ACV Auctions Inc. (NASDAQ:ACVA) Shares Purchased by Point72 Asset Management L.P.

Point72 Asset Management L.P. lifted its position in shares of ACV Auctions Inc. (NASDAQ:ACVA - Free Report) by 21.8% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 795,610 shares of the company's stock after purchasing an additional 142,661 shares during the period. Point72 Asset Management L.P. owned about 0.47% of ACV Auctions worth $17,185,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also made changes to their positions in ACVA. Blue Trust Inc. increased its position in ACV Auctions by 65.8% during the fourth quarter. Blue Trust Inc. now owns 2,352 shares of the company's stock worth $48,000 after buying an additional 933 shares during the period. KBC Group NV grew its position in shares of ACV Auctions by 80.4% during the fourth quarter. KBC Group NV now owns 7,406 shares of the company's stock worth $160,000 after acquiring an additional 3,300 shares during the last quarter. LPL Financial LLC acquired a new position in shares of ACV Auctions in the 4th quarter valued at $226,000. Xponance Inc. acquired a new position in shares of ACV Auctions in the 4th quarter valued at $229,000. Finally, Versor Investments LP purchased a new stake in ACV Auctions in the 4th quarter valued at $262,000. Institutional investors and hedge funds own 88.55% of the company's stock.

ACV Auctions Price Performance

Shares of ACV Auctions stock traded down $0.13 during trading on Tuesday, reaching $16.74. The company's stock had a trading volume of 1,332,557 shares, compared to its average volume of 1,663,867. The business has a 50 day moving average price of $14.96 and a 200-day moving average price of $18.44. The company has a market capitalization of $2.86 billion, a P/E ratio of -34.16 and a beta of 1.72. The company has a quick ratio of 1.56, a current ratio of 1.56 and a debt-to-equity ratio of 0.28. ACV Auctions Inc. has a 12-month low of $11.88 and a 12-month high of $23.46.

ACV Auctions (NASDAQ:ACVA - Get Free Report) last posted its quarterly earnings results 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 return on equity of 12.94% and a negative net margin of 12.51%. During the same quarter last year, the firm earned ($0.13) EPS. The company's quarterly revenue was up 25.4% compared to the same quarter last year. As a group, sell-side analysts anticipate that ACV Auctions Inc. will post -0.07 EPS for the current year.

Wall Street Analyst Weigh In

ACVA has been the topic of a number of recent research reports. JMP Securities dropped their price objective on shares of ACV Auctions from $22.00 to $18.00 and set a "market outperform" rating on the stock in a research note on Wednesday, April 9th. Bank of America raised ACV Auctions from a "neutral" rating to a "buy" rating and lowered their price target for the stock from $22.00 to $20.00 in a report on Wednesday, March 12th. Needham & Company LLC reaffirmed a "buy" rating and set a $25.00 price objective on shares of ACV Auctions in a research note on Thursday, May 8th. Stephens upgraded ACV Auctions to a "hold" rating in a research note on Saturday, February 1st. Finally, JPMorgan Chase & Co. cut their price target on ACV Auctions from $24.00 to $20.00 and set an "overweight" rating for the company in a research note on Thursday, March 27th. Two equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $22.50.

Insider Activity

In related news, CFO William Zerella sold 15,000 shares of the firm's stock in a transaction that occurred on Tuesday, March 11th. The stock was sold at an average price of $13.53, for a total value 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 transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Michael Waterman sold 223,330 shares of the company's stock in a transaction on 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 completion of the sale, the insider now directly owns 466,548 shares in the company, valued at $7,931,316. This trade represents a 32.37% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 586,579 shares of company stock worth $9,341,700. Company insiders own 8.50% of the company's stock.

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.