SG Americas Securities LLC Makes New $364,000 Investment in ACV Auctions Inc. (NASDAQ:ACVA)

SG Americas Securities LLC acquired a new position in ACV Auctions Inc. (NASDAQ:ACVA - Free Report) during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 25,835 shares of the company's stock, valued at approximately $364,000.

A number of other institutional investors and hedge funds also recently bought and sold shares of the business. Vanguard Group Inc. boosted its stake in ACV Auctions by 5.5% in 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. William Blair Investment Management LLC boosted its stake in ACV Auctions by 43.2% in the fourth quarter. William Blair Investment Management LLC now owns 12,099,686 shares of the company's stock worth $261,353,000 after purchasing an additional 3,652,871 shares in the last quarter. Alliancebernstein L.P. boosted its stake in ACV Auctions by 5.3% in the fourth quarter. Alliancebernstein L.P. now owns 5,622,255 shares of the company's stock worth $121,441,000 after purchasing an additional 284,880 shares in the last quarter. Geode Capital Management LLC boosted its stake in ACV Auctions by 1.7% in the fourth quarter. Geode Capital Management LLC now owns 3,575,347 shares of the company's stock worth $77,246,000 after purchasing an additional 58,259 shares in the last quarter. Finally, JPMorgan Chase & Co. boosted its stake in ACV Auctions by 0.6% in the fourth quarter. JPMorgan Chase & Co. now owns 3,186,130 shares of the company's stock worth $68,820,000 after purchasing an additional 18,515 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, insider Michael Waterman sold 223,330 shares of the company's stock in a transaction dated Tuesday, May 13th. The stock was sold at an average price of $17.00, for a total value of $3,796,610.00. Following the completion of the sale, the insider now owns 466,548 shares in the company, valued at approximately $7,931,316. This represents a 32.37% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. 2.90% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on the company. Piper Sandler upgraded ACV Auctions from a "neutral" rating to an "overweight" rating and boosted their target price for the stock from $18.00 to $20.00 in a research report on Thursday, March 20th. Needham & Company LLC reissued a "buy" rating and set a $25.00 price objective on shares of ACV Auctions in a report on Thursday, May 8th. JPMorgan Chase & Co. dropped their price objective on 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 dropped their price objective on 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 ACV Auctions from a "neutral" rating to a "buy" rating and dropped their price objective for the stock from $22.00 to $20.00 in a report on Wednesday, March 12th. Two equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company's stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $22.50.

ACV Auctions Trading Up 2.6%

NASDAQ ACVA traded up $0.41 on Friday, reaching $16.09. The company had a trading volume of 4,780,764 shares, compared to its average volume of 1,711,910. The stock's 50 day moving average is $15.97 and its 200-day moving average is $17.42. The stock has a market cap 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 52 week low of $11.88 and a 52 week high of $23.46.

ACV Auctions (NASDAQ:ACVA - Get Free Report) last released its quarterly earnings data on Wednesday, May 7th. The company reported ($0.09) 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 quarterly revenue was up 25.4% on a year-over-year basis. During the same period in the prior year, the company posted ($0.13) earnings per share. Equities analysts predict that ACV Auctions Inc. will post -0.07 earnings per share for the current year.

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.