upgraded ACV Auctions to a "hold" rating in a report on Saturday, February 1st. Piper Sandler raised shares of ACV Auctions from a "neutral" rating to an "overweight" rating and boosted their price target for the stock from $18.00 to $20.00 in a report on Thursday, March 20th. Needham & Company LLC restated a "buy" rating and issued a $25.00 target price on shares of ACV Auctions in a research note on Thursday, May 8th. Bank of America upgraded ACV Auctions from a "neutral" rating to a "buy" rating and reduced their price target for the company from $22.00 to $20.00 in a research report on Wednesday, March 12th. Finally, JMP Securities dropped their price objective 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. Two equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $22.50.

ACV Auctions Trading Up 0.6%

Shares of ACV Auctions stock traded up $0.10 during trading on Friday, reaching $17.03. 2,015,890 shares of the stock were exchanged, compared to its average volume of 1,661,420. The stock's fifty day moving average is $14.79 and its 200 day moving average is $18.44. The firm has a market cap of $2.87 billion, a price-to-earnings ratio of -34.75 and a beta of 1.72. The company has a quick ratio of 1.56, a current ratio of 1.56 and a debt-to-equity ratio of 0.28. ACV Auctions Inc. has a 1 year low of $11.88 and a 1 year high of $23.46.

ACV Auctions (NASDAQ:ACVA - Get Free Report) last released its earnings results 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 net margin of 12.51% and a negative return on equity of 12.94%. During the same quarter in the previous year, the business earned ($0.13) EPS. The firm's revenue for the quarter was up 25.4% on a year-over-year basis. As a group, equities research analysts expect that ACV Auctions Inc. will post -0.07 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, CFO William Zerella sold 15,000 shares of the company'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 value of $202,950.00. Following 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 sale was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Michael Waterman sold 223,330 shares of the stock in a transaction that occurred on Tuesday, May 13th. The shares were sold at an average price of $17.00, for a total transaction of $3,796,610.00. Following the sale, the insider now owns 466,548 shares in the company, valued at approximately $7,931,316. The trade was a 32.37% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 586,579 shares of company stock worth $9,341,700 in the last quarter. Corporate insiders own 8.50% of the company's stock.

ACV Auctions Company 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.