Two Star Manager LLC increased its holdings in shares of ACV Auctions Inc. (NASDAQ:ACVA - Free Report) by 42.2% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 476,041 shares of the company's stock after purchasing an additional 141,347 shares during the quarter. ACV Auctions makes up approximately 4.8% of Two Star Manager LLC's portfolio, making the stock its 12th biggest position. Two Star Manager LLC owned approximately 0.28% of ACV Auctions worth $10,282,000 as of its most recent SEC filing.
Several other institutional investors have also recently added to or reduced their stakes in the business. William Blair Investment Management LLC lifted its holdings in shares of ACV Auctions by 43.2% in the 4th 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 during the last quarter. Driehaus Capital Management LLC grew its position in shares of ACV Auctions by 128.5% during the fourth quarter. Driehaus Capital Management LLC now owns 2,837,165 shares of the company's stock worth $61,283,000 after acquiring an additional 1,595,657 shares during the last quarter. Franklin Resources Inc. increased 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 acquiring an additional 960,430 shares during the period. Frontier Capital Management Co. LLC raised its position in 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 purchasing an additional 770,828 shares during the last quarter. Finally, Vanguard Group Inc. boosted 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 purchasing an additional 738,391 shares during the period. Hedge funds and other institutional investors own 88.55% of the company's stock.
ACV Auctions Trading Down 0.8%
NASDAQ ACVA traded down $0.13 during mid-day trading on Tuesday, reaching $16.74. 1,332,557 shares of the stock were exchanged, compared to its average volume of 1,663,867. 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 $2.86 billion, a PE ratio of -34.16 and a beta of 1.72. The business's fifty day simple moving average is $14.96 and its 200 day simple moving average is $18.44. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.56 and a current ratio of 1.56.
ACV Auctions (NASDAQ:ACVA - Get Free Report) last announced its quarterly earnings data 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 business earned ($0.13) EPS. The business's quarterly revenue was up 25.4% compared to the same quarter last year. On average, research analysts anticipate that ACV Auctions Inc. will post -0.07 earnings per share for the current fiscal year.
Insiders Place Their Bets
In related news, CEO George Chamoun sold 348,249 shares of the company's stock in a transaction on Thursday, March 20th. The shares were sold at an average price of $15.34, for a total transaction of $5,342,139.66. Following the completion of the sale, the chief executive officer now directly owns 2,821,193 shares of the company's stock, valued at approximately $43,277,100.62. This represents a 10.99% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO William Zerella sold 15,000 shares of the firm's stock in a transaction dated Tuesday, March 11th. The shares were sold at an average price of $13.53, for a total value of $202,950.00. Following the sale, the chief financial officer now owns 766,266 shares in the company, valued at approximately $10,367,578.98. The trade was a 1.92% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 586,579 shares of company stock worth $9,341,700 over the last three months. 8.50% of the stock is owned by insiders.
Analysts Set New Price Targets
A number of equities research analysts have recently commented on ACVA shares. JPMorgan Chase & Co. reduced their target price 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. JMP Securities lowered their price target 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. Bank of America raised shares of ACV Auctions from a "neutral" rating to a "buy" rating and dropped their target price for the company from $22.00 to $20.00 in a report on Wednesday, March 12th. Needham & Company LLC reissued a "buy" rating and set a $25.00 price target on shares of ACV Auctions in a research note on Thursday, May 8th. Finally, Stephens raised ACV Auctions to a "hold" rating in a research note on Saturday, February 1st. Two equities 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, ACV Auctions presently has an average rating of "Moderate Buy" and a consensus target price of $22.50.
Read Our Latest Stock Analysis on ACV Auctions
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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