ACV Auctions Inc. (NASDAQ:ACVA) Stake Lessened by Millennium Management LLC

Millennium Management LLC lowered its stake in ACV Auctions Inc. (NASDAQ:ACVA - Free Report) by 23.1% in the 4th quarter, according to its most recent filing with the SEC. The fund owned 536,814 shares of the company's stock after selling 161,596 shares during the period. Millennium Management LLC owned 0.32% of ACV Auctions worth $11,595,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently modified their holdings of the stock. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in shares of ACV Auctions by 9.1% in the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 158,605 shares of the company's stock worth $3,426,000 after purchasing an additional 13,166 shares during the last quarter. Moore Capital Management LP bought a new stake in shares of ACV Auctions in the 4th quarter worth about $5,782,000. Granahan Investment Management LLC increased its position in shares of ACV Auctions by 41.1% in the 4th quarter. Granahan Investment Management LLC now owns 1,436,473 shares of the company's stock worth $31,028,000 after purchasing an additional 418,369 shares during the last quarter. Frontier Capital Management Co. LLC increased its position in shares of ACV Auctions by 59.7% in the 4th quarter. Frontier Capital Management Co. LLC now owns 2,061,028 shares of the company's stock worth $44,518,000 after purchasing an additional 770,828 shares during the last quarter. Finally, Deutsche Bank AG increased its position in shares of ACV Auctions by 28.7% in the 4th quarter. Deutsche Bank AG now owns 264,680 shares of the company's stock worth $5,717,000 after purchasing an additional 59,089 shares during the last quarter. Institutional investors own 88.55% of the company's stock.

ACV Auctions Stock Performance

NASDAQ ACVA traded down $0.26 on Thursday, hitting $16.46. The stock had a trading volume of 283,618 shares, compared to its average volume of 1,665,523. ACV Auctions Inc. has a one year low of $11.88 and a one year high of $23.46. 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 cap of $2.82 billion, a price-to-earnings ratio of -33.59 and a beta of 1.72. The company's 50-day moving average is $15.19 and its two-hundred day moving average is $18.35.

ACV Auctions (NASDAQ:ACVA - Get Free Report) last posted its 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%. During the same quarter in the prior year, the firm posted ($0.13) earnings per share. The company's quarterly revenue was up 25.4% on a year-over-year basis. On average, analysts expect that ACV Auctions Inc. will post -0.07 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on ACVA. JPMorgan Chase & Co. dropped their target price 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. JMP Securities lowered their price objective 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. Stephens raised shares of ACV Auctions to a "hold" rating in a research report on Saturday, February 1st. Piper Sandler raised shares of ACV Auctions from a "neutral" rating to an "overweight" rating and boosted their price objective for the company from $18.00 to $20.00 in a research report on Thursday, March 20th. Finally, Needham & Company LLC reaffirmed a "buy" rating and set a $25.00 price objective on shares of ACV Auctions in a research report on Thursday, May 8th. Two equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the company. Based on data from MarketBeat.com, ACV Auctions presently has a consensus rating of "Moderate Buy" and a consensus target price of $22.50.

Insiders Place Their Bets

In other news, insider Michael Waterman sold 223,330 shares of the stock in a transaction that occurred on Tuesday, May 13th. The shares were 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 now directly owns 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 transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO William Zerella sold 15,000 shares of the stock in a transaction that occurred on Tuesday, March 11th. The shares were sold at an average price of $13.53, for a total transaction of $202,950.00. Following the completion of the transaction, the chief financial officer now owns 766,266 shares of the company's stock, valued at $10,367,578.98. This trade represents a 1.92% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 586,579 shares of company stock worth $9,341,700. Insiders own 2.90% of the company's stock.

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.