ACV Auctions Inc. (NASDAQ:ACVA) Position Lifted by CenterBook Partners LP

Key Points

• CenterBook Partners LP increased its stake in ACV Auctions Inc. by 312.6% during Q1, holding 72,802 shares worth approximately $1.03 million.
• Insider sales saw significant activity, with Michael Waterman selling 223,330 shares and reducing his position by 32.37%.
• ACV Auctions recently reported quarterly earnings with a loss of ($0.09) per share, missing estimates, and showed a 25.4% increase in quarterly revenue compared to the same quarter last year.

CenterBook Partners LP increased its position in ACV Auctions Inc. (NASDAQ:ACVA - Free Report) by 312.6% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 72,802 shares of the company's stock after buying an additional 55,156 shares during the period. CenterBook Partners LP's holdings in ACV Auctions were worth $1,026,000 as of its most recent SEC filing.

Other institutional investors have also modified their holdings of the company. Brighton Jones LLC acquired a new position in ACV Auctions during the fourth quarter worth approximately $392,000. LPL Financial LLC acquired a new position in ACV Auctions during the fourth quarter worth approximately $226,000. Geode Capital Management LLC increased its position 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. Wells Fargo & Company MN increased its position in ACV Auctions by 55.3% during the fourth quarter. Wells Fargo & Company MN now owns 83,413 shares of the company's stock worth $1,802,000 after purchasing an additional 29,717 shares during the last quarter. Finally, Russell Investments Group Ltd. increased its position in ACV Auctions by 5,705.8% during the fourth quarter. Russell Investments Group Ltd. now owns 25,894 shares of the company's stock worth $559,000 after purchasing an additional 25,448 shares during the last quarter. Institutional investors and hedge funds own 88.55% of the company's stock.

Analysts Set New Price Targets

Several brokerages recently commented on ACVA. Needham & Company LLC dropped their price target on shares of ACV Auctions from $25.00 to $16.00 and set a "buy" rating for the company in a research report on Tuesday. Bank of America dropped their price target on shares of ACV Auctions from $20.00 to $16.50 and set a "buy" rating for the company in a research report on Tuesday. JPMorgan Chase & Co. dropped their price target on shares of ACV Auctions from $20.00 to $19.00 and set an "overweight" rating for the company in a research report on Thursday, July 17th. JMP Securities dropped their price target on shares of ACV Auctions from $20.00 to $18.00 and set a "market outperform" rating for the company in a research report on Tuesday. Finally, Citigroup decreased their price objective on shares of ACV Auctions from $21.00 to $17.00 and set a "buy" rating for the company in a research note on Tuesday. Two investment analysts have rated the stock with a hold rating and nine have given a buy rating to the company's stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $19.55.

ACV Auctions Stock Down 17.8%

Shares of ACVA stock traded down $2.37 on Tuesday, hitting $10.98. The stock had a trading volume of 5,381,062 shares, compared to its average volume of 2,063,289. The firm has a market capitalization of $1.88 billion, a price-to-earnings ratio of -22.54 and a beta of 1.69. The stock's 50 day moving average is $15.50 and its 200-day moving average is $16.09. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.56 and a current ratio of 1.56. ACV Auctions Inc. has a 52-week low of $10.26 and a 52-week high of $23.46.

Insider Buying and Selling at ACV Auctions

In other news, insider Craig Eric Anderson sold 15,000 shares of the company's stock in a transaction on Tuesday, July 22nd. The shares were sold at an average price of $15.04, for a total value of $225,600.00. Following the completion of the transaction, the insider directly owned 340,799 shares in the company, valued at approximately $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 can be accessed through this link. Also, insider Michael Waterman sold 34,339 shares of the company's stock in a transaction on Tuesday, July 8th. The shares were sold at an average price of $16.05, for a total transaction of $551,140.95. Following the completion of the transaction, the insider owned 379,957 shares of the company's stock, valued at $6,098,309.85. This trade represents a 8.29% decrease in their ownership of the stock. The disclosure for this sale can be found here. 2.90% of the stock is currently owned by corporate insiders.

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.