New York State Common Retirement Fund Cuts Stock Holdings in ACV Auctions Inc. (NASDAQ:ACVA)

New York State Common Retirement Fund trimmed its holdings in ACV Auctions Inc. (NASDAQ:ACVA - Free Report) by 75.8% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 182,054 shares of the company's stock after selling 571,242 shares during the quarter. New York State Common Retirement Fund owned about 0.11% of ACV Auctions worth $2,565,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also made changes to their positions in ACVA. Driehaus Capital Management LLC raised its position in ACV Auctions by 128.5% in the fourth quarter. Driehaus Capital Management LLC now owns 2,837,165 shares of the company's stock valued at $61,283,000 after purchasing an additional 1,595,657 shares during the period. Franklin Resources Inc. lifted its position in ACV Auctions by 2,346.2% in the fourth quarter. Franklin Resources Inc. now owns 1,001,365 shares of the company's stock valued at $21,629,000 after acquiring an additional 960,430 shares during the last quarter. Iridian Asset Management LLC CT raised its holdings in shares of ACV Auctions by 77.9% in the first quarter. Iridian Asset Management LLC CT now owns 1,967,332 shares of the company's stock valued at $27,720,000 after buying an additional 861,178 shares during the last quarter. Frontier Capital Management Co. LLC raised its holdings in shares of ACV Auctions by 59.7% in the fourth quarter. Frontier Capital Management Co. LLC now owns 2,061,028 shares of the company's stock valued at $44,518,000 after buying an additional 770,828 shares during the last quarter. Finally, Vanguard Group Inc. raised 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 worth $307,712,000 after purchasing an additional 738,391 shares in the last quarter. Institutional investors and hedge funds own 88.55% of the company's stock.

Analyst Upgrades and Downgrades

ACVA has been the topic of several research reports. JMP Securities increased their price target 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. Needham & Company LLC reissued a "buy" rating and issued a $25.00 target price on shares of ACV Auctions in a research report on Thursday, May 8th. Citigroup lowered their price objective on shares of ACV Auctions from $22.00 to $21.00 and set a "buy" rating for the company in a research report on Monday, July 7th. Finally, JPMorgan Chase & Co. reduced their price target on shares of ACV Auctions from $20.00 to $19.00 and set an "overweight" rating for the company in a research note on Thursday, July 17th. Two equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $22.05.

Insider Transactions at ACV Auctions

In other news, insider Craig Eric Anderson sold 15,000 shares of the company's stock in a transaction that occurred on Tuesday, July 22nd. The stock was sold at an average price of $15.04, for a total value of $225,600.00. Following the completion of the transaction, the insider owned 340,799 shares of the company's stock, valued at $5,125,616.96. This represents a 4.22% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, insider Michael Waterman sold 223,330 shares of the firm'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 owned 466,548 shares of the company's stock, valued at approximately $7,931,316. The trade was a 32.37% decrease in their position. The disclosure for this sale can be found here. Insiders sold 272,669 shares of company stock valued at $4,573,351 in the last three months. Company insiders own 2.90% of the company's stock.

ACV Auctions Trading Down 0.7%

ACV Auctions stock traded down $0.11 during midday trading on Friday, hitting $14.53. 1,519,141 shares of the stock were exchanged, compared to its average volume of 2,015,301. 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 $2.48 billion, a PE ratio of -29.64 and a beta of 1.71. The company has a fifty day simple moving average of $16.07 and a two-hundred day simple moving average of $16.69. 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 issued its earnings results on Wednesday, May 7th. The company reported ($0.09) earnings per share 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%. During the same quarter last year, the company earned ($0.13) EPS. The firm's revenue was up 25.4% on a year-over-year basis. Equities research analysts anticipate 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.