Two Star Manager LLC Increases Position in ACV Auctions Inc. (NASDAQ:ACVA)

Two Star Manager LLC increased its holdings in shares of ACV Auctions Inc. (NASDAQ:ACVA - Free Report) by 42.2% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 476,041 shares of the company's stock after buying an additional 141,347 shares during the period. ACV Auctions comprises 4.8% of Two Star Manager LLC's investment portfolio, making the stock its 12th largest holding. Two Star Manager LLC owned approximately 0.28% of ACV Auctions worth $10,282,000 as of its most recent SEC filing.

Other hedge funds also recently added to or reduced their stakes in the company. Raymond James Financial Inc. purchased a new stake in shares of ACV Auctions during the fourth quarter worth $4,704,000. Intech Investment Management LLC grew its stake in ACV Auctions by 55.7% during the 4th quarter. Intech Investment Management LLC now owns 62,395 shares of the company's stock worth $1,348,000 after purchasing an additional 22,310 shares in the last quarter. Charles Schwab Investment Management Inc. increased its holdings in ACV Auctions by 3.9% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,289,362 shares of the company's stock worth $27,850,000 after purchasing an additional 48,021 shares during the period. TimesSquare Capital Management LLC increased its holdings in ACV Auctions by 6.7% during the 4th quarter. TimesSquare Capital Management LLC now owns 1,891,627 shares of the company's stock worth $40,859,000 after purchasing an additional 118,421 shares during the period. Finally, Vanguard Group Inc. raised its position in ACV Auctions by 5.5% in the 4th quarter. Vanguard Group Inc. now owns 14,245,915 shares of the company's stock valued at $307,712,000 after purchasing an additional 738,391 shares in the last quarter. 88.55% of the stock is currently owned by institutional investors and hedge funds.

ACV Auctions Stock Performance

Shares of NASDAQ ACVA traded down $0.17 during trading hours on Friday, reaching $16.59. The stock had a trading volume of 346,669 shares, compared to its average volume of 1,655,368. The firm has a market cap of $2.84 billion, a price-to-earnings ratio of -33.84 and a beta of 1.72. ACV Auctions Inc. has a fifty-two week low of $11.88 and a fifty-two week high of $23.46. The firm has a 50-day moving average of $15.05 and a 200-day moving average of $18.42. The company has a current ratio of 1.56, a quick 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 analysts' consensus estimates 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 company's quarterly revenue was up 25.4% compared to the same quarter last year. During the same quarter last year, the firm posted ($0.13) EPS. Equities research analysts predict that ACV Auctions Inc. will post -0.07 earnings per share for the current year.

Analysts Set New Price Targets

A number of equities analysts have recently commented on the company. Piper Sandler raised ACV Auctions from a "neutral" rating to an "overweight" rating and boosted their price objective for the stock from $18.00 to $20.00 in a research report on Thursday, March 20th. Needham & Company LLC reiterated a "buy" rating and set a $25.00 price target on shares of ACV Auctions in a report on Thursday, May 8th. Bank of America upgraded shares of ACV Auctions from a "neutral" rating to a "buy" rating and reduced their price objective for the company from $22.00 to $20.00 in a report on Wednesday, March 12th. Stephens upgraded shares of ACV Auctions to a "hold" rating in a research note on Saturday, February 1st. Finally, JPMorgan Chase & Co. dropped their target price on ACV Auctions from $24.00 to $20.00 and set an "overweight" rating on the stock in a report on Thursday, March 27th. Two research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat, ACV Auctions presently has a consensus rating of "Moderate Buy" and an average target price of $22.50.

Insider Buying and Selling at ACV Auctions

In related news, CFO William Zerella sold 15,000 shares of the stock in a transaction on Tuesday, March 11th. The stock was sold at an average price of $13.53, for a total transaction of $202,950.00. Following the completion of the sale, the chief financial officer now directly owns 766,266 shares of the company's stock, valued at $10,367,578.98. This trade represents a 1.92% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Michael Waterman sold 223,330 shares of the company's stock in a transaction 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 of the company's stock, valued at approximately $7,931,316. The trade was a 32.37% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 586,579 shares of company stock worth $9,341,700. 8.50% of the stock is currently owned by insiders.

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.