ACV Auctions Inc. (NASDAQ:ACVA) Stake Raised by Nuveen Asset Management LLC

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

A number of other hedge funds have also made changes to their positions in ACVA. Barclays PLC grew its position in shares of ACV Auctions by 16.8% during the third quarter. Barclays PLC now owns 244,999 shares of the company's stock worth $4,980,000 after buying an additional 35,155 shares in the last quarter. Franklin Resources Inc. grew its position in shares of ACV Auctions by 5.3% during the third quarter. Franklin Resources Inc. now owns 40,935 shares of the company's stock worth $768,000 after buying an additional 2,057 shares in the last quarter. Procyon Advisors LLC acquired a new stake in shares of ACV Auctions during the fourth quarter worth approximately $361,000. Brighton Jones LLC acquired a new stake in shares of ACV Auctions during the fourth quarter worth approximately $392,000. Finally, Blue Trust Inc. grew its position in shares of ACV Auctions by 65.8% during the fourth quarter. Blue Trust Inc. now owns 2,352 shares of the company's stock worth $48,000 after buying an additional 933 shares in the last quarter. Institutional investors and hedge funds own 88.55% of the company's stock.

Insider Activity at ACV Auctions

In related news, CEO George Chamoun sold 348,249 shares of ACV Auctions stock in a transaction dated Thursday, March 20th. The shares were 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 directly owns 2,821,193 shares in the company, valued at $43,277,100.62. The trade was a 10.99% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO William Zerella sold 15,000 shares of ACV Auctions stock in a transaction dated Tuesday, March 11th. The shares were sold at an average price of $13.53, for a total transaction of $202,950.00. Following the sale, the chief financial officer now owns 766,266 shares in the company, valued at approximately $10,367,578.98. This represents a 1.92% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 586,579 shares of company stock worth $9,341,700 over the last ninety days. 8.50% of the stock is currently owned by corporate insiders.

ACV Auctions Stock Performance

ACVA stock traded down $0.20 during mid-day trading on Friday, reaching $16.56. The company had a trading volume of 1,475,466 shares, compared to its average volume of 1,662,761. 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 $2.83 billion, a P/E ratio of -33.80 and a beta of 1.72. ACV Auctions Inc. has a one year low of $11.88 and a one year high of $23.46. The stock's 50-day simple moving average is $15.10 and its two-hundred day simple moving average is $18.41.

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

Analyst Upgrades and Downgrades

A number of equities analysts have commented on the stock. Stephens raised shares of ACV Auctions to a "hold" rating in a report on Saturday, February 1st. JMP Securities decreased 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 report on Wednesday, April 9th. Bank of America raised shares of ACV Auctions from a "neutral" rating to a "buy" rating and decreased their price objective for the stock from $22.00 to $20.00 in a report on Wednesday, March 12th. Piper Sandler raised shares of ACV Auctions from a "neutral" rating to an "overweight" rating and lifted their price objective for the stock from $18.00 to $20.00 in a report on Thursday, March 20th. Finally, JPMorgan Chase & Co. decreased their price objective on shares of ACV Auctions from $24.00 to $20.00 and set an "overweight" rating for the company in a report on Thursday, March 27th. Two investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average 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.