Brighton Jones LLC Has $562,000 Stock Holdings in ACV Auctions Inc. (NASDAQ:ACVA)

Brighton Jones LLC lifted its stake in ACV Auctions Inc. (NASDAQ:ACVA - Free Report) by 119.5% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 39,880 shares of the company's stock after buying an additional 21,713 shares during the period. Brighton Jones LLC's holdings in ACV Auctions were worth $562,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also modified their holdings of the stock. Raymond James Financial Inc. bought a new stake in ACV Auctions in the fourth quarter valued at $4,704,000. Intech Investment Management LLC grew its holdings in shares of ACV Auctions by 55.7% in the 4th quarter. Intech Investment Management LLC now owns 62,395 shares of the company's stock worth $1,348,000 after purchasing an additional 22,310 shares during the last quarter. Charles Schwab Investment Management Inc. grew its holdings in shares of ACV Auctions by 3.9% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,289,362 shares of the company's stock worth $27,850,000 after purchasing an additional 48,021 shares during the last quarter. TimesSquare Capital Management LLC increased its position in shares of ACV Auctions by 6.7% during the 4th quarter. TimesSquare Capital Management LLC now owns 1,891,627 shares of the company's stock worth $40,859,000 after purchasing an additional 118,421 shares in the last quarter. Finally, Vanguard Group Inc. lifted its holdings in ACV Auctions by 5.5% during the 4th quarter. Vanguard Group Inc. now owns 14,245,915 shares of the company's stock valued at $307,712,000 after purchasing an additional 738,391 shares during the last quarter. Institutional investors own 88.55% of the company's stock.

Insider Buying and Selling at ACV Auctions

In other news, insider Michael Waterman sold 223,330 shares of the stock in a transaction on Tuesday, May 13th. The stock was sold at an average price of $17.00, for a total value of $3,796,610.00. Following the transaction, 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 position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders own 2.90% of the company's stock.

ACV Auctions Trading Up 0.7%

Shares of NASDAQ ACVA traded up $0.11 during midday trading on Friday, hitting $15.65. The stock had a trading volume of 677,409 shares, compared to its average volume of 1,699,188. The firm has a market cap of $2.68 billion, a P/E ratio of -32.03 and a beta of 1.74. ACV Auctions Inc. has a fifty-two week low of $11.88 and a fifty-two week high of $23.46. 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 company's 50-day simple moving average is $15.78 and its 200 day simple moving average is $17.74.

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 (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%. The firm's revenue for the quarter was up 25.4% compared to the same quarter last year. During the same period in the prior year, the firm posted ($0.13) earnings per share. Research analysts anticipate that ACV Auctions Inc. will post -0.07 EPS for the current year.

Wall Street Analyst Weigh In

Several analysts have weighed in on the stock. JPMorgan Chase & Co. decreased their price objective on shares of ACV Auctions from $24.00 to $20.00 and set an "overweight" rating on the stock in a research note on Thursday, March 27th. Piper Sandler upgraded 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 report on Thursday, March 20th. Bank of America raised ACV Auctions from a "neutral" rating to a "buy" rating and dropped their price target for the company from $22.00 to $20.00 in a report on Wednesday, March 12th. JMP Securities cut their price objective on ACV Auctions from $22.00 to $18.00 and set a "market outperform" rating for the company in a research report on Wednesday, April 9th. Finally, Needham & Company LLC restated a "buy" rating and set a $25.00 target price on shares of ACV Auctions in a report on Thursday, May 8th. Two research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company's stock. Based on data from MarketBeat, ACV Auctions has a consensus rating of "Moderate Buy" and an average price target 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.