ACV Auctions Inc. (NASDAQ:ACVA) Holdings Increased by Iridian Asset Management LLC CT

Iridian Asset Management LLC CT boosted its stake in shares of ACV Auctions Inc. (NASDAQ:ACVA - Free Report) by 77.9% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 1,967,332 shares of the company's stock after purchasing an additional 861,178 shares during the period. ACV Auctions comprises 8.7% of Iridian Asset Management LLC CT's portfolio, making the stock its largest holding. Iridian Asset Management LLC CT owned about 1.17% of ACV Auctions worth $27,720,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Raymond James Financial Inc. purchased a new stake in ACV Auctions during the fourth quarter valued at approximately $4,704,000. Intech Investment Management LLC increased its holdings in ACV Auctions by 55.7% during the fourth quarter. Intech Investment Management LLC now owns 62,395 shares of the company's stock valued at $1,348,000 after buying an additional 22,310 shares during the last quarter. SG Americas Securities LLC purchased a new stake in ACV Auctions during the first quarter valued at approximately $364,000. Charles Schwab Investment Management Inc. increased its holdings in 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 valued at $27,850,000 after buying an additional 48,021 shares during the last quarter. Finally, Vanguard Group Inc. increased its holdings in ACV Auctions by 5.5% during the fourth quarter. Vanguard Group Inc. now owns 14,245,915 shares of the company's stock valued at $307,712,000 after buying an additional 738,391 shares during the last quarter. 88.55% of the stock is owned by hedge funds and other institutional investors.

ACV Auctions Price Performance

NASDAQ ACVA traded down $0.40 on Friday, reaching $16.12. The company had a trading volume of 938,174 shares, compared to its average volume of 1,733,508. The company has a quick ratio of 1.56, a current ratio of 1.56 and a debt-to-equity ratio of 0.28. The stock has a market capitalization of $2.76 billion, a PE ratio of -32.89 and a beta of 1.71. The firm's 50 day moving average price is $16.31 and its 200 day moving average price is $17.12. ACV Auctions Inc. has a 12 month low of $11.88 and a 12 month high of $23.46.

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

Wall Street Analysts Forecast Growth

A number of brokerages have commented on ACVA. Needham & Company LLC reaffirmed a "buy" rating and set a $25.00 target price on shares of ACV Auctions in a report on Thursday, May 8th. JMP Securities raised their price objective on shares of ACV Auctions from $18.00 to $20.00 and gave the company a "market outperform" rating in a research report on Wednesday, July 2nd. 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. Citigroup decreased their price objective on shares of ACV Auctions from $22.00 to $21.00 and set a "buy" rating on the stock in a research report on Monday, July 7th. Finally, JPMorgan Chase & Co. decreased their price objective on shares of ACV Auctions from $24.00 to $20.00 and set an "overweight" rating on the stock in a research report on Thursday, March 27th. Two research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $22.14.

Insider Transactions at ACV Auctions

In other ACV Auctions news, insider Michael Waterman sold 34,339 shares of ACV Auctions stock in a transaction on Tuesday, July 8th. The shares were sold at an average price of $16.05, for a total value of $551,140.95. Following the sale, the insider directly owned 379,957 shares in the company, valued at approximately $6,098,309.85. The trade was a 8.29% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Corporate insiders own 2.90% of the company's stock.

ACV Auctions Company 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.