Congress Asset Management Co. Reduces Holdings in ACV Auctions Inc. (NASDAQ:ACVA)

Congress Asset Management Co. trimmed its holdings in ACV Auctions Inc. (NASDAQ:ACVA - Free Report) by 6.3% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 378,637 shares of the company's stock after selling 25,398 shares during the quarter. Congress Asset Management Co. owned about 0.22% of ACV Auctions worth $5,335,000 as of its most recent SEC filing.

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

ACV Auctions Price Performance

ACVA traded down $0.03 during midday trading on Tuesday, reaching $16.67. 1,068,980 shares of the company's stock were exchanged, compared to its average volume of 1,687,794. The business's 50-day moving average price is $15.41 and its 200 day moving average price is $18.05. The stock has a market capitalization of $2.85 billion, a PE ratio of -34.01 and a beta of 1.74. ACV Auctions Inc. has a 1-year low of $11.88 and a 1-year 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.

ACV Auctions (NASDAQ:ACVA - Get Free Report) last released its quarterly earnings results on Wednesday, May 7th. The company reported ($0.09) earnings per share for the quarter, missing analysts' consensus estimates of $0.04 by ($0.13). ACV Auctions had a negative return on equity of 12.94% and a negative net margin of 12.51%. The firm's revenue was up 25.4% compared to the same quarter last year. During the same period last year, the firm earned ($0.13) earnings per share. As a group, equities analysts anticipate that ACV Auctions Inc. will post -0.07 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, insider Michael Waterman sold 223,330 shares of the stock in a transaction dated Tuesday, May 13th. The stock was sold at an average price of $17.00, for a total transaction of $3,796,610.00. Following the transaction, the insider now directly owns 466,548 shares in the company, valued at approximately $7,931,316. This represents a 32.37% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CEO George Chamoun sold 348,249 shares of the company's stock in a transaction dated Thursday, March 20th. The stock was sold at an average price of $15.34, for a total value 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 $43,277,100.62. This represents a 10.99% decrease in their ownership of the stock. The disclosure for this sale can be found here. 2.90% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

A number of analysts have issued reports on ACVA shares. JPMorgan Chase & Co. decreased their price target on ACV Auctions from $24.00 to $20.00 and set an "overweight" rating for the company in a report on Thursday, March 27th. Bank of America raised shares of ACV Auctions from a "neutral" rating to a "buy" rating and dropped their target price for the company from $22.00 to $20.00 in a research report on Wednesday, March 12th. JMP Securities dropped their price objective on ACV Auctions from $22.00 to $18.00 and set a "market outperform" rating on the stock in a report on Wednesday, April 9th. Needham & Company LLC reissued a "buy" rating and issued a $25.00 target price on shares of ACV Auctions in a report on Thursday, May 8th. Finally, Piper Sandler upgraded shares of ACV Auctions from a "neutral" rating to an "overweight" rating and raised their target price for the stock from $18.00 to $20.00 in a research report on Thursday, March 20th. Two equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price 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.