ACV Auctions Inc. (NASDAQ:ACVA) Stock Position Increased by Driehaus Capital Management LLC

Driehaus Capital Management LLC boosted its holdings in ACV Auctions Inc. (NASDAQ:ACVA - Free Report) by 128.5% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 2,837,165 shares of the company's stock after buying an additional 1,595,657 shares during the period. Driehaus Capital Management LLC owned approximately 1.69% of ACV Auctions worth $61,283,000 as of its most recent SEC filing.

Several other institutional investors also recently added to or reduced their stakes in ACVA. Brevan Howard Capital Management LP bought a new position in shares of ACV Auctions in the 4th quarter valued at about $270,000. Balyasny Asset Management L.P. acquired a new stake in ACV Auctions during the 4th quarter worth approximately $2,262,000. BNP Paribas Financial Markets bought a new position in shares of ACV Auctions during the fourth quarter worth about $6,520,000. Algert Global LLC bought a new position in shares of ACV Auctions during the fourth quarter worth about $2,921,000. Finally, Comerica Bank grew its holdings in shares of ACV Auctions by 94.1% during 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 in the last quarter. 88.55% of the stock is owned by institutional investors.

Insider Buying and Selling

In other news, CFO William Zerella sold 15,000 shares of the firm'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 transaction of $202,950.00. Following the completion of 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 position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO George Chamoun sold 348,249 shares of the company's stock in a transaction on 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 completion of the sale, the chief executive officer now owns 2,821,193 shares in the company, valued at $43,277,100.62. This represents a 10.99% decrease in their ownership of the stock. The disclosure for this sale can be found here. 8.50% of the stock is currently owned by company insiders.

ACV Auctions Trading Up 1.8%

Shares of ACVA stock traded up $0.31 on Tuesday, reaching $17.11. 790,896 shares of the company's stock were exchanged, compared to its average volume of 1,652,782. The stock has a market capitalization of $2.89 billion, a PE ratio of -34.92 and a beta of 1.72. The company's fifty day simple moving average is $14.60 and its 200 day simple moving average is $18.47. ACV Auctions Inc. has a 52 week low of $11.88 and a 52 week high of $23.46. The company has a current ratio of 1.56, a quick ratio of 1.56 and a debt-to-equity ratio of 0.28.

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

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on ACVA shares. Needham & Company LLC reiterated a "buy" rating and set a $25.00 target price on shares of ACV Auctions in a research note on Thursday, May 8th. JMP Securities reduced their target price 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. Stephens upgraded 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 lifted their target price for the stock from $18.00 to $20.00 in a research note on Thursday, March 20th. Finally, Bank of America upgraded 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 research note on Wednesday, March 12th. Two investment analysts have rated the stock with a hold rating and nine have given a buy rating to the company's stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target 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.