Comerica Bank Has $3.28 Million Stock Position in ACV Auctions Inc. (NASDAQ:ACVA)

Comerica Bank boosted its stake in ACV Auctions Inc. (NASDAQ:ACVA - Free Report) by 94.1% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 151,803 shares of the company's stock after buying an additional 73,586 shares during the period. Comerica Bank owned 0.09% of ACV Auctions worth $3,279,000 as of its most recent SEC filing.

Other hedge funds also recently added to or reduced their stakes in the company. Blue Trust Inc. raised its holdings in ACV Auctions by 65.8% during the 4th quarter. Blue Trust Inc. now owns 2,352 shares of the company's stock worth $48,000 after buying an additional 933 shares during the period. Arizona State Retirement System increased its position in shares of ACV Auctions by 3.6% in the fourth quarter. Arizona State Retirement System now owns 44,126 shares of the company's stock worth $953,000 after acquiring an additional 1,520 shares in the last quarter. Franklin Resources Inc. raised its holdings in shares of ACV Auctions by 5.3% during the third quarter. Franklin Resources Inc. now owns 40,935 shares of the company's stock valued at $768,000 after acquiring an additional 2,057 shares during the period. Handelsbanken Fonder AB raised its holdings in shares of ACV Auctions by 6.0% during the fourth quarter. Handelsbanken Fonder AB now owns 44,000 shares of the company's stock valued at $950,000 after acquiring an additional 2,500 shares during the period. Finally, KBC Group NV lifted its position in shares of ACV Auctions by 80.4% in the 4th quarter. KBC Group NV now owns 7,406 shares of the company's stock valued at $160,000 after acquiring an additional 3,300 shares in the last quarter. 88.55% of the stock is currently owned by institutional investors.

ACV Auctions Stock Up 0.9%

Shares of ACV Auctions stock traded up $0.15 during trading on Tuesday, hitting $16.95. 414,441 shares of the stock traded hands, compared to its average volume of 1,651,813. The stock has a market cap of $2.86 billion, a P/E ratio of -34.59 and a beta of 1.72. The company has a fifty day moving average price of $14.60 and a two-hundred day moving average price of $18.47. ACV Auctions Inc. has a twelve month low of $11.88 and a twelve month high of $23.46. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.56 and a current ratio of 1.56.

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

Insiders Place Their Bets

In related news, CFO William Zerella sold 15,000 shares of the firm'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 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 trade represents a 1.92% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO George Chamoun sold 348,249 shares of the business'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 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 disclosure for this sale can be found here. Company insiders own 8.50% of the company's stock.

Wall Street Analyst Weigh In

ACVA has been the topic of several research analyst reports. Bank of America upgraded shares of ACV Auctions from a "neutral" rating to a "buy" rating and lowered their price objective for the stock from $22.00 to $20.00 in a research report on Wednesday, March 12th. JPMorgan Chase & Co. lowered their price target on ACV Auctions from $24.00 to $20.00 and set an "overweight" rating on the stock in a report on Thursday, March 27th. Stephens raised ACV Auctions to a "hold" rating in a research note on Saturday, February 1st. Piper Sandler upgraded 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 report on Thursday, March 20th. Finally, JMP Securities dropped their target price on ACV Auctions from $22.00 to $18.00 and set a "market outperform" rating on the stock in a report on Wednesday, April 9th. Two equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat.com, the stock 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.