ACV Auctions Inc. (NASDAQ:ACVA) Shares Sold by Inflection Point Investments LLP

Inflection Point Investments LLP lessened its stake in shares of ACV Auctions Inc. (NASDAQ:ACVA - Free Report) by 28.0% during the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 304,650 shares of the company's stock after selling 118,269 shares during the quarter. ACV Auctions comprises about 9.3% of Inflection Point Investments LLP's investment portfolio, making the stock its 6th biggest position. Inflection Point Investments LLP owned about 0.18% of ACV Auctions worth $4,293,000 as of its most recent filing with the SEC.

A number of other large investors have also recently bought and sold shares of ACVA. William Blair Investment Management LLC grew its holdings in ACV Auctions by 43.2% during the 4th quarter. William Blair Investment Management LLC now owns 12,099,686 shares of the company's stock valued at $261,353,000 after buying an additional 3,652,871 shares during the last quarter. Driehaus Capital Management LLC grew its holdings in ACV Auctions by 128.5% during the 4th quarter. Driehaus Capital Management LLC now owns 2,837,165 shares of the company's stock valued at $61,283,000 after buying an additional 1,595,657 shares during the last quarter. Franklin Resources Inc. grew its holdings in ACV Auctions by 2,346.2% during the 4th quarter. Franklin Resources Inc. now owns 1,001,365 shares of the company's stock valued at $21,629,000 after buying an additional 960,430 shares during the last quarter. Frontier Capital Management Co. LLC grew its holdings in ACV Auctions by 59.7% during the 4th quarter. Frontier Capital Management Co. LLC now owns 2,061,028 shares of the company's stock valued at $44,518,000 after buying an additional 770,828 shares during the last quarter. Finally, Vanguard Group Inc. lifted its stake 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 purchasing an additional 738,391 shares during the period. Institutional investors and hedge funds own 88.55% of the company's stock.

ACV Auctions Trading Down 6.6%

Shares of ACVA traded down $1.08 during trading hours on Friday, hitting $15.34. The stock had a trading volume of 1,437,565 shares, compared to its average volume of 1,694,633. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.56 and a current ratio of 1.56. The firm has a market cap of $2.62 billion, a P/E ratio of -31.31 and a beta of 1.74. The company's fifty day simple moving average is $15.60 and its 200 day simple moving average is $17.99. 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 released its quarterly earnings data on Wednesday, May 7th. The company reported ($0.09) EPS 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%. ACV Auctions's revenue for the quarter was up 25.4% compared to the same quarter last year. During the same period in the previous year, the business earned ($0.13) earnings per share. Equities research analysts forecast that ACV Auctions Inc. will post -0.07 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on the company. Needham & Company LLC reaffirmed 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. 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 note on Thursday, March 27th. JMP Securities decreased their target price on shares of ACV Auctions from $22.00 to $18.00 and set a "market outperform" rating on the stock in a research 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 company from $22.00 to $20.00 in a report on Wednesday, March 12th. Finally, Piper Sandler raised shares of ACV Auctions from a "neutral" rating to an "overweight" rating and increased their price target for the stock from $18.00 to $20.00 in a research note on Thursday, March 20th. Two 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 stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $22.50.

Insider Activity

In other news, CEO George Chamoun sold 348,249 shares of the firm's stock in a transaction dated Thursday, March 20th. The stock was sold at an average price of $15.34, for a total transaction of $5,342,139.66. Following the completion of the sale, the chief executive officer now directly owns 2,821,193 shares in the company, valued at $43,277,100.62. This trade represents a 10.99% 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 firm's stock in a transaction dated 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 sale, the insider now owns 466,548 shares of the company's stock, valued at $7,931,316. This represents a 32.37% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 2.90% 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.