Moore Capital Management LP Invests $5.78 Million in ACV Auctions Inc. (NASDAQ:ACVA)

Moore Capital Management LP acquired a new position in shares of ACV Auctions Inc. (NASDAQ:ACVA - Free Report) during the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor acquired 267,680 shares of the company's stock, valued at approximately $5,782,000. Moore Capital Management LP owned approximately 0.16% of ACV Auctions at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of ACVA. Raymond James Financial Inc. purchased a new stake in ACV Auctions during the 4th quarter valued at $4,704,000. Intech Investment Management LLC grew its position in ACV Auctions by 55.7% in the 4th quarter. Intech Investment Management LLC now owns 62,395 shares of the company's stock valued at $1,348,000 after acquiring an additional 22,310 shares during the last quarter. Moody National Bank Trust Division grew its position in ACV Auctions by 64.6% in the 4th quarter. Moody National Bank Trust Division now owns 79,199 shares of the company's stock valued at $1,711,000 after acquiring an additional 31,094 shares during the last quarter. Charles Schwab Investment Management Inc. grew its position in ACV Auctions by 3.9% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,289,362 shares of the company's stock valued at $27,850,000 after acquiring an additional 48,021 shares during the last quarter. Finally, TimesSquare Capital Management LLC grew its position in ACV Auctions by 6.7% in the 4th quarter. TimesSquare Capital Management LLC now owns 1,891,627 shares of the company's stock valued at $40,859,000 after acquiring an additional 118,421 shares during the last quarter. 88.55% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other ACV Auctions news, insider Michael Waterman sold 223,330 shares of the company's stock in a transaction that occurred 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 completion of the sale, the insider now directly owns 466,548 shares of the company's stock, valued at $7,931,316. This represents a 32.37% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO William Zerella sold 15,000 shares of the stock in a transaction that occurred on Tuesday, March 11th. The stock was sold at an average price of $13.53, for a total value of $202,950.00. Following the transaction, the chief financial officer now directly owns 766,266 shares of the company's stock, valued at approximately $10,367,578.98. This trade represents 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 valued at $9,341,700 in the last three months. 8.50% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

ACVA has been the topic of several research analyst reports. Needham & Company LLC reaffirmed a "buy" rating and issued a $25.00 price objective on shares of ACV Auctions in a research report on Thursday, May 8th. Stephens raised ACV Auctions to a "hold" rating in a research report on Saturday, February 1st. JPMorgan Chase & Co. dropped their price target on 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 target on ACV Auctions from $22.00 to $18.00 and set a "market outperform" rating on the stock in a research report on Wednesday, April 9th. Finally, Piper Sandler raised ACV Auctions from a "neutral" rating to an "overweight" rating and increased their price target for the stock from $18.00 to $20.00 in a research report on Thursday, March 20th. Two investment analysts have rated the stock with a hold rating and nine have given a buy rating to the company's stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $22.50.

ACV Auctions Price Performance

Shares of NASDAQ:ACVA traded up $0.10 during trading on Friday, reaching $17.03. The stock had a trading volume of 2,015,890 shares, compared to its average volume of 1,663,313. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.56 and a current ratio of 1.56. The business has a fifty day moving average price of $14.86 and a 200-day moving average price of $18.45. The stock has a market cap of $2.87 billion, a PE ratio of -34.75 and a beta of 1.72. ACV Auctions Inc. has a 1-year low of $11.88 and a 1-year high of $23.46.

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 (EPS) 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%. During the same period last year, the business earned ($0.13) earnings per share. ACV Auctions's revenue was up 25.4% compared to the same quarter last year. On average, equities analysts forecast that ACV Auctions Inc. will post -0.07 earnings per share for the current fiscal year.

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.