Silvercrest Asset Management Group LLC Acquires Shares of 364,348 ACV Auctions Inc. (NASDAQ:ACVA)

Silvercrest Asset Management Group LLC bought a new position in shares of ACV Auctions Inc. (NASDAQ:ACVA - Free Report) during the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor bought 364,348 shares of the company's stock, valued at approximately $7,870,000. Silvercrest Asset Management Group LLC owned approximately 0.22% of ACV Auctions as of its most recent SEC filing.

A number of other institutional investors have also recently modified their holdings of ACVA. Riverview Capital Advisers LLC purchased a new position in ACV Auctions during the fourth quarter worth approximately $347,000. Point72 Asset Management L.P. raised its stake in shares of ACV Auctions by 21.8% during the 4th quarter. Point72 Asset Management L.P. now owns 795,610 shares of the company's stock worth $17,185,000 after buying an additional 142,661 shares during the period. ProShare Advisors LLC lifted its position in shares of ACV Auctions by 49.0% during the 4th quarter. ProShare Advisors LLC now owns 41,674 shares of the company's stock valued at $900,000 after buying an additional 13,711 shares in the last quarter. Nuveen Asset Management LLC grew its stake in ACV Auctions by 12.0% in the 4th quarter. Nuveen Asset Management LLC now owns 3,041,900 shares of the company's stock valued at $65,705,000 after acquiring an additional 326,206 shares during the period. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in ACV Auctions by 9.1% in the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 158,605 shares of the company's stock worth $3,426,000 after acquiring an additional 13,166 shares in the last quarter. 88.55% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on the company. Piper Sandler raised ACV Auctions from a "neutral" rating to an "overweight" rating and lifted their price target for the stock from $18.00 to $20.00 in a research note on Thursday, March 20th. Bank of America raised shares of ACV Auctions from a "neutral" rating to a "buy" rating and lowered their target price for the stock from $22.00 to $20.00 in a research note on Wednesday, March 12th. Needham & Company LLC reiterated a "buy" rating and issued a $25.00 target price on shares of ACV Auctions in a research report on Thursday, May 8th. JMP Securities lowered their price target on shares of ACV Auctions from $22.00 to $18.00 and set a "market outperform" rating on the stock in a research report on Wednesday, April 9th. Finally, Stephens raised shares of ACV Auctions to a "hold" rating in a research note on Saturday, February 1st. Two analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $22.50.

Insider Buying and Selling at ACV Auctions

In other news, insider Michael Waterman sold 223,330 shares of the stock in a transaction that occurred on 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 directly owns 466,548 shares of the company's stock, valued at approximately $7,931,316. This represents a 32.37% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO William Zerella sold 15,000 shares of ACV Auctions stock in a transaction on Tuesday, March 11th. The shares were 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. The trade was a 1.92% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 586,579 shares of company stock worth $9,341,700 over the last 90 days. Corporate insiders own 8.50% of the company's stock.

ACV Auctions Price Performance

ACVA stock opened at $17.03 on Monday. The stock has a market cap of $2.87 billion, a price-to-earnings ratio of -34.75 and a beta of 1.72. ACV Auctions Inc. has a fifty-two week low of $11.88 and a fifty-two week 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 business has a 50 day moving average price of $14.86 and a 200 day moving average price of $18.45.

ACV Auctions (NASDAQ:ACVA - Get Free Report) last issued its quarterly earnings data on Wednesday, May 7th. The company reported ($0.09) earnings per share 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%. The business's revenue was up 25.4% on a year-over-year basis. During the same quarter in the previous year, the company posted ($0.13) EPS. Equities research analysts anticipate that ACV Auctions Inc. will post -0.07 earnings per share for the current fiscal year.

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.

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