ACV Auctions Inc. (NASDAQ:ACVA) Shares Purchased by Massachusetts Financial Services Co. MA

Massachusetts Financial Services Co. MA increased its holdings in ACV Auctions Inc. (NASDAQ:ACVA - Free Report) by 6.0% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 9,084,830 shares of the company's stock after buying an additional 510,680 shares during the quarter. Massachusetts Financial Services Co. MA owned about 5.38% of ACV Auctions worth $128,005,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently bought and sold shares of the business. TimesSquare Capital Management LLC grew its stake in ACV Auctions by 33.9% in the 1st quarter. TimesSquare Capital Management LLC now owns 2,533,258 shares of the company's stock valued at $35,694,000 after acquiring an additional 641,631 shares during the period. Iridian Asset Management LLC CT boosted its position in shares of ACV Auctions by 77.9% during the 1st quarter. Iridian Asset Management LLC CT now owns 1,967,332 shares of the company's stock valued at $27,720,000 after acquiring an additional 861,178 shares during the last quarter. Bank of New York Mellon Corp boosted its position in shares of 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 acquiring an additional 68,513 shares during the last quarter. Teacher Retirement System of Texas purchased a new stake in ACV Auctions in the 1st quarter valued at about $315,000. Finally, Bessemer Group Inc. raised its holdings in ACV Auctions by 14.5% in the 1st quarter. Bessemer Group Inc. now owns 9,911 shares of the company's stock valued at $140,000 after buying an additional 1,257 shares during the period. Institutional investors and hedge funds own 88.55% of the company's stock.

ACV Auctions Price Performance

NASDAQ:ACVA traded down $0.28 during trading hours on Friday, hitting $15.09. The company's stock had a trading volume of 1,433,294 shares, compared to its average volume of 1,739,684. The business's 50-day moving average is $16.31 and its two-hundred day moving average is $16.98. The company has a market capitalization of $2.58 billion, a PE ratio of -30.79 and a beta of 1.71. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.56 and a current ratio of 1.56. 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 released its quarterly earnings data on Wednesday, May 7th. The company reported ($0.09) earnings per share (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%. During the same period in the previous year, the firm posted ($0.13) earnings per share. ACV Auctions's quarterly revenue was up 25.4% on a year-over-year basis. As a group, research analysts anticipate that ACV Auctions Inc. will post -0.07 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on ACVA shares. Citigroup cut their price target on shares of ACV Auctions from $22.00 to $21.00 and set a "buy" rating on the stock in a research note on Monday, July 7th. JPMorgan Chase & Co. lowered their price objective on ACV Auctions from $20.00 to $19.00 and set an "overweight" rating for the company in a research report on Thursday. Piper Sandler raised ACV Auctions from a "neutral" rating to an "overweight" rating and upped their price target for the company from $18.00 to $20.00 in a report on Thursday, March 20th. JMP Securities increased their price objective on ACV Auctions from $18.00 to $20.00 and gave the company a "market outperform" rating in a report on Wednesday, July 2nd. Finally, Needham & Company LLC reissued a "buy" rating and issued a $25.00 price objective on shares of ACV Auctions in a report on Thursday, May 8th. Two research analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $22.05.

Insider Buying and Selling at ACV Auctions

In other news, insider Michael Waterman sold 223,330 shares of the firm's stock in a transaction on Tuesday, May 13th. The stock was sold at an average price of $17.00, for a total value of $3,796,610.00. Following the completion of the transaction, the insider owned 466,548 shares in the company, valued at $7,931,316. This trade represents a 32.37% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 2.90% of the stock is currently owned by corporate insiders.

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.