Harbor Capital Advisors Inc. Has $1.62 Million Stock Position in ACV Auctions Inc. (NASDAQ:ACVA)

Harbor Capital Advisors Inc. cut its holdings in ACV Auctions Inc. (NASDAQ:ACVA - Free Report) by 27.9% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 115,104 shares of the company's stock after selling 44,595 shares during the quarter. Harbor Capital Advisors Inc. owned about 0.07% of ACV Auctions worth $1,622,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently bought and sold shares of the business. Raymond James Financial Inc. bought a new position in shares of ACV Auctions during the 4th quarter valued at about $4,704,000. Intech Investment Management LLC boosted its position in shares of ACV Auctions by 55.7% during the 4th quarter. Intech Investment Management LLC now owns 62,395 shares of the company's stock valued at $1,348,000 after purchasing an additional 22,310 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its position in shares of ACV Auctions by 3.9% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,289,362 shares of the company's stock valued at $27,850,000 after purchasing an additional 48,021 shares in the last quarter. TimesSquare Capital Management LLC boosted 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 valued at $40,859,000 after purchasing an additional 118,421 shares in the last quarter. Finally, Vanguard Group Inc. boosted its position in shares of 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 in the last quarter. 88.55% of the stock is owned by institutional investors and hedge funds.

ACV Auctions Stock Up 2.1%

Shares of ACVA stock traded up $0.32 during trading on Monday, hitting $15.71. 1,768,167 shares of the company were exchanged, compared to its average volume of 1,699,693. 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 firm has a market capitalization of $2.69 billion, a price-to-earnings ratio of -32.07 and a beta of 1.74. The business's 50-day simple moving average is $15.71 and its 200 day simple moving average is $17.83. ACV Auctions Inc. has a twelve month low of $11.88 and a twelve month 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) EPS 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%. ACV Auctions's revenue for the quarter was up 25.4% on a year-over-year basis. During the same quarter last year, the firm earned ($0.13) EPS. As a group, analysts forecast that ACV Auctions Inc. will post -0.07 EPS for the current fiscal year.

Insider Buying and Selling at ACV Auctions

In related news, CEO George Chamoun sold 348,249 shares of the business's stock in a transaction on Thursday, March 20th. The shares were sold at an average price of $15.34, for a total transaction of $5,342,139.66. Following the transaction, the chief executive officer now owns 2,821,193 shares of the company's stock, valued at approximately $43,277,100.62. The trade was a 10.99% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Michael Waterman sold 223,330 shares of ACV Auctions stock in a transaction on 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 sale, the insider now owns 466,548 shares in the company, valued at $7,931,316. This represents a 32.37% decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 2.90% of the company's stock.

Wall Street Analysts Forecast Growth

ACVA has been the subject of several research reports. JPMorgan Chase & Co. reduced their price objective 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. Piper Sandler upgraded shares of ACV Auctions from a "neutral" rating to an "overweight" rating and raised their price objective for the company from $18.00 to $20.00 in a research report on Thursday, March 20th. Needham & Company LLC reiterated a "buy" rating and issued a $25.00 target price on shares of ACV Auctions in a report on Thursday, May 8th. 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 report on Wednesday, April 9th. Finally, Bank of America upgraded shares of ACV Auctions from a "neutral" rating to a "buy" rating and decreased their target price for the stock from $22.00 to $20.00 in a report on Wednesday, March 12th. Two investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. According to data from MarketBeat, the stock has a consensus 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.