Cwm LLC Reduces Stake in ACV Auctions Inc. (NASDAQ:ACVA)

CWM LLC lowered its position in shares of ACV Auctions Inc. (NASDAQ:ACVA - Free Report) by 97.5% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 2,616 shares of the company's stock after selling 100,981 shares during the period. CWM LLC's holdings in ACV Auctions were worth $37,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in the company. Iridian Asset Management LLC CT lifted its stake in ACV Auctions by 77.9% during the first quarter. Iridian Asset Management LLC CT now owns 1,967,332 shares of the company's stock worth $27,720,000 after purchasing an additional 861,178 shares during the last quarter. Bank of New York Mellon Corp raised its position in ACV Auctions by 6.7% during the 1st quarter. Bank of New York Mellon Corp now owns 1,095,964 shares of the company's stock valued at $15,442,000 after purchasing an additional 68,513 shares during the last quarter. Teacher Retirement System of Texas bought a new position in ACV Auctions during the 1st quarter valued at approximately $315,000. Bessemer Group Inc. raised its position in ACV Auctions by 14.5% during the 1st quarter. Bessemer Group Inc. now owns 9,911 shares of the company's stock valued at $140,000 after purchasing an additional 1,257 shares during the last quarter. Finally, Oppenheimer Asset Management Inc. raised its position in ACV Auctions by 9.8% during the 1st quarter. Oppenheimer Asset Management Inc. now owns 227,811 shares of the company's stock valued at $3,210,000 after purchasing an additional 20,400 shares during the last quarter. Institutional investors own 88.55% of the company's stock.

ACV Auctions Stock Down 2.6%

Shares of ACV Auctions stock traded down $0.36 during midday trading on Friday, hitting $13.69. The company had a trading volume of 1,024,953 shares, compared to its average volume of 2,032,465. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.56 and a current ratio of 1.56. The stock has a market capitalization of $2.34 billion, a P/E ratio of -27.93 and a beta of 1.69. The company has a 50 day moving average of $15.61 and a 200 day moving average of $16.29. 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 posted its quarterly earnings results on Wednesday, May 7th. The company reported ($0.09) earnings per share for the quarter, missing the consensus estimate 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 company's quarterly revenue was up 25.4% compared to the same quarter last year. During the same period in the previous year, the company posted ($0.13) earnings per share. On average, equities analysts predict that ACV Auctions Inc. will post -0.07 earnings per share for the current fiscal year.

Insider Activity at ACV Auctions

In related news, insider Michael Waterman sold 34,339 shares of the company's stock in a transaction that occurred on Tuesday, July 8th. The stock was sold at an average price of $16.05, for a total value of $551,140.95. Following the sale, the insider owned 379,957 shares in the company, valued at $6,098,309.85. This represents a 8.29% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider Craig Eric Anderson sold 15,000 shares of the 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 sale, the insider 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 disclosure for this sale can be found here. Insiders sold a total of 272,669 shares of company stock worth $4,573,351 in the last 90 days. 2.90% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

A number of research firms have commented on ACVA. Needham & Company LLC reaffirmed a "buy" rating and set a $25.00 price target on shares of ACV Auctions in a research report on Thursday, May 8th. JPMorgan Chase & Co. lowered their price target on 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 increased their target price on ACV Auctions from $18.00 to $20.00 and gave the stock a "market outperform" rating in a research report on Wednesday, July 2nd. Finally, Citigroup decreased their target price on ACV Auctions from $22.00 to $21.00 and set a "buy" rating for the company in a research report on Monday, July 7th. Two equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. According to MarketBeat, ACV Auctions has an average rating of "Moderate Buy" and a consensus price target of $22.05.

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.