Nuveen Asset Management LLC Boosts Stake in ACV Auctions Inc. (NASDAQ:ACVA)

Nuveen Asset Management LLC grew its position in ACV Auctions Inc. (NASDAQ:ACVA - Free Report) by 12.0% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 3,041,900 shares of the company's stock after purchasing an additional 326,206 shares during the quarter. Nuveen Asset Management LLC owned about 1.81% of ACV Auctions worth $65,705,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in ACVA. Vanguard Group Inc. boosted its holdings in ACV Auctions by 5.5% in the 4th quarter. Vanguard Group Inc. now owns 14,245,915 shares of the company's stock valued at $307,712,000 after purchasing an additional 738,391 shares during the period. William Blair Investment Management LLC increased its stake in ACV Auctions by 43.2% during the 4th quarter. William Blair Investment Management LLC now owns 12,099,686 shares of the company's stock worth $261,353,000 after acquiring an additional 3,652,871 shares during the period. Alliancebernstein L.P. raised its holdings in ACV Auctions by 5.3% in the 4th quarter. Alliancebernstein L.P. now owns 5,622,255 shares of the company's stock valued at $121,441,000 after acquiring an additional 284,880 shares in the last quarter. Jennison Associates LLC lifted its position in shares of ACV Auctions by 17.2% during the 4th quarter. Jennison Associates LLC now owns 4,980,354 shares of the company's stock valued at $107,576,000 after acquiring an additional 732,422 shares during the period. Finally, Geode Capital Management LLC lifted its position in shares of ACV Auctions by 1.7% during the 4th quarter. Geode Capital Management LLC now owns 3,575,347 shares of the company's stock valued at $77,246,000 after acquiring an additional 58,259 shares during the period. Institutional investors and hedge funds own 88.55% of the company's stock.

Insider Activity

In related news, CEO George Chamoun sold 348,249 shares of ACV Auctions stock in a transaction that occurred on Thursday, March 20th. The stock was sold at an average price of $15.34, for a total transaction of $5,342,139.66. Following the sale, the chief executive officer now owns 2,821,193 shares of the company's stock, valued at approximately $43,277,100.62. This trade represents a 10.99% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO William Zerella sold 15,000 shares of the business's stock in a transaction on Tuesday, March 11th. The stock was 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 directly owns 766,266 shares in the company, valued at $10,367,578.98. This trade represents a 1.92% decrease in their position. The disclosure for this sale can be found here. Insiders sold 586,579 shares of company stock valued at $9,341,700 in the last quarter. 8.50% of the stock is currently owned by insiders.

ACV Auctions Trading Down 0.8%

NASDAQ ACVA traded down $0.13 on Tuesday, hitting $16.74. The company's stock had a trading volume of 1,332,557 shares, compared to its average volume of 1,663,867. The firm has a market cap of $2.86 billion, a P/E ratio of -34.16 and a beta of 1.72. ACV Auctions Inc. has a 52-week low of $11.88 and a 52-week high of $23.46. The company's 50-day simple moving average is $14.96 and its 200 day simple moving average is $18.44. The company has a current ratio of 1.56, a quick ratio of 1.56 and a debt-to-equity ratio of 0.28.

ACV Auctions (NASDAQ:ACVA - Get Free Report) last posted its quarterly earnings data 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%. ACV Auctions's revenue was up 25.4% compared to the same quarter last year. During the same quarter in the prior year, the business posted ($0.13) EPS. Research analysts predict that ACV Auctions Inc. will post -0.07 EPS for the current fiscal year.

Analysts Set New Price Targets

Several equities analysts have recently commented on ACVA shares. Piper Sandler upgraded shares of ACV Auctions from a "neutral" rating to an "overweight" rating and boosted their target price for the company from $18.00 to $20.00 in a research report on Thursday, March 20th. Stephens upgraded shares of ACV Auctions to a "hold" rating in a research report on Saturday, February 1st. JMP Securities lowered their target price on ACV Auctions from $22.00 to $18.00 and set a "market outperform" rating for the company in a research note on Wednesday, April 9th. Needham & Company LLC reiterated a "buy" rating and set a $25.00 price target on shares of ACV Auctions in a report on Thursday, May 8th. Finally, Bank of America upgraded shares of ACV Auctions from a "neutral" rating to a "buy" rating and dropped their price objective for the company from $22.00 to $20.00 in a report on Wednesday, March 12th. Two investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company's stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $22.50.

About ACV Auctions

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.