Silvercrest Asset Management Group LLC Invests $7.87 Million in ACV Auctions Inc. (NASDAQ:ACVA)

Silvercrest Asset Management Group LLC purchased a new stake in shares of ACV Auctions Inc. (NASDAQ:ACVA - Free Report) in the fourth quarter, according to its most recent disclosure with the SEC. The firm purchased 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 at the end of the most recent quarter.

A number of other large investors have also added to or reduced their stakes in ACVA. Blue Trust Inc. grew its holdings in ACV Auctions by 65.8% during the 4th quarter. Blue Trust Inc. now owns 2,352 shares of the company's stock worth $48,000 after acquiring an additional 933 shares in the last quarter. KBC Group NV grew its holdings in ACV Auctions by 80.4% during the 4th quarter. KBC Group NV now owns 7,406 shares of the company's stock worth $160,000 after acquiring an additional 3,300 shares in the last quarter. LPL Financial LLC acquired a new position in ACV Auctions during the 4th quarter worth $226,000. Xponance Inc. bought a new position in shares of ACV Auctions in the 4th quarter worth about $229,000. Finally, Versor Investments LP bought a new position in shares of ACV Auctions in the 4th quarter worth about $262,000. 88.55% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of research analysts have recently issued reports on ACVA shares. Piper Sandler upgraded shares of ACV Auctions from a "neutral" rating to an "overweight" rating and raised their price target for the stock from $18.00 to $20.00 in a research report on Thursday, March 20th. Stephens upgraded shares of ACV Auctions to a "hold" rating in a research report on Saturday, February 1st. Needham & Company LLC restated a "buy" rating and issued a $25.00 price target on shares of ACV Auctions in a research report on Thursday, May 8th. Bank of America upgraded shares of ACV Auctions from a "neutral" rating to a "buy" rating and reduced their price target for the stock from $22.00 to $20.00 in a research report on Wednesday, March 12th. Finally, JMP Securities cut their price objective 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. Two investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, ACV Auctions currently has an average rating of "Moderate Buy" and a consensus target price of $22.50.

ACV Auctions Stock Performance

NASDAQ:ACVA traded down $0.20 during mid-day trading on Friday, hitting $16.56. The stock had a trading volume of 1,475,466 shares, compared to its average volume of 1,666,314. The stock has a market capitalization of $2.83 billion, a price-to-earnings ratio of -33.80 and a beta of 1.72. The company has a 50 day simple moving average of $15.10 and a 200-day simple moving average of $18.41. ACV Auctions Inc. has a 52 week low of $11.88 and a 52 week high of $23.46. The company has a current ratio of 1.56, a quick ratio of 1.56 and a debt-to-equity ratio of 0.28.

ACV Auctions (NASDAQ:ACVA - Get Free Report) last released its 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 for the quarter was up 25.4% on a year-over-year basis. During the same quarter last year, the firm posted ($0.13) EPS. On average, research analysts expect that ACV Auctions Inc. will post -0.07 earnings per share for the current fiscal year.

Insider Buying and Selling at ACV Auctions

In other ACV Auctions news, insider Michael Waterman sold 223,330 shares of the firm's stock in a transaction dated Tuesday, May 13th. The shares were sold at an average price of $17.00, for a total transaction of $3,796,610.00. Following the transaction, the insider now owns 466,548 shares of the company's stock, valued at approximately $7,931,316. This trade represents a 32.37% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO William Zerella sold 15,000 shares of the firm's 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 transaction, the chief financial officer now directly owns 766,266 shares in the company, valued at approximately $10,367,578.98. The trade was a 1.92% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 586,579 shares of company stock valued at $9,341,700. Company insiders own 8.50% of the company's stock.

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.