ACV Auctions Inc. (NASDAQ:ACVA) Stock Holdings Trimmed by Envestnet Asset Management Inc.

Envestnet Asset Management Inc. lowered its holdings in shares of ACV Auctions Inc. (NASDAQ:ACVA - Free Report) by 15.6% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 231,412 shares of the company's stock after selling 42,919 shares during the period. Envestnet Asset Management Inc. owned approximately 0.14% of ACV Auctions worth $3,261,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also modified their holdings of the company. SG Americas Securities LLC bought a new stake in shares of ACV Auctions during the first quarter valued at about $364,000. Vanguard Group Inc. raised its position in shares of ACV Auctions by 5.5% during the 4th quarter. Vanguard Group Inc. now owns 14,245,915 shares of the company's stock worth $307,712,000 after buying an additional 738,391 shares in the last quarter. Franklin Resources Inc. raised its position in shares of ACV Auctions by 2,346.2% during the 4th quarter. Franklin Resources Inc. now owns 1,001,365 shares of the company's stock worth $21,629,000 after buying an additional 960,430 shares in the last quarter. Norges Bank bought a new stake in shares of ACV Auctions during the 4th quarter worth about $10,746,000. Finally, Wellington Management Group LLP increased 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 acquiring an additional 649,039 shares during the period. 88.55% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

ACVA has been the topic of a number of research analyst reports. JMP Securities raised their price objective on shares of ACV Auctions from $18.00 to $20.00 and gave the company a "market outperform" rating in a research note on Wednesday, July 2nd. Citigroup dropped their price objective on ACV Auctions from $22.00 to $21.00 and set a "buy" rating on the stock in a research note on Monday, July 7th. Needham & Company LLC reissued a "buy" rating and issued a $25.00 price objective on shares of ACV Auctions in a research note on Thursday, May 8th. Finally, JPMorgan Chase & Co. dropped their price objective on ACV Auctions from $20.00 to $19.00 and set an "overweight" rating on the stock in a research note on Thursday, July 17th. Two analysts have rated the stock with a hold rating and nine have given a buy rating to the company. Based on data from MarketBeat, ACV Auctions has an average rating of "Moderate Buy" and an average price target of $22.05.

Insider Buying and Selling at ACV Auctions

In other ACV Auctions news, insider Michael Waterman sold 34,339 shares of the business's stock in a transaction 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 of the company's stock, valued at $6,098,309.85. The trade was a 8.29% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Craig Eric Anderson sold 15,000 shares of the business's stock in a transaction on Tuesday, July 22nd. The shares were sold at an average price of $15.04, for a total transaction of $225,600.00. Following the sale, the insider directly owned 340,799 shares in the company, valued at approximately $5,125,616.96. This trade represents a 4.22% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 272,669 shares of company stock worth $4,573,351. Company insiders own 2.90% of the company's stock.

ACV Auctions Price Performance

NASDAQ ACVA opened at $14.53 on Friday. The stock's 50-day moving average price is $16.07 and its two-hundred day moving average price is $16.69. The company has a current ratio of 1.56, a quick ratio of 1.56 and a debt-to-equity ratio of 0.28. The company has a market cap of $2.48 billion, a PE ratio of -29.64 and a beta of 1.71. ACV Auctions Inc. has a 1 year low of $11.88 and a 1 year high of $23.46.

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 (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%. During the same quarter last year, the business posted ($0.13) EPS. ACV Auctions's revenue was up 25.4% compared to the same quarter last year. On average, analysts predict that ACV Auctions Inc. will post -0.07 EPS for the current year.

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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