ACV Auctions Inc. (NASDAQ:ACVA) Shares Sold by Bank of America Corp DE

Bank of America Corp DE lessened its stake in shares of ACV Auctions Inc. (NASDAQ:ACVA - Free Report) by 4.9% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,141,147 shares of the company's stock after selling 58,405 shares during the quarter. Bank of America Corp DE owned about 0.68% of ACV Auctions worth $24,649,000 at the end of the most recent quarter.

Several other hedge funds have also recently modified their holdings of the stock. BNP Paribas Financial Markets acquired a new stake in ACV Auctions in the fourth quarter valued at about $6,520,000. Algert Global LLC acquired a new stake in shares of ACV Auctions in the 4th quarter valued at approximately $2,921,000. Comerica Bank boosted its stake in shares of ACV Auctions by 94.1% in the fourth quarter. Comerica Bank now owns 151,803 shares of the company's stock valued at $3,279,000 after buying an additional 73,586 shares in the last quarter. PDT Partners LLC purchased a new stake in shares of ACV Auctions in the fourth quarter valued at approximately $1,496,000. Finally, Northern Trust Corp grew its holdings in ACV Auctions by 8.9% during the fourth quarter. Northern Trust Corp now owns 1,725,599 shares of the company's stock worth $37,273,000 after acquiring an additional 141,592 shares during the period. 88.55% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

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

ACV Auctions Stock Up 0.6%

ACVA stock opened at $17.03 on Monday. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.56 and a quick ratio of 1.56. The company's 50 day simple moving average is $14.86 and its 200-day simple moving average is $18.45. ACV Auctions Inc. has a 12 month low of $11.88 and a 12 month high of $23.46. The firm has a market capitalization of $2.87 billion, a PE ratio of -34.75 and a beta of 1.72.

ACV Auctions (NASDAQ:ACVA - Get Free Report) last posted its earnings results on Wednesday, May 7th. The company reported ($0.09) earnings per share (EPS) 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% on a year-over-year basis. During the same period in the previous year, the business posted ($0.13) earnings per share. Equities analysts expect that ACV Auctions Inc. will post -0.07 earnings per share for the current fiscal year.

Insider Buying and Selling

In other ACV Auctions news, CEO George Chamoun sold 348,249 shares of the firm's stock in a transaction dated Thursday, March 20th. The shares were sold at an average price of $15.34, for a total transaction of $5,342,139.66. Following the sale, the chief executive officer now directly owns 2,821,193 shares of the company's stock, valued at $43,277,100.62. This trade represents a 10.99% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Michael Waterman sold 223,330 shares of ACV Auctions 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 sale, the insider now owns 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 disclosure for this sale can be found here. In the last quarter, insiders sold 586,579 shares of company stock worth $9,341,700. 8.50% of the stock is owned by corporate insiders.

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.

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