Royce & Associates LP Raises Stock Holdings in ACV Auctions Inc. (NASDAQ:ACVA)

Key Points

• Royce & Associates LP increased its stake in ACV Auctions Inc. by 15.7%, owning approximately 423,789 shares valued at $5.97 million as of the latest SEC filing.
• ACV Auctions reported a loss of $0.09 earnings per share for the last quarter, missing analysts' expectations, even though revenue increased by 25.4% year-over-year.
• Analysts have mixed views on ACV Auctions, with ratings ranging from "market outperform" to "buy," and a consensus target price of $22.05 per share.

Royce & Associates LP grew its holdings in shares of ACV Auctions Inc. (NASDAQ:ACVA - Free Report) by 15.7% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 423,789 shares of the company's stock after purchasing an additional 57,589 shares during the quarter. Royce & Associates LP owned about 0.25% of ACV Auctions worth $5,971,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Legato Capital Management LLC boosted its position in ACV Auctions by 118.5% during the first quarter. Legato Capital Management LLC now owns 81,862 shares of the company's stock worth $1,153,000 after purchasing an additional 44,396 shares during the period. Universal Beteiligungs und Servicegesellschaft mbH boosted its position in ACV Auctions by 20.1% during the first quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 223,929 shares of the company's stock worth $3,155,000 after purchasing an additional 37,543 shares during the period. Teachers Retirement System of The State of Kentucky bought a new position in shares of ACV Auctions in the first quarter valued at approximately $1,097,000. Jennison Associates LLC boosted its position in shares of ACV Auctions by 9.0% in the first quarter. Jennison Associates LLC now owns 5,427,521 shares of the company's stock valued at $76,474,000 after acquiring an additional 447,167 shares during the period. Finally, Verdence Capital Advisors LLC boosted its position in shares of ACV Auctions by 46.1% in the first quarter. Verdence Capital Advisors LLC now owns 14,885 shares of the company's stock valued at $210,000 after acquiring an additional 4,696 shares during the period. Institutional investors own 88.55% of the company's stock.

ACV Auctions Price Performance

ACV Auctions stock traded down $0.02 during mid-day trading on Wednesday, hitting $14.08. 182,288 shares of the company traded hands, compared to its average volume of 1,996,750. ACV Auctions Inc. has a one year low of $11.88 and a one year high of $23.46. The stock has a market cap of $2.41 billion, a price-to-earnings ratio of -28.69 and a beta of 1.71. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.56 and a current ratio of 1.56. The stock has a fifty day moving average price of $15.97 and a 200-day moving average price of $16.60.

ACV Auctions (NASDAQ:ACVA - Get Free Report) last posted 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 return on equity of 12.94% and a negative net margin of 12.51%. ACV Auctions's revenue for the quarter was up 25.4% on a year-over-year basis. During the same quarter in the previous year, the company earned ($0.13) EPS. On average, equities analysts predict that ACV Auctions Inc. will post -0.07 earnings per share for the current fiscal year.

Insider Activity at ACV Auctions

In other ACV Auctions news, insider Michael Waterman sold 223,330 shares of ACV Auctions stock in a transaction that occurred on Tuesday, May 13th. The shares were sold at an average price of $17.00, for a total transaction of $3,796,610.00. Following the transaction, the insider directly owned 466,548 shares of the company's stock, valued at approximately $7,931,316. This trade represents a 32.37% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Craig Eric Anderson sold 15,000 shares of ACV Auctions stock in a transaction that occurred on Tuesday, July 22nd. The stock was sold at an average price of $15.04, for a total transaction of $225,600.00. Following the transaction, the insider directly owned 340,799 shares in the company, valued at $5,125,616.96. This trade represents a 4.22% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 272,669 shares of company stock worth $4,573,351 over the last three months. Insiders own 2.90% of the company's stock.

Wall Street Analysts Forecast Growth

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

ACV Auctions Company 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.