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

Ameriprise Financial Inc. lessened its stake in ACV Auctions Inc. (NASDAQ:ACVA - Free Report) by 9.4% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 259,093 shares of the company's stock after selling 26,805 shares during the quarter. Ameriprise Financial Inc. owned 0.15% of ACV Auctions worth $5,596,000 as of its most recent SEC filing.

Other large investors have also modified their holdings of the company. Blue Trust Inc. raised its position in shares of ACV Auctions by 65.8% in the fourth 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 period. KBC Group NV raised its position in shares of ACV Auctions by 80.4% in the fourth quarter. KBC Group NV now owns 7,406 shares of the company's stock worth $160,000 after acquiring an additional 3,300 shares during the period. LPL Financial LLC acquired a new position in shares of ACV Auctions in the fourth quarter worth about $226,000. Xponance Inc. acquired a new position in shares of ACV Auctions in the fourth quarter worth about $229,000. Finally, Versor Investments LP acquired a new position in shares of ACV Auctions in the fourth quarter worth about $262,000. Institutional investors and hedge funds own 88.55% of the company's stock.

ACV Auctions Trading Down 0.3%

Shares of ACV Auctions stock traded down $0.05 during mid-day trading on Wednesday, hitting $16.84. The stock had a trading volume of 811,377 shares, compared to its average volume of 1,665,097. The firm has a 50-day moving average of $15.16 and a two-hundred day moving average of $18.37. ACV Auctions Inc. has a 12-month low of $11.88 and a 12-month high of $23.46. The company has a quick ratio of 1.56, a current ratio of 1.56 and a debt-to-equity ratio of 0.28. The firm has a market cap of $2.88 billion, a P/E ratio of -34.46 and a beta of 1.72.

ACV Auctions (NASDAQ:ACVA - Get Free Report) last posted 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%. During the same quarter in the previous year, the firm posted ($0.13) earnings per share. The business's quarterly revenue was up 25.4% compared to the same quarter last year. Sell-side analysts forecast that ACV Auctions Inc. will post -0.07 earnings per share for the current year.

Analysts Set New Price Targets

A number of analysts have recently commented on ACVA shares. Needham & Company LLC reissued a "buy" rating and set a $25.00 target price on shares of ACV Auctions in a research note on Thursday, May 8th. Piper Sandler raised shares of ACV Auctions from a "neutral" rating to an "overweight" rating and boosted their target price for the stock from $18.00 to $20.00 in a research note on Thursday, March 20th. Stephens raised shares of ACV Auctions to a "hold" rating in a research note on Saturday, February 1st. JMP Securities cut their target price 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 raised shares of ACV Auctions from a "neutral" rating to a "buy" rating and cut their target price for the stock from $22.00 to $20.00 in a research note on Wednesday, March 12th. 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 target price of $22.50.

Insiders Place Their Bets

In other news, CEO George Chamoun sold 348,249 shares of the 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 owns 2,821,193 shares of the company's stock, valued at approximately $43,277,100.62. This represents a 10.99% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO William Zerella sold 15,000 shares of the firm's 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 completion of the sale, the chief financial officer now directly 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 disclosure for this sale can be found here. Insiders sold a total of 586,579 shares of company stock valued at $9,341,700 over the last 90 days. 2.90% of the stock is owned by company 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.