Teacher Retirement System of Texas Takes Position in ACV Auctions Inc. (NASDAQ:ACVA)

Teacher Retirement System of Texas acquired a new stake in shares of ACV Auctions Inc. (NASDAQ:ACVA - Free Report) in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 22,388 shares of the company's stock, valued at approximately $315,000.

Several other institutional investors have also added to or reduced their stakes in ACVA. Versant Capital Management Inc grew its holdings in ACV Auctions by 464.4% during the 1st quarter. Versant Capital Management Inc now owns 2,201 shares of the company's stock worth $31,000 after acquiring an additional 1,811 shares during the period. GAMMA Investing LLC boosted its position in shares of ACV Auctions by 3,005.8% during the 1st quarter. GAMMA Investing LLC now owns 5,932 shares of the company's stock worth $84,000 after purchasing an additional 5,741 shares in the last quarter. Integrated Advisors Network LLC bought a new position in shares of ACV Auctions during the 4th quarter worth about $200,000. Mackenzie Financial Corp bought a new position in shares of ACV Auctions during the 4th quarter worth about $206,000. Finally, Bessemer Group Inc. boosted its position in shares of ACV Auctions by 14.5% during the 1st quarter. Bessemer Group Inc. now owns 9,911 shares of the company's stock worth $140,000 after purchasing an additional 1,257 shares in the last quarter. 88.55% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

ACVA has been the topic of several recent analyst reports. Citigroup dropped their target price on shares of ACV Auctions from $22.00 to $21.00 and set a "buy" rating on the stock in a research report on Monday, July 7th. JMP Securities raised their price target on shares of ACV Auctions from $18.00 to $20.00 and gave the stock a "market outperform" rating in a research note on Wednesday, July 2nd. Needham & Company LLC restated a "buy" rating and set a $25.00 price target on shares of ACV Auctions in a research note on Thursday, May 8th. Finally, JPMorgan Chase & Co. decreased their price target on shares of ACV Auctions from $20.00 to $19.00 and set an "overweight" rating for the company in a research note on Thursday. 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, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $22.05.

Insider Activity

In other ACV Auctions news, insider Michael Waterman sold 34,339 shares of the stock in a transaction dated Tuesday, July 8th. The shares were sold at an average price of $16.05, for a total transaction of $551,140.95. Following the completion of the transaction, the insider owned 379,957 shares of the company's stock, valued at $6,098,309.85. This trade represents a 8.29% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Corporate insiders own 2.90% of the company's stock.

ACV Auctions Stock Down 1.8%

Shares of ACV Auctions stock traded down $0.28 on Friday, reaching $15.09. The stock had a trading volume of 1,433,294 shares, compared to its average volume of 1,745,126. The company has a 50 day moving average price of $16.28 and a 200 day moving average price of $16.94. The company has a quick ratio of 1.56, a current ratio of 1.56 and a debt-to-equity ratio of 0.28. ACV Auctions Inc. has a 1 year low of $11.88 and a 1 year high of $23.46. The stock has a market capitalization of $2.58 billion, a P/E ratio of -30.79 and a beta of 1.71.

ACV Auctions (NASDAQ:ACVA - Get Free Report) last announced its quarterly earnings data 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%. During the same quarter last year, the firm earned ($0.13) EPS. The business's revenue was up 25.4% on a year-over-year basis. As a group, equities research analysts forecast that ACV Auctions Inc. will post -0.07 EPS for the current year.

ACV Auctions Company 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.