ACV Auctions Inc. (NASDAQ:ACVA) Stock Holdings Increased by TimesSquare Capital Management LLC

TimesSquare Capital Management LLC increased its position in ACV Auctions Inc. (NASDAQ:ACVA - Free Report) by 33.9% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 2,533,258 shares of the company's stock after purchasing an additional 641,631 shares during the quarter. TimesSquare Capital Management LLC owned 1.50% of ACV Auctions worth $35,694,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also made changes to their positions in the company. Iridian Asset Management LLC CT boosted its stake in shares of ACV Auctions by 77.9% in the first quarter. Iridian Asset Management LLC CT now owns 1,967,332 shares of the company's stock valued at $27,720,000 after purchasing an additional 861,178 shares during the period. Bank of New York Mellon Corp boosted its stake in ACV Auctions by 6.7% during the 1st quarter. Bank of New York Mellon Corp now owns 1,095,964 shares of the company's stock valued at $15,442,000 after acquiring an additional 68,513 shares during the last quarter. Teacher Retirement System of Texas bought a new position in ACV Auctions during the 1st quarter valued at $315,000. Bessemer Group Inc. boosted its stake in ACV Auctions by 14.5% during the 1st quarter. Bessemer Group Inc. now owns 9,911 shares of the company's stock valued at $140,000 after acquiring an additional 1,257 shares during the last quarter. Finally, Oppenheimer Asset Management Inc. raised its holdings in shares of ACV Auctions by 9.8% during the first quarter. Oppenheimer Asset Management Inc. now owns 227,811 shares of the company's stock worth $3,210,000 after purchasing an additional 20,400 shares during the period. 88.55% of the stock is currently owned by hedge funds and other institutional investors.

ACV Auctions Price Performance

Shares of NASDAQ:ACVA traded down $0.02 during trading hours on Thursday, hitting $15.31. 882,412 shares of the company's stock traded hands, compared to its average volume of 1,735,779. ACV Auctions Inc. has a 52 week low of $11.88 and a 52 week high of $23.46. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.56 and a current ratio of 1.56. The company's fifty day simple moving average is $16.33 and its two-hundred day simple moving average is $17.03. The company has a market cap of $2.62 billion, a price-to-earnings ratio of -31.27 and a beta of 1.71.

ACV Auctions (NASDAQ:ACVA - Get Free Report) last announced its 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 last year, the firm earned ($0.13) earnings per share. ACV Auctions's revenue for the quarter was up 25.4% compared to the same quarter last year. As a group, equities analysts anticipate that ACV Auctions Inc. will post -0.07 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on ACVA. JPMorgan Chase & Co. dropped their target price on shares of ACV Auctions from $24.00 to $20.00 and set an "overweight" rating on the stock in a report on Thursday, March 27th. JMP Securities increased their price objective on shares of ACV Auctions from $18.00 to $20.00 and gave the stock a "market outperform" rating in a report on Wednesday, July 2nd. Piper Sandler raised shares of ACV Auctions from a "neutral" rating to an "overweight" rating and increased their price objective for the stock from $18.00 to $20.00 in a report on Thursday, March 20th. Citigroup dropped their price objective on shares of ACV Auctions from $22.00 to $21.00 and set a "buy" rating on the stock in a report on Monday, July 7th. Finally, Needham & Company LLC reissued a "buy" rating and set a $25.00 target price on shares of ACV Auctions in a research note on Thursday, May 8th. Two investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $22.14.

Insider Activity at ACV Auctions

In other ACV Auctions news, insider Michael Waterman sold 223,330 shares of the firm's stock in a transaction dated Tuesday, May 13th. The shares were sold at an average price of $17.00, for a total value of $3,796,610.00. Following the completion of the transaction, the insider directly owned 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 sale was disclosed in a filing with the SEC, which is available through this link. 2.90% of the stock is currently owned by insiders.

ACV Auctions 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.