Trust Point Inc. Sells 16,386 Shares of ACV Auctions Inc. (NASDAQ:ACVA)

Trust Point Inc. lessened its holdings in ACV Auctions Inc. (NASDAQ:ACVA - Free Report) by 36.0% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 29,069 shares of the company's stock after selling 16,386 shares during the quarter. Trust Point Inc.'s holdings in ACV Auctions were worth $410,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also added to or reduced their stakes in the company. Versant Capital Management Inc increased its position in shares of ACV Auctions by 464.4% in the first quarter. Versant Capital Management Inc now owns 2,201 shares of the company's stock valued at $31,000 after acquiring an additional 1,811 shares during the period. Blue Trust Inc. grew its stake in shares of ACV Auctions by 65.8% in the fourth quarter. Blue Trust Inc. now owns 2,352 shares of the company's stock worth $48,000 after purchasing an additional 933 shares during the last quarter. GAMMA Investing LLC increased its holdings in ACV Auctions by 3,005.8% during the 1st quarter. GAMMA Investing LLC now owns 5,932 shares of the company's stock valued at $84,000 after purchasing an additional 5,741 shares during the period. Integrated Advisors Network LLC bought a new position in ACV Auctions during the 4th quarter valued at approximately $200,000. Finally, Mackenzie Financial Corp bought a new position in ACV Auctions during the 4th quarter valued at approximately $206,000. 88.55% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of equities analysts recently commented on ACVA shares. Needham & Company LLC restated a "buy" rating and set a $25.00 target price on shares of ACV Auctions in a report on Thursday, May 8th. JPMorgan Chase & Co. decreased their price objective on shares of ACV Auctions from $24.00 to $20.00 and set an "overweight" rating for the company in a report on Thursday, March 27th. Bank of America raised shares of ACV Auctions from a "neutral" rating to a "buy" rating and dropped their target price for the stock from $22.00 to $20.00 in a research report on Wednesday, March 12th. JMP Securities cut their target price on shares of ACV Auctions from $22.00 to $18.00 and set a "market outperform" rating on the stock in a research note on Wednesday, April 9th. Finally, Piper Sandler raised shares of ACV Auctions from a "neutral" rating to an "overweight" rating and increased their price target for the stock from $18.00 to $20.00 in a research note on Thursday, March 20th. Two research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. Based on data from MarketBeat.com, ACV Auctions currently has a consensus rating of "Moderate Buy" and a consensus target price of $22.50.

ACV Auctions Stock Performance

Shares of NASDAQ ACVA traded up $0.12 during trading on Friday, reaching $15.66. 871,800 shares of the company traded hands, compared to its average volume of 1,704,069. The firm has a 50 day simple moving average of $15.78 and a 200-day simple moving average of $17.74. ACV Auctions Inc. has a 52-week low of $11.88 and a 52-week high of $23.46. The stock has a market capitalization of $2.68 billion, a PE ratio of -31.97 and a beta of 1.74. 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 (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%. During the same quarter in the previous year, the firm posted ($0.13) EPS. The company's revenue for the quarter was up 25.4% compared to the same quarter last year. Equities research analysts anticipate that ACV Auctions Inc. will post -0.07 earnings per share for the current year.

Insider Activity

In other ACV Auctions news, insider Michael Waterman sold 223,330 shares of the company'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 value of $3,796,610.00. Following the completion of the transaction, the insider now directly owns 466,548 shares in the company, valued at $7,931,316. This represents a 32.37% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Insiders own 2.90% of the company's stock.

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.