Candlestick Capital Management LP Reduces Position in ACV Auctions Inc. (NASDAQ:ACVA)

Candlestick Capital Management LP cut its stake in ACV Auctions Inc. (NASDAQ:ACVA - Free Report) by 47.7% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 954,177 shares of the company's stock after selling 869,364 shares during the period. Candlestick Capital Management LP owned 0.57% of ACV Auctions worth $20,610,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of ACVA. Vanguard Group Inc. lifted its holdings in shares of ACV Auctions by 5.5% during the fourth quarter. Vanguard Group Inc. now owns 14,245,915 shares of the company's stock valued at $307,712,000 after purchasing an additional 738,391 shares during the last quarter. William Blair Investment Management LLC lifted its holdings in shares of ACV Auctions by 43.2% during the fourth quarter. William Blair Investment Management LLC now owns 12,099,686 shares of the company's stock valued at $261,353,000 after purchasing an additional 3,652,871 shares during the last quarter. Alliancebernstein L.P. lifted its holdings in shares of ACV Auctions by 5.3% during the fourth quarter. Alliancebernstein L.P. now owns 5,622,255 shares of the company's stock valued at $121,441,000 after purchasing an additional 284,880 shares during the last quarter. Jennison Associates LLC lifted its holdings in shares of ACV Auctions by 17.2% during the fourth quarter. Jennison Associates LLC now owns 4,980,354 shares of the company's stock valued at $107,576,000 after purchasing an additional 732,422 shares during the last quarter. Finally, Geode Capital Management LLC lifted its holdings in shares of ACV Auctions by 1.7% during the fourth quarter. Geode Capital Management LLC now owns 3,575,347 shares of the company's stock valued at $77,246,000 after purchasing an additional 58,259 shares during the last quarter. 88.55% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on ACVA. Needham & Company LLC reissued a "buy" rating and set a $25.00 price target on shares of ACV Auctions in a research report on Wednesday, March 12th. Stephens raised shares of ACV Auctions to a "hold" rating in a research report on Saturday, February 1st. Piper Sandler raised shares of ACV Auctions from a "neutral" rating to an "overweight" rating and raised their price target for the company from $18.00 to $20.00 in a research report on Thursday, March 20th. JPMorgan Chase & Co. reduced their price target 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. Finally, Bank of America raised shares of 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. Two equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the company's stock. Based on data from MarketBeat, ACV Auctions currently has a consensus rating of "Moderate Buy" and an average price target of $22.50.

Insider Buying and Selling

In other news, CEO George Chamoun sold 348,249 shares of the firm's stock in a transaction that occurred on Thursday, March 20th. The stock was sold at an average price of $15.34, for a total value of $5,342,139.66. Following the completion of the sale, the chief executive officer now directly owns 2,821,193 shares of the company's stock, valued at $43,277,100.62. This trade represents a 10.99 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO William Zerella sold 15,000 shares of ACV Auctions stock in a transaction on 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 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 378,249 shares of company stock worth $5,849,140 in the last ninety days. 8.50% of the stock is owned by corporate insiders.

ACV Auctions Stock Down 1.8 %

ACVA stock traded down $0.27 during midday trading on Wednesday, hitting $14.70. The company's stock had a trading volume of 1,650,146 shares, compared to its average volume of 1,614,983. 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 52-week low of $11.88 and a 52-week high of $23.46. The firm has a market capitalization of $2.48 billion, a P/E ratio of -30.00 and a beta of 1.74. The firm has a 50-day simple moving average of $14.62 and a 200-day simple moving average of $18.62.

ACV Auctions (NASDAQ:ACVA - Get Free Report) last issued its quarterly earnings results on Wednesday, February 19th. The company reported ($0.14) EPS for the quarter, beating the consensus estimate of ($0.15) by $0.01. The company had revenue of $159.51 million during the quarter, compared to analysts' expectations of $156.77 million. ACV Auctions had a negative net margin of 12.51% and a negative return on equity of 12.94%. As a group, equities analysts forecast that ACV Auctions Inc. will post -0.07 EPS for the current year.

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.