Harbor Capital Advisors Inc. Reduces Stock Position in ACV Auctions Inc. (NASDAQ:ACVA)

Harbor Capital Advisors Inc. cut its position in ACV Auctions Inc. (NASDAQ:ACVA - Free Report) by 27.9% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 115,104 shares of the company's stock after selling 44,595 shares during the period. Harbor Capital Advisors Inc. owned 0.07% of ACV Auctions worth $1,622,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also modified their holdings of the company. Versant Capital Management Inc boosted its holdings in ACV Auctions by 464.4% in the first quarter. Versant Capital Management Inc now owns 2,201 shares of the company's stock valued at $31,000 after purchasing an additional 1,811 shares in the last quarter. Blue Trust Inc. lifted its position in shares of ACV Auctions by 65.8% during the 4th quarter. Blue Trust Inc. now owns 2,352 shares of the company's stock worth $48,000 after buying an additional 933 shares during the last quarter. GAMMA Investing LLC boosted its holdings in shares of ACV Auctions by 3,005.8% in the 1st quarter. GAMMA Investing LLC now owns 5,932 shares of the company's stock valued at $84,000 after buying an additional 5,741 shares in the last quarter. Integrated Advisors Network LLC acquired a new position in shares of ACV Auctions in the 4th quarter valued at $200,000. Finally, Mackenzie Financial Corp purchased a new position in shares of ACV Auctions in the 4th quarter valued at $206,000. 88.55% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

ACVA has been the subject of a number of research reports. JMP Securities reduced their price target 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. Piper Sandler raised ACV Auctions from a "neutral" rating to an "overweight" rating and upped their target price for the company from $18.00 to $20.00 in a research report on Thursday, March 20th. Bank of America upgraded ACV Auctions from a "neutral" rating to a "buy" rating and dropped their price target for the stock from $22.00 to $20.00 in a research note on Wednesday, March 12th. Needham & Company LLC reiterated a "buy" rating and issued a $25.00 price objective on shares of ACV Auctions in a research note on Thursday, May 8th. Finally, JPMorgan Chase & Co. decreased their price objective on ACV Auctions from $24.00 to $20.00 and set an "overweight" rating for the company in a report on Thursday, March 27th. Two research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company's stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $22.50.

Insider Activity at ACV Auctions

In other ACV Auctions news, insider Michael Waterman sold 223,330 shares of the business's stock in a transaction that occurred 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 transaction, the insider now owns 466,548 shares in the company, valued at approximately $7,931,316. The trade was a 32.37% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO George Chamoun sold 348,249 shares of ACV Auctions stock in a transaction that occurred on Thursday, March 20th. The shares were sold at an average price of $15.34, for a total value of $5,342,139.66. Following the completion of the sale, the chief executive officer now owns 2,821,193 shares in the company, valued at approximately $43,277,100.62. This trade 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 insiders.

ACV Auctions Stock Performance

Shares of ACV Auctions stock traded down $1.08 during trading hours on Friday, hitting $15.34. 1,437,565 shares of the company were exchanged, compared to its average volume of 1,690,785. The company has a current ratio of 1.56, a quick ratio of 1.56 and a debt-to-equity ratio of 0.28. The business has a 50-day moving average of $15.60 and a 200-day moving average of $17.99. ACV Auctions Inc. has a 1 year low of $11.88 and a 1 year high of $23.46. The stock has a market capitalization of $2.62 billion, a price-to-earnings ratio of -31.31 and a beta of 1.74.

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 return on equity of 12.94% and a negative net margin of 12.51%. The business's quarterly revenue was up 25.4% on a year-over-year basis. During the same quarter in the previous year, the company posted ($0.13) EPS. As a group, analysts expect that ACV Auctions Inc. will post -0.07 EPS for the current fiscal year.

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.