Tempus Wealth Planning LLC Takes $277,000 Position in ACV Auctions Inc. (NASDAQ:ACVA)

Key Points

• Tempus Wealth Planning LLC has acquired 19,668 shares of ACV Auctions Inc. worth approximately $277,000, indicating growing institutional interest in the company's stock.
• ACV Auctions reported a 25.4% year-over-year revenue increase but missed earnings estimates, showing a loss of ($0.09) EPS compared to a consensus estimate of $0.04.
• Wall Street analysts have mixed ratings on ACV Auctions, with a consensus target price of $22.05, reflecting a generally positive outlook despite recent stock price fluctuations.

Tempus Wealth Planning LLC purchased a new position in shares of ACV Auctions Inc. (NASDAQ:ACVA - Free Report) in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The firm purchased 19,668 shares of the company's stock, valued at approximately $277,000.

Several other hedge funds have also recently added to or reduced their stakes in ACVA. Driehaus Capital Management LLC increased its stake in shares of ACV Auctions by 128.5% in the 4th quarter. Driehaus Capital Management LLC now owns 2,837,165 shares of the company's stock valued at $61,283,000 after acquiring an additional 1,595,657 shares in the last quarter. Franklin Resources Inc. increased its stake in ACV Auctions by 2,346.2% during the 4th quarter. Franklin Resources Inc. now owns 1,001,365 shares of the company's stock valued at $21,629,000 after purchasing an additional 960,430 shares in the last quarter. Iridian Asset Management LLC CT increased its stake in ACV Auctions by 77.9% during the 1st quarter. Iridian Asset Management LLC CT now owns 1,967,332 shares of the company's stock valued at $27,720,000 after purchasing an additional 861,178 shares in the last quarter. Frontier Capital Management Co. LLC increased its stake in ACV Auctions by 59.7% during the 4th quarter. Frontier Capital Management Co. LLC now owns 2,061,028 shares of the company's stock valued at $44,518,000 after purchasing an additional 770,828 shares in the last quarter. Finally, Vanguard Group Inc. increased its stake in ACV Auctions by 5.5% during the 4th 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 in the last quarter. Institutional investors own 88.55% of the company's stock.

ACV Auctions Price Performance

NASDAQ ACVA traded down $0.11 on Friday, reaching $14.53. 1,519,141 shares of the company's stock traded hands, compared to its average volume of 2,015,301. ACV Auctions Inc. has a 12 month low of $11.88 and a 12 month high of $23.46. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.56 and a quick ratio of 1.56. The stock has a 50-day simple moving average of $16.07 and a 200 day simple moving average of $16.69. The stock has a market cap of $2.48 billion, a PE ratio of -29.64 and a beta of 1.71.

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

Analyst Upgrades and Downgrades

A number of brokerages have commented on ACVA. JMP Securities boosted their price target on shares of ACV Auctions from $18.00 to $20.00 and gave the company a "market outperform" rating in a research note on Wednesday, July 2nd. JPMorgan Chase & Co. cut their price target on shares of ACV Auctions from $20.00 to $19.00 and set an "overweight" rating on the stock in a report on Thursday, July 17th. Needham & Company LLC reaffirmed a "buy" rating and set a $25.00 price objective on shares of ACV Auctions in a report on Thursday, May 8th. Finally, Citigroup dropped their price objective on shares of ACV Auctions from $22.00 to $21.00 and set a "buy" rating on the stock in a report on Monday, July 7th. Two equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. Based on data from MarketBeat.com, ACV Auctions has an average rating of "Moderate Buy" and a consensus target price of $22.05.

Insiders Place Their Bets

In related news, insider Craig Eric Anderson sold 15,000 shares of the firm's stock in a transaction on Tuesday, July 22nd. The stock was sold at an average price of $15.04, for a total value of $225,600.00. Following the completion of the sale, the insider owned 340,799 shares of the company's stock, valued at $5,125,616.96. This trade represents a 4.22% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Michael Waterman sold 34,339 shares of the firm's stock in a transaction on Tuesday, July 8th. The stock was sold at an average price of $16.05, for a total value of $551,140.95. Following the completion of the sale, the insider directly owned 379,957 shares of the company's stock, valued at $6,098,309.85. The trade was a 8.29% decrease in their position. The disclosure for this sale can be found here. Insiders sold 272,669 shares of company stock valued at $4,573,351 in the last ninety days. 2.90% of the stock is currently owned by insiders.

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.