ACV Auctions Inc. (NASDAQ:ACVA) Shares Sold by Invesco Ltd.

Invesco Ltd. lowered its holdings in ACV Auctions Inc. (NASDAQ:ACVA - Free Report) by 8.6% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 296,765 shares of the company's stock after selling 27,998 shares during the period. Invesco Ltd. owned about 0.18% of ACV Auctions worth $6,410,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. 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 purchasing an additional 738,391 shares during the last quarter. William Blair Investment Management LLC boosted its holdings in shares of ACV Auctions by 43.2% during 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 acquiring an additional 3,652,871 shares in the last quarter. Alliancebernstein L.P. increased its holdings in ACV Auctions by 5.3% in the 4th quarter. Alliancebernstein L.P. now owns 5,622,255 shares of the company's stock worth $121,441,000 after purchasing an additional 284,880 shares in the last quarter. Jennison Associates LLC increased its stake in shares of ACV Auctions by 17.2% in the fourth quarter. Jennison Associates LLC now owns 4,980,354 shares of the company's stock valued at $107,576,000 after buying an additional 732,422 shares during the period. Finally, Geode Capital Management LLC grew its holdings in ACV Auctions by 1.7% during the 4th quarter. Geode Capital Management LLC now owns 3,575,347 shares of the company's stock worth $77,246,000 after acquiring an additional 58,259 shares during the last quarter. 88.55% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at ACV Auctions

In other news, insider Michael Waterman sold 15,000 shares of the stock in a transaction dated Tuesday, February 4th. The shares were sold at an average price of $20.27, for a total value of $304,050.00. Following the completion of the sale, the insider now directly owns 311,354 shares in the company, valued at $6,311,145.58. This represents a 4.60 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO George Chamoun sold 348,249 shares of the business's stock in a transaction dated Thursday, March 20th. The stock was sold at an average price of $15.34, for a total transaction of $5,342,139.66. Following the transaction, the chief executive officer now owns 2,821,193 shares in the company, valued at $43,277,100.62. The trade was a 10.99 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 378,249 shares of company stock valued at $5,849,140. 8.50% of the stock is owned by insiders.

ACV Auctions Stock Performance

Shares of ACVA stock traded up $0.33 during trading hours on Thursday, hitting $15.02. The company's stock had a trading volume of 280,611 shares, compared to its average volume of 1,610,272. The company has a current ratio of 1.56, a quick ratio of 1.56 and a debt-to-equity ratio of 0.28. The company has a 50 day moving average of $14.62 and a 200 day moving average of $18.62. ACV Auctions Inc. has a 12-month low of $11.88 and a 12-month high of $23.46. The stock has a market cap of $2.53 billion, a PE ratio of -30.59 and a beta of 1.74.

ACV Auctions (NASDAQ:ACVA - Get Free Report) last issued its quarterly earnings data on Wednesday, February 19th. The company reported ($0.14) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.15) by $0.01. The business had revenue of $159.51 million during the quarter, compared to analysts' expectations of $156.77 million. ACV Auctions had a negative return on equity of 12.94% and a negative net margin of 12.51%. On average, sell-side analysts forecast that ACV Auctions Inc. will post -0.07 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of research firms have weighed in on ACVA. Stephens raised shares of ACV Auctions to a "hold" rating in a research report on Saturday, February 1st. Piper Sandler raised shares of ACV Auctions from a "neutral" rating to an "overweight" rating and upped their target price for the stock from $18.00 to $20.00 in a report on Thursday, March 20th. JPMorgan Chase & Co. decreased their target price on shares of ACV Auctions from $24.00 to $20.00 and set an "overweight" rating on the stock in a research report on Thursday, March 27th. JMP Securities dropped their price objective on ACV Auctions from $22.00 to $18.00 and set a "market outperform" rating for the company in a research note on Wednesday, April 9th. Finally, Bank of America upgraded shares of ACV Auctions from a "neutral" rating to a "buy" rating and cut their target price for the stock from $22.00 to $20.00 in a report on Wednesday, March 12th. Two research analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. According to MarketBeat.com, ACV Auctions currently has a consensus rating of "Moderate Buy" and a consensus target price of $22.50.

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.