BNP Paribas Financial Markets Makes New Investment in ACV Auctions Inc. (NASDAQ:ACVA)

BNP Paribas Financial Markets purchased a new position in ACV Auctions Inc. (NASDAQ:ACVA - Free Report) in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 301,848 shares of the company's stock, valued at approximately $6,520,000. BNP Paribas Financial Markets owned about 0.18% of ACV Auctions at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in the stock. Algert Global LLC purchased a new position in shares of ACV Auctions in the fourth quarter worth $2,921,000. Comerica Bank raised its holdings in shares of ACV Auctions by 94.1% in the fourth quarter. Comerica Bank now owns 151,803 shares of the company's stock worth $3,279,000 after buying an additional 73,586 shares during the last quarter. PDT Partners LLC purchased a new position in shares of ACV Auctions in the fourth quarter worth $1,496,000. Northern Trust Corp raised its holdings in shares of ACV Auctions by 8.9% during the fourth quarter. Northern Trust Corp now owns 1,725,599 shares of the company's stock worth $37,273,000 after purchasing an additional 141,592 shares during the last quarter. Finally, Tudor Investment Corp ET AL purchased a new position in shares of ACV Auctions during the fourth quarter worth $4,062,000. Hedge funds and other institutional investors own 88.55% of the company's stock.

ACV Auctions Price Performance

Shares of NASDAQ ACVA traded up $0.10 during trading on Friday, hitting $17.03. The company had a trading volume of 2,015,890 shares, compared to its average volume of 1,663,313. The stock has a fifty day simple moving average of $14.86 and a two-hundred day simple moving average of $18.45. ACV Auctions Inc. has a fifty-two week low of $11.88 and a fifty-two week high of $23.46. The firm has a market capitalization 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 (NASDAQ:ACVA - Get Free Report) last announced 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 last year, the business posted ($0.13) earnings per share. The firm's revenue for the quarter was up 25.4% compared to the same quarter last year. On average, research analysts expect that ACV Auctions Inc. will post -0.07 earnings per share for the current year.

Insider Activity

In other news, CEO George Chamoun sold 348,249 shares of the firm's stock in a transaction dated 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 of the company's stock, 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 filing with the SEC, which is available at this link. Also, 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 transaction of $202,950.00. Following the completion of the transaction, the chief financial officer now directly 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 disclosure for this sale can be found here. Insiders have sold a total of 586,579 shares of company stock worth $9,341,700 over the last 90 days. 8.50% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several brokerages recently issued reports on ACVA. JMP Securities reduced their target price on shares of ACV Auctions from $22.00 to $18.00 and set a "market outperform" rating for the company in a report on Wednesday, April 9th. Needham & Company LLC reissued a "buy" rating and set a $25.00 target price on shares of ACV Auctions in a report on Thursday, May 8th. Bank of America raised shares of ACV Auctions from a "neutral" rating to a "buy" rating and reduced their target price for the stock from $22.00 to $20.00 in a report on Wednesday, March 12th. JPMorgan Chase & Co. reduced their target price on shares of ACV Auctions from $24.00 to $20.00 and set an "overweight" rating for the company in a report on Thursday, March 27th. Finally, Piper Sandler raised shares of ACV Auctions from a "neutral" rating to an "overweight" rating and raised their target price for the stock from $18.00 to $20.00 in a report on Thursday, March 20th. Two equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the company. According to MarketBeat.com, ACV Auctions currently has an average rating of "Moderate Buy" and a consensus target price of $22.50.

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.