Squarepoint Ops LLC Decreases Holdings in ACV Auctions Inc. (NASDAQ:ACVA)

Squarepoint Ops LLC cut its holdings in ACV Auctions Inc. (NASDAQ:ACVA - Free Report) by 6.1% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 383,937 shares of the company's stock after selling 25,063 shares during the period. Squarepoint Ops LLC owned approximately 0.23% of ACV Auctions worth $8,293,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors also recently made changes to their positions in ACVA. Raymond James Financial Inc. bought a new stake in ACV Auctions in the fourth quarter worth approximately $4,704,000. Intech Investment Management LLC grew its position in shares of ACV Auctions by 55.7% during the 4th quarter. Intech Investment Management LLC now owns 62,395 shares of the company's stock worth $1,348,000 after buying an additional 22,310 shares during the period. Charles Schwab Investment Management Inc. increased its stake in shares of ACV Auctions by 3.9% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,289,362 shares of the company's stock valued at $27,850,000 after acquiring an additional 48,021 shares in the last quarter. TimesSquare Capital Management LLC lifted its position in shares of ACV Auctions by 6.7% during the 4th quarter. TimesSquare Capital Management LLC now owns 1,891,627 shares of the company's stock valued at $40,859,000 after acquiring an additional 118,421 shares during the period. Finally, Vanguard Group Inc. boosted its stake in ACV Auctions by 5.5% during the fourth quarter. Vanguard Group Inc. now owns 14,245,915 shares of the company's stock worth $307,712,000 after acquiring an additional 738,391 shares in the last quarter. 88.55% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research firms have weighed in on ACVA. Needham & Company LLC reaffirmed a "buy" rating and issued a $25.00 price target on shares of ACV Auctions in a research note on Thursday, May 8th. Stephens raised ACV Auctions to a "hold" rating in a research report on Saturday, February 1st. JPMorgan Chase & Co. cut their price target on ACV Auctions from $24.00 to $20.00 and set an "overweight" rating on the stock in a report on Thursday, March 27th. Piper Sandler raised ACV Auctions from a "neutral" rating to an "overweight" rating and raised their price objective for the company from $18.00 to $20.00 in a research note on Thursday, March 20th. Finally, Bank of America raised 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 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. According to data from MarketBeat, ACV Auctions has an average rating of "Moderate Buy" and a consensus target price of $22.50.

ACV Auctions Stock Up 2.4%

Shares of NASDAQ:ACVA traded up $0.40 during mid-day trading on Tuesday, hitting $16.92. 2,159,016 shares of the company traded hands, compared to its average volume of 1,668,285. The stock has a 50-day moving average price of $15.13 and a two-hundred day moving average price of $18.38. ACV Auctions Inc. has a 12-month low of $11.88 and a 12-month high of $23.46. The stock has a market cap of $2.89 billion, a P/E ratio of -34.53 and a beta of 1.72. 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 posted its quarterly earnings data on Wednesday, May 7th. The company reported ($0.09) earnings per share (EPS) for the quarter, missing analysts' consensus estimates 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 company's revenue was up 25.4% compared to the same quarter last year. During the same quarter in the previous year, the company earned ($0.13) EPS. On average, equities research analysts forecast that ACV Auctions Inc. will post -0.07 earnings per share for the current year.

Insider Buying and Selling

In related news, CEO George Chamoun sold 348,249 shares of the stock in a transaction that occurred on 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 completion of the sale, the chief executive officer now directly owns 2,821,193 shares of the company's stock, valued at approximately $43,277,100.62. This trade represents a 10.99% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Michael Waterman sold 223,330 shares of ACV Auctions stock in a transaction 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 sale, the insider now owns 466,548 shares in the company, valued at $7,931,316. This trade represents a 32.37% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 586,579 shares of company stock worth $9,341,700. 2.90% of the stock is owned by insiders.

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.