ACV Auctions Inc. (NASDAQ:ACVA) Shares Sold by Ameriprise Financial Inc.

Ameriprise Financial Inc. trimmed its holdings in ACV Auctions Inc. (NASDAQ:ACVA - Free Report) by 9.4% in the 4th quarter, according to its most recent disclosure with the SEC. The firm owned 259,093 shares of the company's stock after selling 26,805 shares during the period. Ameriprise Financial Inc. owned approximately 0.15% of ACV Auctions worth $5,596,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in ACVA. Barclays PLC lifted its position in ACV Auctions by 16.8% in the third quarter. Barclays PLC now owns 244,999 shares of the company's stock valued at $4,980,000 after buying an additional 35,155 shares during the last quarter. Brighton Jones LLC purchased a new stake in shares of ACV Auctions in the 4th quarter valued at approximately $392,000. Blue Trust Inc. lifted its holdings in shares of ACV Auctions by 65.8% in the 4th quarter. Blue Trust Inc. now owns 2,352 shares of the company's stock worth $48,000 after acquiring an additional 933 shares during the last quarter. KBC Group NV boosted its position in shares of ACV Auctions by 80.4% during the 4th quarter. KBC Group NV now owns 7,406 shares of the company's stock worth $160,000 after purchasing an additional 3,300 shares during the period. Finally, DiNuzzo Private Wealth Inc. acquired a new stake in ACV Auctions in the 4th quarter valued at approximately $1,125,000. Hedge funds and other institutional investors own 88.55% of the company's stock.

ACV Auctions Stock Up 2.4%

Shares of ACV Auctions stock traded up $0.40 during trading on Tuesday, hitting $16.92. 2,076,016 shares of the stock were exchanged, compared to its average volume of 1,668,285. 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 firm's 50-day moving average price is $15.13 and its 200 day moving average price is $18.38. The stock has a market cap of $2.89 billion, a price-to-earnings ratio of -34.53 and a beta of 1.72. 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 announced 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 period last year, the company earned ($0.13) earnings per share. The firm's quarterly revenue was up 25.4% compared to the same quarter last year. As a group, analysts forecast that ACV Auctions Inc. will post -0.07 earnings per share for the current fiscal year.

Insider Activity

In other news, insider Michael Waterman sold 223,330 shares of ACV Auctions 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. The trade was a 32.37% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO William Zerella sold 15,000 shares of the business's stock in a transaction that occurred on Tuesday, March 11th. The stock was sold at an average price of $13.53, for a total value of $202,950.00. Following the transaction, the chief financial officer now owns 766,266 shares in the company, valued at $10,367,578.98. The trade was a 1.92% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 586,579 shares of company stock valued at $9,341,700. Company insiders own 2.90% of the company's stock.

Analyst Ratings Changes

A number of research firms have commented on ACVA. Stephens upgraded ACV Auctions to a "hold" rating in a research note on Saturday, February 1st. JPMorgan Chase & Co. lowered 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. Piper Sandler upgraded shares of ACV Auctions from a "neutral" rating to an "overweight" rating and boosted their price target for the stock from $18.00 to $20.00 in a research note on Thursday, March 20th. JMP Securities lowered their price objective on shares of ACV Auctions from $22.00 to $18.00 and set a "market outperform" rating for the company in a research note on Wednesday, April 9th. Finally, Bank of America upgraded shares of ACV Auctions from a "neutral" rating to a "buy" rating and dropped their price objective for the company from $22.00 to $20.00 in a report on Wednesday, March 12th. Two equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $22.50.

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.