ThornTree Capital Partners LP grew its holdings in ACV Auctions Inc. (NASDAQ:ACVA - Free Report) by 27.2% during the fourth quarter, according to the company in its most recent filing with the SEC. The fund owned 1,040,719 shares of the company's stock after acquiring an additional 222,854 shares during the quarter. ACV Auctions comprises 2.9% of ThornTree Capital Partners LP's investment portfolio, making the stock its 9th biggest holding. ThornTree Capital Partners LP owned about 0.62% of ACV Auctions worth $22,480,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors have also made changes to their positions in ACVA. William Blair Investment Management LLC boosted its holdings in ACV Auctions by 43.2% in the fourth quarter. William Blair Investment Management LLC now owns 12,099,686 shares of the company's stock valued at $261,353,000 after purchasing an additional 3,652,871 shares in the last quarter. Driehaus Capital Management LLC lifted its position in shares of ACV Auctions by 128.5% during the 4th quarter. Driehaus Capital Management LLC now owns 2,837,165 shares of the company's stock worth $61,283,000 after buying an additional 1,595,657 shares during the last quarter. Franklin Resources Inc. boosted its holdings in shares of ACV Auctions by 2,346.2% in the 4th quarter. Franklin Resources Inc. now owns 1,001,365 shares of the company's stock valued at $21,629,000 after buying an additional 960,430 shares in the last quarter. Frontier Capital Management Co. LLC grew its position in shares of ACV Auctions by 59.7% in the 4th quarter. Frontier Capital Management Co. LLC now owns 2,061,028 shares of the company's stock valued at $44,518,000 after buying an additional 770,828 shares during the last quarter. Finally, Vanguard Group Inc. raised its stake in ACV Auctions by 5.5% during the 4th 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. Institutional investors and hedge funds own 88.55% of the company's stock.
Insider Activity
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 transaction, the insider now owns 466,548 shares in the company, valued at approximately $7,931,316. The trade was a 32.37% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CFO William Zerella sold 15,000 shares of the stock in a transaction that occurred on Tuesday, March 11th. The stock was sold at an average price of $13.53, for a total value of $202,950.00. Following the transaction, the chief financial officer now directly owns 766,266 shares of the company's stock, valued at approximately $10,367,578.98. This trade represents a 1.92% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 586,579 shares of company stock valued at $9,341,700 over the last quarter. Corporate insiders own 8.50% of the company's stock.
Analysts Set New Price Targets
Several equities analysts have issued reports on ACVA shares. Piper Sandler upgraded shares of ACV Auctions from a "neutral" rating to an "overweight" rating and upped their price objective for the company from $18.00 to $20.00 in a research note on Thursday, March 20th. JPMorgan Chase & Co. decreased their target price on ACV Auctions from $24.00 to $20.00 and set an "overweight" rating for the company in a research report on Thursday, March 27th. JMP Securities cut their price target on 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. Needham & Company LLC reissued a "buy" rating and issued a $25.00 price objective on shares of ACV Auctions in a report on Thursday, May 8th. Finally, Bank of America upgraded shares of 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 issued a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $22.50.
Get Our Latest Research Report on ACVA
ACV Auctions Stock Performance
Shares of ACVA stock traded down $0.13 during midday trading on Tuesday, hitting $16.74. The company had a trading volume of 1,332,557 shares, compared to its average volume of 1,663,867. The stock has a market cap of $2.86 billion, a price-to-earnings ratio of -34.16 and a beta of 1.72. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.56 and a quick ratio of 1.56. The company's 50 day simple moving average is $14.96 and its 200 day simple moving average is $18.44. ACV Auctions Inc. has a 52-week low of $11.88 and a 52-week high of $23.46.
ACV Auctions (NASDAQ:ACVA - Get Free Report) last issued its quarterly earnings results on Wednesday, May 7th. The company reported ($0.09) earnings per share 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%. The firm's revenue for the quarter was up 25.4% compared to the same quarter last year. During the same period last year, the company earned ($0.13) EPS. Research analysts anticipate that ACV Auctions Inc. will post -0.07 earnings per share for the current fiscal year.
About ACV Auctions
(
Free Report)
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.
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