ACV Auctions Inc. (NASDAQ:ACVA) Shares Acquired by Legato Capital Management LLC

Legato Capital Management LLC grew its stake in ACV Auctions Inc. (NASDAQ:ACVA - Free Report) by 118.5% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 81,862 shares of the company's stock after buying an additional 44,396 shares during the quarter. Legato Capital Management LLC's holdings in ACV Auctions were worth $1,153,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. Versant Capital Management Inc raised its holdings in shares of ACV Auctions by 464.4% during the first 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 last quarter. GAMMA Investing LLC increased its position in shares of ACV Auctions by 3,005.8% during the first quarter. GAMMA Investing LLC now owns 5,932 shares of the company's stock worth $84,000 after acquiring an additional 5,741 shares during the period. Bessemer Group Inc. increased its holdings in ACV Auctions by 14.5% in the first 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 last quarter. Integrated Advisors Network LLC acquired a new position in ACV Auctions in the fourth quarter valued at $200,000. Finally, Mackenzie Financial Corp acquired a new stake in shares of ACV Auctions during the fourth quarter worth about $206,000. Institutional investors and hedge funds own 88.55% of the company's stock.

Insider Buying and Selling

In other news, insider Craig Eric Anderson sold 15,000 shares of the firm's stock in a transaction dated Tuesday, July 22nd. The stock was sold at an average price of $15.04, for a total transaction of $225,600.00. Following the completion of the sale, 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Michael Waterman sold 223,330 shares of the business's stock in a transaction dated Tuesday, May 13th. The stock was sold at an average price of $17.00, for a total transaction of $3,796,610.00. Following the completion of the sale, the insider directly owned 466,548 shares of the company's stock, valued at $7,931,316. The trade was a 32.37% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 272,669 shares of company stock valued at $4,573,351. 2.90% of the stock is owned by company insiders.

ACV Auctions Price Performance

Shares of ACVA traded down $0.11 during mid-day trading on Friday, reaching $14.53. 1,519,141 shares of the company's stock were exchanged, compared to its average volume of 2,015,301. ACV Auctions Inc. has a 52-week low of $11.88 and a 52-week high of $23.46. The company has a 50-day simple moving average of $16.12 and a two-hundred day simple moving average of $16.77. The company has a market cap of $2.48 billion, a price-to-earnings ratio of -29.64 and a beta of 1.71. 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 (NASDAQ:ACVA - Get Free Report) last announced 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 net margin of 12.51% and a negative return on equity of 12.94%. During the same quarter last year, the business posted ($0.13) earnings per share. The business's revenue for the quarter was up 25.4% compared to the same quarter last year. On average, sell-side analysts predict that ACV Auctions Inc. will post -0.07 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on the stock. 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 research note 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. JPMorgan Chase & Co. reduced 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. Finally, Citigroup reduced 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. Two analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company's stock. According to MarketBeat.com, the stock currently 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.