BloombergSen Inc. Sells 20,853 Shares of ACV Auctions Inc. (NASDAQ:ACVA)

Key Points

• BloombergSen Inc. reduced its holdings in ACV Auctions Inc. by 42.8%, selling 20,853 shares, which leaves the firm with 27,905 shares valued at approximately $393,000.
• Multiple institutional investors, including Vanguard Group Inc. and Massachusetts Financial Services, increased their stakes in ACV Auctions, highlighting strong institutional interest as they now own 88.55% of the company’s stock.
• ACV Auctions' stock price fell by $0.11 to $14.53 in mid-day trading, with the company recently reporting a miss on earnings estimates and a significant increase in revenue of 25.4% year-over-year.

BloombergSen Inc. cut its holdings in shares of ACV Auctions Inc. (NASDAQ:ACVA - Free Report) by 42.8% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 27,905 shares of the company's stock after selling 20,853 shares during the period. ACV Auctions makes up approximately 0.0% of BloombergSen Inc.'s investment portfolio, making the stock its 28th largest holding. BloombergSen Inc.'s holdings in ACV Auctions were worth $393,000 at the end of the most recent quarter.

Other institutional investors also recently modified their holdings of the company. Vanguard Group Inc. increased its position in shares of ACV Auctions by 5.5% in the fourth quarter. Vanguard Group Inc. now owns 14,245,915 shares of the company's stock valued at $307,712,000 after acquiring an additional 738,391 shares during the last quarter. Massachusetts Financial Services Co. MA boosted its stake in shares of ACV Auctions by 6.0% in the first quarter. Massachusetts Financial Services Co. MA now owns 9,084,830 shares of the company's stock valued at $128,005,000 after buying an additional 510,680 shares during the period. Alliancebernstein L.P. boosted its stake in shares of ACV Auctions by 5.3% in the fourth quarter. Alliancebernstein L.P. now owns 5,622,255 shares of the company's stock valued at $121,441,000 after buying an additional 284,880 shares during the period. Jennison Associates LLC boosted its stake in shares of ACV Auctions by 9.0% in the first quarter. Jennison Associates LLC now owns 5,427,521 shares of the company's stock valued at $76,474,000 after buying an additional 447,167 shares during the period. Finally, Geode Capital Management LLC lifted its stake in ACV Auctions by 1.7% during the fourth quarter. Geode Capital Management LLC now owns 3,575,347 shares of the company's stock worth $77,246,000 after purchasing an additional 58,259 shares during the last quarter. 88.55% of the stock is currently owned by institutional investors.

Insider Activity

In related news, insider Craig Eric Anderson sold 15,000 shares of the stock in a transaction that occurred 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 transaction, the insider owned 340,799 shares in the company, valued at $5,125,616.96. This represents a 4.22% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Michael Waterman sold 223,330 shares of the stock in a transaction that occurred on Tuesday, May 13th. The shares were sold at an average price of $17.00, for a total transaction of $3,796,610.00. Following the transaction, the insider owned 466,548 shares in the company, valued at approximately $7,931,316. This trade represents a 32.37% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 272,669 shares of company stock worth $4,573,351 in the last quarter. 2.90% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

ACVA has been the subject of several research analyst reports. Citigroup lowered their price target on shares of ACV Auctions from $22.00 to $21.00 and set a "buy" rating for the company in a report on Monday, July 7th. JPMorgan Chase & Co. dropped their price target on shares of ACV Auctions from $20.00 to $19.00 and set an "overweight" rating on the stock in a research report on Thursday, July 17th. Needham & Company LLC reiterated a "buy" rating and issued a $25.00 price objective on shares of ACV Auctions in a research note on Thursday, May 8th. Finally, JMP Securities lifted 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. Two analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to MarketBeat.com, ACV Auctions has an average rating of "Moderate Buy" and an average price target of $22.05.

ACV Auctions Price Performance

Shares of NASDAQ ACVA traded down $0.11 during mid-day trading on Friday, reaching $14.53. 1,519,141 shares of the company were exchanged, compared to its average volume of 2,015,301. 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 stock has a market capitalization of $2.48 billion, a PE ratio of -29.64 and a beta of 1.71. The company's 50 day moving average price is $16.07 and its 200 day moving average price is $16.73. ACV Auctions Inc. has a 52 week low of $11.88 and a 52 week 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) 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 in the previous year, the firm posted ($0.13) earnings per share. The firm's revenue was up 25.4% on a year-over-year basis. Sell-side analysts forecast that ACV Auctions Inc. will post -0.07 earnings per share for the current fiscal year.

ACV Auctions 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.