Spyglass Capital Management LLC Acquires 302,341 Shares of ACV Auctions Inc. (NASDAQ:ACVA)

Spyglass Capital Management LLC raised its holdings in ACV Auctions Inc. (NASDAQ:ACVA - Free Report) by 11.6% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 2,916,586 shares of the company's stock after acquiring an additional 302,341 shares during the quarter. ACV Auctions comprises 3.5% of Spyglass Capital Management LLC's portfolio, making the stock its 16th largest position. Spyglass Capital Management LLC owned approximately 1.74% of ACV Auctions worth $62,998,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Blue Trust Inc. boosted its position in shares of ACV Auctions by 65.8% during the fourth quarter. Blue Trust Inc. now owns 2,352 shares of the company's stock worth $48,000 after purchasing an additional 933 shares in the last quarter. KBC Group NV boosted its position in shares of ACV Auctions by 80.4% during the fourth quarter. KBC Group NV now owns 7,406 shares of the company's stock worth $160,000 after purchasing an additional 3,300 shares in the last quarter. LPL Financial LLC bought a new position in shares of ACV Auctions during the fourth quarter worth $226,000. Xponance Inc. bought a new position in shares of ACV Auctions during the fourth quarter worth $229,000. Finally, Versor Investments LP bought a new position in shares of ACV Auctions during the fourth quarter worth $262,000. 88.55% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on ACVA. JPMorgan Chase & Co. reduced their price target on shares of ACV Auctions from $24.00 to $20.00 and set an "overweight" rating on the stock in a research report on Thursday, March 27th. Bank of America raised 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. Stephens raised shares of ACV Auctions to a "hold" rating in a research report on Saturday, February 1st. 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. Finally, Piper Sandler raised shares of ACV Auctions from a "neutral" rating to an "overweight" rating and boosted their price objective for the company from $18.00 to $20.00 in a research report on Thursday, March 20th. Two equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the company. According to data from MarketBeat, ACV Auctions currently has a consensus rating of "Moderate Buy" and a consensus price target of $22.50.

Insiders Place Their Bets

In other news, CFO William Zerella sold 15,000 shares of the business'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 $10,367,578.98. The trade was a 1.92% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO George Chamoun sold 348,249 shares of the business's stock in a transaction dated Thursday, March 20th. The stock was sold at an average price of $15.34, for a total transaction of $5,342,139.66. Following the transaction, the chief executive officer now owns 2,821,193 shares in the company, valued at $43,277,100.62. This represents a 10.99% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 586,579 shares of company stock valued at $9,341,700 in the last three months. 8.50% of the stock is currently owned by corporate insiders.

ACV Auctions Stock Down 1.2%

NASDAQ:ACVA traded down $0.20 on Friday, hitting $16.56. 1,475,466 shares of the company's stock were exchanged, compared to its average volume of 1,662,761. The firm has a 50-day moving average price of $15.10 and a 200-day moving average price of $18.41. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.56 and a quick ratio of 1.56. ACV Auctions Inc. has a 52 week low of $11.88 and a 52 week high of $23.46. The company has a market cap of $2.83 billion, a P/E ratio of -33.80 and a beta of 1.72.

ACV Auctions (NASDAQ:ACVA - Get Free Report) last issued 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%. During the same quarter in the prior year, the firm earned ($0.13) EPS. The business's revenue was up 25.4% compared to the same quarter last year. As a group, analysts expect that ACV Auctions Inc. will post -0.07 EPS for the current fiscal year.

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.