Brighton Jones LLC Buys 21,713 Shares of ACV Auctions Inc. (NASDAQ:ACVA)

Brighton Jones LLC grew its position in ACV Auctions Inc. (NASDAQ:ACVA - Free Report) by 119.5% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The firm owned 39,880 shares of the company's stock after purchasing 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 also recently bought and sold shares of the company. Blue Trust Inc. raised its holdings in shares of ACV Auctions by 65.8% during 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. Arizona State Retirement System raised its holdings in shares of ACV Auctions by 3.6% during the fourth quarter. Arizona State Retirement System now owns 44,126 shares of the company's stock worth $953,000 after acquiring an additional 1,520 shares during the period. Versant Capital Management Inc raised its holdings in shares of ACV Auctions by 464.4% during the first quarter. Versant Capital Management Inc now owns 2,201 shares of the company's stock worth $31,000 after acquiring an additional 1,811 shares during the period. California State Teachers Retirement System raised its holdings in shares of ACV Auctions by 1.4% during the fourth quarter. California State Teachers Retirement System now owns 141,873 shares of the company's stock worth $3,064,000 after acquiring an additional 1,906 shares during the period. Finally, Handelsbanken Fonder AB raised its holdings in shares of ACV Auctions by 6.0% during the fourth quarter. Handelsbanken Fonder AB now owns 44,000 shares of the company's stock worth $950,000 after acquiring an additional 2,500 shares during the period. 88.55% of the stock is currently owned by institutional investors and hedge funds.

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 completion of the transaction, the insider now owns 466,548 shares of the company's stock, valued at $7,931,316. This trade represents a 32.37% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Insiders own 2.90% of the company's stock.

Analyst Upgrades and Downgrades

ACVA has been the topic of a number of research analyst reports. Needham & Company LLC restated a "buy" rating and set a $25.00 price objective on shares of ACV Auctions in a report on Thursday, May 8th. Piper Sandler upgraded shares of ACV Auctions from a "neutral" rating to an "overweight" rating and raised their price objective for the stock from $18.00 to $20.00 in a report on Thursday, March 20th. JPMorgan Chase & Co. decreased their target price on shares of ACV Auctions from $24.00 to $20.00 and set an "overweight" rating for the company in a research report 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 for the company in a research report on Wednesday, April 9th. Finally, Bank of America raised shares of ACV Auctions from a "neutral" rating to a "buy" rating and decreased their target price for the company from $22.00 to $20.00 in a research 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 company's stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $22.50.

ACV Auctions Stock Performance

Shares of ACVA traded up $0.24 during midday trading on Thursday, reaching $15.53. The stock had a trading volume of 1,506,736 shares, compared to its average volume of 1,702,731. The firm has a 50 day simple moving average of $15.78 and a 200-day simple moving average of $17.74. ACV Auctions Inc. has a one year low of $11.88 and a one year high of $23.46. The firm has a market cap of $2.66 billion, a PE ratio of -31.68 and a beta of 1.74. The company has a current ratio of 1.56, a quick ratio of 1.56 and a debt-to-equity ratio of 0.28.

ACV Auctions (NASDAQ:ACVA - Get Free Report) last announced its quarterly earnings data on Wednesday, May 7th. The company reported ($0.09) 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 prior year, the company posted ($0.13) earnings per share. The business's revenue for the quarter was up 25.4% compared to the same quarter last year. As a group, sell-side analysts anticipate that ACV Auctions Inc. will post -0.07 EPS for the current year.

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.