ACV Auctions Inc. (NASDAQ:ACVA) Shares Bought by Bank of New York Mellon Corp

Bank of New York Mellon Corp increased its holdings in shares of ACV Auctions Inc. (NASDAQ:ACVA - Free Report) by 6.7% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 1,095,964 shares of the company's stock after acquiring an additional 68,513 shares during the quarter. Bank of New York Mellon Corp owned about 0.65% of ACV Auctions worth $15,442,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Bessemer Group Inc. raised its holdings in ACV Auctions by 14.5% in the 1st quarter. Bessemer Group Inc. now owns 9,911 shares of the company's stock valued at $140,000 after buying an additional 1,257 shares during the period. Versant Capital Management Inc raised its stake in shares of ACV Auctions by 464.4% in the 1st quarter. Versant Capital Management Inc now owns 2,201 shares of the company's stock valued at $31,000 after acquiring an additional 1,811 shares during the period. California State Teachers Retirement System lifted its holdings in shares of ACV Auctions by 1.4% in the 4th quarter. California State Teachers Retirement System now owns 141,873 shares of the company's stock worth $3,064,000 after acquiring an additional 1,906 shares during the last quarter. BloombergSen Inc. lifted its holdings in shares of ACV Auctions by 7.7% in the 4th quarter. BloombergSen Inc. now owns 48,758 shares of the company's stock worth $1,053,000 after acquiring an additional 3,498 shares during the last quarter. Finally, Commonwealth Equity Services LLC lifted its holdings in shares of ACV Auctions by 7.4% in the 4th quarter. Commonwealth Equity Services LLC now owns 69,458 shares of the company's stock worth $1,500,000 after acquiring an additional 4,759 shares during the last quarter. 88.55% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several equities analysts have recently commented on the stock. Needham & Company LLC restated a "buy" rating and issued a $25.00 price objective on shares of ACV Auctions in a report on Thursday, May 8th. JPMorgan Chase & Co. reduced their target price 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. JMP Securities increased their target price on shares of ACV Auctions from $18.00 to $20.00 and gave the stock a "market outperform" rating in a report on Wednesday, July 2nd. Finally, Citigroup reduced their target price 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 investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $22.05.

ACV Auctions Stock Up 0.9%

Shares of ACVA stock traded up $0.13 on Wednesday, hitting $15.21. The stock had a trading volume of 1,260,930 shares, compared to its average volume of 1,749,740. The firm has a market capitalization of $2.60 billion, a price-to-earnings ratio of -31.04 and a beta of 1.71. The stock's 50 day moving average is $16.17 and its 200-day moving average is $16.81. 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 Inc. has a 52-week low of $11.88 and a 52-week high of $23.46.

ACV Auctions (NASDAQ:ACVA - Get Free Report) last posted 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%. The company's quarterly revenue was up 25.4% compared to the same quarter last year. During the same quarter in the previous year, the firm earned ($0.13) earnings per share. As a group, research analysts expect that ACV Auctions Inc. will post -0.07 earnings per share for the current year.

Insider Transactions at ACV Auctions

In related news, insider Michael Waterman sold 223,330 shares of the stock in a transaction dated Tuesday, May 13th. The shares were sold at an average price of $17.00, for a total value of $3,796,610.00. Following the sale, the insider owned 466,548 shares of the company's stock, valued at $7,931,316. This trade represents a 32.37% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 2.90% of the stock is owned by corporate insiders.

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.