Oppenheimer Asset Management Inc. Acquires 20,400 Shares of ACV Auctions Inc. (NASDAQ:ACVA)

Oppenheimer Asset Management Inc. boosted its holdings in ACV Auctions Inc. (NASDAQ:ACVA - Free Report) by 9.8% during the 1st quarter, according to its most recent disclosure with the SEC. The firm owned 227,811 shares of the company's stock after buying 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 reporting period.

A number of other hedge funds also recently made changes to their positions in the company. Brighton Jones LLC raised its stake in shares of ACV Auctions by 119.5% during the first quarter. Brighton Jones LLC now owns 39,880 shares of the company's stock valued at $562,000 after purchasing an additional 21,713 shares during the period. SG Americas Securities LLC acquired a new position in shares of ACV Auctions during the first quarter valued at $364,000. Rhumbline Advisers boosted its holdings in shares of ACV Auctions by 4.1% during the first quarter. Rhumbline Advisers now owns 214,763 shares of the company's stock valued at $3,026,000 after acquiring an additional 8,368 shares during the period. GAMMA Investing LLC boosted its holdings in shares of ACV Auctions by 3,005.8% during the first quarter. GAMMA Investing LLC now owns 5,932 shares of the company's stock valued at $84,000 after acquiring an additional 5,741 shares during the period. Finally, Moody National Bank Trust Division boosted its holdings in shares of ACV Auctions by 8.3% during the first quarter. Moody National Bank Trust Division now owns 85,805 shares of the company's stock valued at $1,209,000 after acquiring an additional 6,606 shares during the period. Hedge funds and other institutional investors own 88.55% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on the stock. Needham & Company LLC reaffirmed a "buy" rating and issued a $25.00 price objective on shares of ACV Auctions in a report on Thursday, May 8th. Piper Sandler raised shares of ACV Auctions from a "neutral" rating to an "overweight" rating and upped their price objective for the stock from $18.00 to $20.00 in a report on Thursday, March 20th. JPMorgan Chase & Co. reduced 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. JMP Securities reduced 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. Finally, Bank of America raised shares of ACV Auctions from a "neutral" rating to a "buy" rating and cut their price target for the company from $22.00 to $20.00 in a report on Wednesday, March 12th. Two analysts have rated the stock with a hold rating and nine have given a buy rating to the company's stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $22.50.

ACV Auctions Stock Up 2.6%

Shares of ACVA traded up $0.41 during trading hours on Friday, reaching $16.09. The company's stock had a trading volume of 4,780,764 shares, compared to its average volume of 1,711,910. The firm has a market cap of $2.75 billion, a price-to-earnings ratio of -32.84 and a beta of 1.74. ACV Auctions Inc. has a 1-year low of $11.88 and a 1-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 company has a 50 day moving average of $15.97 and a two-hundred day moving average of $17.42.

ACV Auctions (NASDAQ:ACVA - Get Free Report) last announced 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 net margin of 12.51% and a negative return on equity of 12.94%. The business's revenue was up 25.4% on a year-over-year basis. During the same period in the prior year, the firm posted ($0.13) earnings per share. As a group, research analysts predict that ACV Auctions Inc. will post -0.07 EPS for the current fiscal year.

Insider Activity at ACV Auctions

In other ACV Auctions news, insider Michael Waterman sold 223,330 shares of the company'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 completion of the sale, the insider now owns 466,548 shares of the company's stock, valued at $7,931,316. This represents a 32.37% 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. 2.90% of the stock is currently owned by company insiders.

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.