ACV Auctions Inc. (NASDAQ:ACVA) Shares Sold by Squarepoint Ops LLC

Squarepoint Ops LLC cut its position in ACV Auctions Inc. (NASDAQ:ACVA - Free Report) by 6.1% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 383,937 shares of the company's stock after selling 25,063 shares during the period. Squarepoint Ops LLC owned 0.23% of ACV Auctions worth $8,293,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in ACVA. Raymond James Financial Inc. bought a new position in shares of ACV Auctions in the fourth quarter valued at approximately $4,704,000. Intech Investment Management LLC increased its position in shares of ACV Auctions by 55.7% during the fourth quarter. Intech Investment Management LLC now owns 62,395 shares of the company's stock valued at $1,348,000 after acquiring an additional 22,310 shares during the last quarter. Charles Schwab Investment Management Inc. increased its position in shares of ACV Auctions by 3.9% during the fourth 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 during the last quarter. TimesSquare Capital Management LLC increased its position in shares of ACV Auctions by 6.7% during the fourth 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 last quarter. Finally, Vanguard Group Inc. increased its position in shares of ACV Auctions by 5.5% during the fourth quarter. Vanguard Group Inc. now owns 14,245,915 shares of the company's stock valued at $307,712,000 after acquiring an additional 738,391 shares during the last quarter. 88.55% of the stock is owned by institutional investors.

ACV Auctions Trading Down 2.2%

ACVA traded down $0.37 on Thursday, hitting $16.35. The company had a trading volume of 331,685 shares, compared to its average volume of 1,665,833. The company has a market cap of $2.80 billion, a PE ratio of -33.27 and a beta of 1.72. ACV Auctions Inc. has a 12-month low of $11.88 and a 12-month 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's fifty day simple moving average is $15.19 and its 200 day simple moving average is $18.35.

ACV Auctions (NASDAQ:ACVA - Get Free Report) last released 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%. ACV Auctions's revenue for the quarter was up 25.4% on a year-over-year basis. During the same period in the previous year, the business posted ($0.13) earnings per share. Equities research analysts expect that ACV Auctions Inc. will post -0.07 EPS for the current year.

Analyst Ratings Changes

A number of research firms have issued reports on ACVA. JMP Securities decreased their target price on ACV Auctions from $22.00 to $18.00 and set a "market outperform" rating for the company in a research report on Wednesday, April 9th. Stephens upgraded ACV Auctions to a "hold" rating in a research report on Saturday, February 1st. 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. Bank of America raised ACV Auctions from a "neutral" rating to a "buy" rating and dropped their price target for the stock from $22.00 to $20.00 in a research note on Wednesday, March 12th. Finally, JPMorgan Chase & Co. lowered their target price on ACV Auctions from $24.00 to $20.00 and set an "overweight" rating for the company in a research note on Thursday, March 27th. Two analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $22.50.

Insider Buying and Selling

In other ACV Auctions news, insider Michael Waterman sold 223,330 shares of the business's stock in a transaction that occurred on Tuesday, May 13th. The stock was sold at an average price of $17.00, for a total transaction of $3,796,610.00. Following the completion of the transaction, the insider now owns 466,548 shares in the company, valued at $7,931,316. The trade was a 32.37% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CFO William Zerella sold 15,000 shares of ACV Auctions stock in a transaction that occurred 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 sale, the chief financial officer now directly owns 766,266 shares of the company's stock, valued at $10,367,578.98. This represents a 1.92% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 586,579 shares of company stock worth $9,341,700. Corporate insiders own 2.90% 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.