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

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

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in ACVA. Driehaus Capital Management LLC boosted its stake in ACV Auctions by 128.5% during the fourth quarter. Driehaus Capital Management LLC now owns 2,837,165 shares of the company's stock worth $61,283,000 after buying an additional 1,595,657 shares during the period. Franklin Resources Inc. grew its stake in shares of ACV Auctions by 2,346.2% during the fourth quarter. Franklin Resources Inc. now owns 1,001,365 shares of the company's stock valued at $21,629,000 after buying an additional 960,430 shares during the last quarter. Frontier Capital Management Co. LLC grew its stake in shares of ACV Auctions by 59.7% during the fourth quarter. Frontier Capital Management Co. LLC now owns 2,061,028 shares of the company's stock valued at $44,518,000 after buying an additional 770,828 shares during the last quarter. Vanguard Group Inc. boosted its stake in shares of ACV Auctions by 5.5% during the fourth 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 during the period. Finally, Wellington Management Group LLP boosted its stake in shares of ACV Auctions by 61.3% during the fourth quarter. Wellington Management Group LLP now owns 1,708,551 shares of the company's stock valued at $36,905,000 after purchasing an additional 649,039 shares during the period. Institutional investors own 88.55% of the company's stock.

ACV Auctions Price Performance

ACVA traded up $0.20 during trading on Tuesday, reaching $15.15. The company's stock had a trading volume of 711,005 shares, compared to its average volume of 1,742,183. ACV Auctions Inc. has a 1 year low of $11.88 and a 1 year high of $23.46. The company has a quick ratio of 1.56, a current ratio of 1.56 and a debt-to-equity ratio of 0.28. The firm has a fifty day simple moving average of $16.28 and a two-hundred day simple moving average of $16.88. The company has a market cap of $2.59 billion, a price-to-earnings ratio of -30.84 and a beta of 1.71.

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 (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%. The company's revenue was up 25.4% on a year-over-year basis. During the same quarter in the previous year, the business earned ($0.13) earnings per share. As a group, analysts anticipate that ACV Auctions Inc. will post -0.07 EPS for the current year.

Insider Transactions at ACV Auctions

In related news, insider Michael Waterman sold 34,339 shares of the company's stock in a transaction that occurred on Tuesday, July 8th. The shares were sold at an average price of $16.05, for a total transaction of $551,140.95. Following the sale, the insider directly owned 379,957 shares in the company, valued at approximately $6,098,309.85. This represents a 8.29% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 2.90% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

ACVA has been the subject of several recent research reports. 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. Citigroup cut 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. JMP Securities upped their price objective on shares of ACV Auctions from $18.00 to $20.00 and gave the company a "market outperform" rating in a report on Wednesday, July 2nd. Finally, JPMorgan Chase & Co. reduced their target price on ACV Auctions from $20.00 to $19.00 and set an "overweight" rating for the company in a research note on Thursday, July 17th. 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 has a consensus rating of "Moderate Buy" and a consensus price target of $22.05.

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.