ACV Auctions Inc. (NASDAQ:ACVA) Shares Purchased by Oppenheimer Asset Management Inc.

Oppenheimer Asset Management Inc. boosted its stake in shares of ACV Auctions Inc. (NASDAQ:ACVA - Free Report) by 9.8% during the 1st quarter, according to its most recent filing with the SEC. The firm owned 227,811 shares of the company's stock after purchasing an additional 20,400 shares during the period. Oppenheimer Asset Management Inc. owned approximately 0.13% of ACV Auctions worth $3,210,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Blue Trust Inc. boosted its holdings in ACV Auctions by 65.8% in the 4th quarter. Blue Trust Inc. now owns 2,352 shares of the company's stock worth $48,000 after buying an additional 933 shares during the last quarter. Arizona State Retirement System boosted its holdings in ACV Auctions by 3.6% in the 4th quarter. Arizona State Retirement System now owns 44,126 shares of the company's stock worth $953,000 after buying an additional 1,520 shares during the last quarter. Versant Capital Management Inc boosted its holdings in ACV Auctions by 464.4% in the 1st quarter. Versant Capital Management Inc now owns 2,201 shares of the company's stock worth $31,000 after buying an additional 1,811 shares during the last quarter. California State Teachers Retirement System boosted its holdings in ACV Auctions by 1.4% in the 4th quarter. California State Teachers Retirement System now owns 141,873 shares of the company's stock worth $3,064,000 after buying an additional 1,906 shares during the last quarter. Finally, Handelsbanken Fonder AB boosted its holdings in ACV Auctions by 6.0% in the 4th quarter. Handelsbanken Fonder AB now owns 44,000 shares of the company's stock worth $950,000 after buying an additional 2,500 shares during the last quarter. 88.55% of the stock is owned by institutional investors and hedge funds.

ACV Auctions Trading Up 2.6%

NASDAQ ACVA traded up $0.41 on Friday, reaching $16.09. The stock had a trading volume of 4,780,764 shares, compared to its average volume of 1,720,707. The stock has a fifty day moving average price of $15.93 and a two-hundred day moving average price of $17.51. The firm has a market capitalization of $2.75 billion, a price-to-earnings ratio of -32.84 and a beta of 1.74. The company has a quick ratio of 1.56, a current ratio of 1.56 and a debt-to-equity ratio of 0.28. ACV Auctions Inc. has a 12-month low of $11.88 and a 12-month high of $23.46.

ACV Auctions (NASDAQ:ACVA - Get Free Report) last posted its quarterly 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%. ACV Auctions's revenue was up 25.4% compared to the same quarter last year. During the same quarter last year, the company posted ($0.13) earnings per share. As a group, sell-side analysts forecast that ACV Auctions Inc. will post -0.07 EPS for the current fiscal year.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on the company. Piper Sandler upgraded 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. Needham & Company LLC reiterated a "buy" rating and issued a $25.00 price objective on shares of ACV Auctions in a report on Thursday, May 8th. JPMorgan Chase & Co. decreased their target price on shares of ACV Auctions from $24.00 to $20.00 and set an "overweight" rating on the stock in a research note on Thursday, March 27th. JMP Securities decreased their target price on shares of ACV Auctions from $22.00 to $18.00 and set a "market outperform" rating on the stock in a research note on Wednesday, April 9th. Finally, Bank of America raised shares of ACV Auctions from a "neutral" rating to a "buy" rating and decreased their target price for the stock from $22.00 to $20.00 in a research note on Wednesday, March 12th. Two equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $22.50.

Insiders Place Their Bets

In other ACV Auctions news, insider Michael Waterman sold 223,330 shares of the business's stock in a transaction 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 owns 466,548 shares in the company, valued at $7,931,316. The trade was a 32.37% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Insiders own 2.90% of the company's stock.

ACV Auctions Company 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.