XTX Topco Ltd Purchases 58,674 Shares of ACV Auctions Inc. (NASDAQ:ACVA)

Key Points

• XTX Topco Ltd increased its stake in ACV Auctions by 270.6% in the first quarter, acquiring an additional 58,674 shares, bringing its total holdings to 80,355 shares valued at approximately $1.13 million.
• Recent analyst reports show a mixed sentiment on ACV Auctions, with price targets ranging from $19.00 to $25.00 and a consensus rating of "Moderate Buy".
• Shares of ACV Auctions are currently trading at $13.51 and have experienced a decline of 5.0% recently, with the company reporting a negative earnings surprise of ($0.09) EPS.

XTX Topco Ltd increased its position in shares of ACV Auctions Inc. (NASDAQ:ACVA - Free Report) by 270.6% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 80,355 shares of the company's stock after acquiring an additional 58,674 shares during the quarter. XTX Topco Ltd's holdings in ACV Auctions were worth $1,132,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Driehaus Capital Management LLC boosted its stake in shares of ACV Auctions by 128.5% in the fourth quarter. Driehaus Capital Management LLC now owns 2,837,165 shares of the company's stock valued at $61,283,000 after purchasing an additional 1,595,657 shares during the period. Franklin Resources Inc. lifted its holdings in ACV Auctions by 2,346.2% during the 4th quarter. Franklin Resources Inc. now owns 1,001,365 shares of the company's stock worth $21,629,000 after buying an additional 960,430 shares in the last quarter. Iridian Asset Management LLC CT lifted its holdings in ACV Auctions by 77.9% during the 1st quarter. Iridian Asset Management LLC CT now owns 1,967,332 shares of the company's stock worth $27,720,000 after buying an additional 861,178 shares in the last quarter. Frontier Capital Management Co. LLC lifted its holdings in ACV Auctions by 59.7% during the 4th quarter. Frontier Capital Management Co. LLC now owns 2,061,028 shares of the company's stock worth $44,518,000 after buying an additional 770,828 shares in the last quarter. Finally, Vanguard Group Inc. lifted its holdings 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 buying an additional 738,391 shares in the last quarter. Institutional investors and hedge funds own 88.55% of the company's stock.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on the stock. Citigroup cut their target price on shares of ACV Auctions from $22.00 to $21.00 and set a "buy" rating on the stock in a research note on Monday, July 7th. JMP Securities increased their price objective on ACV Auctions from $18.00 to $20.00 and gave the company a "market outperform" rating in a report on Wednesday, July 2nd. 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, JPMorgan Chase & Co. decreased their price target on ACV Auctions from $20.00 to $19.00 and set an "overweight" rating for the company in a report on Thursday, July 17th. Two equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $22.05.

ACV Auctions Price Performance

NASDAQ ACVA traded up $0.28 during trading hours on Monday, reaching $13.79. 3,776,734 shares of the company's stock were exchanged, compared to its average volume of 2,038,104. The stock has a market cap of $2.36 billion, a PE ratio of -28.15 and a beta of 1.70. ACV Auctions Inc. has a one year low of $11.88 and a one year high of $23.46. The firm has a fifty day moving average of $15.81 and a 200-day moving average of $16.42. 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 announced its quarterly earnings data on Wednesday, May 7th. The company reported ($0.09) EPS for the quarter, missing analysts' consensus estimates of $0.04 by ($0.13). ACV Auctions had a negative net margin of 12.51% and a negative return on equity of 12.94%. The business's revenue for the quarter was up 25.4% on a year-over-year basis. During the same period in the prior year, the business earned ($0.13) earnings per share. On average, equities research analysts predict that ACV Auctions Inc. will post -0.07 earnings per share for the current fiscal year.

Insider Activity

In other news, insider Michael Waterman sold 223,330 shares of ACV Auctions stock in a transaction dated 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 owned 466,548 shares in the company, valued at $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 available at this hyperlink. Also, insider Craig Eric Anderson sold 15,000 shares of the firm's stock in a transaction that occurred on Tuesday, July 22nd. The stock was sold at an average price of $15.04, for a total transaction of $225,600.00. Following the transaction, the insider directly owned 340,799 shares of the company's stock, valued at $5,125,616.96. This represents a 4.22% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 272,669 shares of company stock worth $4,573,351 in the last quarter. 2.90% of the stock is currently owned by company 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.