Iridian Asset Management LLC CT Sells 163,861 Shares of ACV Auctions Inc. (NASDAQ:ACVA)

Iridian Asset Management LLC CT trimmed its stake in shares of ACV Auctions Inc. (NASDAQ:ACVA - Free Report) by 10.5% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 1,395,051 shares of the company's stock after selling 163,861 shares during the quarter. ACV Auctions accounts for 3.8% of Iridian Asset Management LLC CT's portfolio, making the stock its 7th largest holding. Iridian Asset Management LLC CT owned approximately 0.86% of ACV Auctions worth $21,135,000 as of its most recent SEC filing.

Other institutional investors also recently added to or reduced their stakes in the company. UBS Group AG boosted its holdings in shares of ACV Auctions by 47.5% in the 4th quarter. UBS Group AG now owns 3,725 shares of the company's stock worth $31,000 after acquiring an additional 1,200 shares in the last quarter. Park Place Capital Corp boosted its holdings in shares of ACV Auctions by 83.2% in the 3rd quarter. Park Place Capital Corp now owns 2,180 shares of the company's stock worth $33,000 after acquiring an additional 990 shares in the last quarter. Neo Ivy Capital Management acquired a new position in shares of ACV Auctions in the 2nd quarter worth approximately $36,000. Lazard Asset Management LLC acquired a new position in shares of ACV Auctions in the 4th quarter worth approximately $53,000. Finally, Citigroup Inc. boosted its holdings in shares of ACV Auctions by 359.1% in the 1st quarter. Citigroup Inc. now owns 3,641 shares of the company's stock worth $54,000 after acquiring an additional 2,848 shares in the last quarter. 88.55% of the stock is owned by institutional investors and hedge funds.

ACV Auctions Stock Down 3.7 %

NASDAQ ACVA traded down $0.69 on Wednesday, reaching $17.96. The company had a trading volume of 676,796 shares, compared to its average volume of 1,236,955. The firm has a market capitalization of $2.94 billion, a price-to-earnings ratio of -39.04 and a beta of 1.57. The company has a debt-to-equity ratio of 0.25, a quick ratio of 2.12 and a current ratio of 2.12. ACV Auctions Inc. has a 1-year low of $11.58 and a 1-year high of $19.54. The company's fifty day moving average is $16.90 and its 200-day moving average is $15.33.

ACV Auctions (NASDAQ:ACVA - Get Free Report) last announced its earnings results on Wednesday, February 21st. The company reported ($0.12) earnings per share for the quarter, topping analysts' consensus estimates of ($0.13) by $0.01. The firm had revenue of $118.38 million during the quarter, compared to analyst estimates of $117.62 million. ACV Auctions had a negative net margin of 15.64% and a negative return on equity of 13.97%. On average, research analysts forecast that ACV Auctions Inc. will post -0.29 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on ACVA shares. Needham & Company LLC restated a "buy" rating and issued a $23.00 price objective on shares of ACV Auctions in a research report on Thursday, February 22nd. JMP Securities dropped their price objective on shares of ACV Auctions from $20.00 to $19.00 and set a "market outperform" rating for the company in a research report on Tuesday, January 16th. Finally, Northcoast Research upgraded shares of ACV Auctions from a "neutral" rating to a "buy" rating and set a $22.00 price objective for the company in a research report on Wednesday, January 10th. Two investment analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $20.21.

Insider Buying and Selling

In other news, CFO William Zerella sold 32,500 shares of the stock in a transaction dated Tuesday, February 6th. The shares were sold at an average price of $14.07, for a total transaction of $457,275.00. Following the completion of the transaction, the chief financial officer now directly owns 305,579 shares in the company, valued at approximately $4,299,496.53. The transaction was disclosed in a document filed with the SEC, which is available at this link. In other news, CFO William Zerella sold 32,500 shares of the stock in a transaction dated Tuesday, February 6th. The shares were sold at an average price of $14.07, for a total transaction of $457,275.00. Following the completion of the transaction, the chief financial officer now directly owns 305,579 shares in the company, valued at approximately $4,299,496.53. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, insider Craig Eric Anderson sold 5,000 shares of the stock in a transaction dated Wednesday, February 28th. The stock was sold at an average price of $18.00, for a total transaction of $90,000.00. Following the transaction, the insider now owns 202,797 shares of the company's stock, valued at $3,650,346. The disclosure for this sale can be found here. In the last ninety days, insiders sold 1,467,708 shares of company stock valued at $26,429,599. Company insiders own 13.67% of the company's stock.

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.

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