Bank of America Corp DE Has $24.65 Million Stock Holdings in ACV Auctions Inc. (NASDAQ:ACVA)

Bank of America Corp DE reduced its holdings in ACV Auctions Inc. (NASDAQ:ACVA - Free Report) by 4.9% during the 4th quarter, according to the company in its most recent disclosure with the 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 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently made changes to their positions in ACVA. Blue Trust Inc. grew 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 in the last quarter. KBC Group NV grew its position in 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 buying an additional 3,300 shares in the last quarter. LPL Financial LLC acquired a new stake in ACV Auctions during the fourth quarter worth about $226,000. Xponance Inc. acquired a new stake in ACV Auctions during the fourth quarter worth about $229,000. Finally, Versor Investments LP bought a new position in ACV Auctions during the fourth quarter worth about $262,000. 88.55% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research analysts have commented on ACVA shares. Stephens upgraded shares of ACV Auctions to a "hold" rating in a research note on Saturday, February 1st. JPMorgan Chase & Co. dropped their price objective on shares of ACV Auctions from $24.00 to $20.00 and set an "overweight" rating for the company in a research report on Thursday, March 27th. Bank of America raised 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 report on Wednesday, March 12th. Needham & Company LLC reaffirmed a "buy" rating and set a $25.00 target price on shares of ACV Auctions in a report on Thursday, May 8th. Finally, Piper Sandler raised shares of ACV Auctions from a "neutral" rating to an "overweight" rating and boosted their price target for the company from $18.00 to $20.00 in a report on Thursday, March 20th. Two investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $22.50.

ACV Auctions Stock Performance

ACV Auctions stock traded down $0.20 during trading hours on Friday, hitting $16.56. The company had a trading volume of 1,475,466 shares, compared to its average volume of 1,666,314. The firm has a market cap of $2.83 billion, a PE ratio of -33.80 and a beta of 1.72. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.56 and a quick ratio of 1.56. ACV Auctions Inc. has a one year low of $11.88 and a one year high of $23.46. The firm has a 50-day moving average of $15.10 and a 200 day moving average of $18.41.

ACV Auctions (NASDAQ:ACVA - Get Free Report) last released its quarterly earnings results on Wednesday, May 7th. The company reported ($0.09) earnings per share 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 business's quarterly revenue was up 25.4% compared to the same quarter last year. During the same quarter in the prior year, the firm earned ($0.13) earnings per share. On average, sell-side analysts expect that ACV Auctions Inc. will post -0.07 earnings per share for the current year.

Insiders Place Their Bets

In related news, CFO William Zerella sold 15,000 shares of the stock in a transaction that occurred on Tuesday, March 11th. The shares were sold at an average price of $13.53, for a total transaction of $202,950.00. Following the sale, the chief financial officer now owns 766,266 shares in the company, valued at approximately $10,367,578.98. This trade represents a 1.92% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Michael Waterman sold 223,330 shares of the stock in a transaction that occurred on 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 in the company, valued at $7,931,316. This represents a 32.37% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 586,579 shares of company stock worth $9,341,700 in the last quarter. Corporate 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.