ACV Auctions Inc. (NASDAQ:ACVA) Shares Purchased by XTX Topco Ltd

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 raised its position in ACV Auctions Inc. (NASDAQ:ACVA - Free Report) by 270.6% in the 1st quarter, according to its most recent filing with the SEC. The firm owned 80,355 shares of the company's stock after acquiring an additional 58,674 shares during the period. XTX Topco Ltd's holdings in ACV Auctions were worth $1,132,000 at the end of the most recent reporting period.

Several other hedge funds also recently made changes to their positions in the company. Brighton Jones LLC acquired a new position in shares of ACV Auctions during the 4th quarter worth $392,000. LPL Financial LLC acquired a new position in shares of ACV Auctions during the 4th quarter worth $226,000. Vanguard Group Inc. grew its stake in shares of 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. JPMorgan Chase & Co. grew its stake in shares of ACV Auctions by 0.6% during the 4th quarter. JPMorgan Chase & Co. now owns 3,186,130 shares of the company's stock worth $68,820,000 after purchasing an additional 18,515 shares during the period. Finally, Norges Bank acquired a new position in shares of ACV Auctions during the 4th quarter worth $10,746,000. Institutional investors and hedge funds own 88.55% of the company's stock.

Insiders Place Their Bets

In related news, insider Michael Waterman sold 223,330 shares of ACV Auctions stock in a transaction 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 transaction, the insider owned 466,548 shares in the company, valued at approximately $7,931,316. This trade represents a 32.37% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Craig Eric Anderson sold 15,000 shares of the stock in a transaction on Tuesday, July 22nd. The shares were sold at an average price of $15.04, for a total value of $225,600.00. Following the completion of the sale, the insider owned 340,799 shares of the company's stock, valued at approximately $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 sold 272,669 shares of company stock worth $4,573,351 in the last quarter. 2.90% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently weighed in on the stock. JMP Securities upped their price target on shares of ACV Auctions from $18.00 to $20.00 and gave the stock a "market outperform" rating in a research note on Wednesday, July 2nd. JPMorgan Chase & Co. lowered their price objective on shares of ACV Auctions from $20.00 to $19.00 and set an "overweight" rating on the stock in a research note on Thursday, July 17th. Citigroup lowered their price objective 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. Finally, Needham & Company LLC reissued a "buy" rating and issued a $25.00 price objective on shares of ACV Auctions in a research note on Thursday, May 8th. Two research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $22.05.

ACV Auctions Price Performance

Shares of ACVA traded up $0.21 during trading hours on Wednesday, reaching $14.36. 1,329,399 shares of the company traded hands, compared to its average volume of 2,034,299. The company has a quick ratio of 1.56, a current ratio of 1.56 and a debt-to-equity ratio of 0.28. The stock has a market capitalization of $2.46 billion, a PE ratio of -29.40 and a beta of 1.70. ACV Auctions Inc. has a fifty-two week low of $11.88 and a fifty-two week high of $23.46. The stock has a fifty day simple moving average of $15.70 and a 200 day simple moving average of $16.35.

ACV Auctions (NASDAQ:ACVA - Get Free Report) last posted 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 firm's revenue for the quarter was up 25.4% compared to the same quarter last year. During the same period last year, the business posted ($0.13) EPS. As a group, research analysts predict that ACV Auctions Inc. will post -0.07 EPS for the current fiscal year.

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.