Northern Trust Corp Has $37.27 Million Stock Holdings in ACV Auctions Inc. (NASDAQ:ACVA)

Northern Trust Corp increased its stake in ACV Auctions Inc. (NASDAQ:ACVA - Free Report) by 8.9% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 1,725,599 shares of the company's stock after acquiring an additional 141,592 shares during the quarter. Northern Trust Corp owned about 1.03% of ACV Auctions worth $37,273,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Blue Trust Inc. lifted its position in shares of ACV Auctions by 65.8% in the 4th quarter. Blue Trust Inc. now owns 2,352 shares of the company's stock worth $48,000 after purchasing an additional 933 shares during the period. KBC Group NV boosted its position in ACV Auctions by 80.4% during the fourth quarter. KBC Group NV now owns 7,406 shares of the company's stock valued at $160,000 after acquiring an additional 3,300 shares during the last quarter. LPL Financial LLC acquired a new stake in ACV Auctions during the 4th quarter worth about $226,000. Xponance Inc. bought a new position in shares of ACV Auctions in the 4th quarter worth about $229,000. Finally, Versor Investments LP acquired a new position in shares of ACV Auctions in the 4th quarter valued at about $262,000. 88.55% of the stock is currently owned by institutional investors.

ACV Auctions Trading Up 1.9 %

NASDAQ ACVA opened at $16.69 on Friday. 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 business has a fifty day simple moving average of $14.57 and a 200 day simple moving average of $18.47. ACV Auctions Inc. has a 12 month low of $11.88 and a 12 month high of $23.46. The firm has a market capitalization of $2.82 billion, a P/E ratio of -34.06 and a beta of 1.72.

ACV Auctions (NASDAQ:ACVA - Get Free Report) last announced its earnings results on Wednesday, May 7th. The company reported ($0.09) EPS for the quarter, missing the consensus estimate 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%. During the same quarter in the previous year, the company posted ($0.13) earnings per share. ACV Auctions's quarterly revenue was up 25.4% compared to the same quarter last year. On average, analysts predict that ACV Auctions Inc. will post -0.07 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on the company. Needham & Company LLC reiterated a "buy" rating and issued a $25.00 target price on shares of ACV Auctions in a report on Thursday. Piper Sandler upgraded shares of ACV Auctions from a "neutral" rating to an "overweight" rating and boosted their target price for the company from $18.00 to $20.00 in a research report on Thursday, March 20th. JPMorgan Chase & Co. reduced their price target on shares of ACV Auctions from $24.00 to $20.00 and set an "overweight" rating for the company in a report on Thursday, March 27th. Bank of America upgraded shares of ACV Auctions from a "neutral" rating to a "buy" rating and dropped their price objective for the company from $22.00 to $20.00 in a report on Wednesday, March 12th. Finally, Stephens upgraded ACV Auctions to a "hold" rating in a research note on Saturday, February 1st. Two investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. According to data from MarketBeat.com, ACV Auctions has an average rating of "Moderate Buy" and a consensus target price of $22.50.

Insider Transactions at ACV Auctions

In other news, CEO George Chamoun sold 348,249 shares of the firm's stock in a transaction on 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 completion of the sale, the chief executive officer now directly owns 2,821,193 shares of the company's stock, valued at $43,277,100.62. This trade represents a 10.99 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CFO William Zerella sold 15,000 shares of the business's stock in a transaction dated Tuesday, March 11th. The stock was sold at an average price of $13.53, for a total transaction of $202,950.00. Following the completion of the transaction, the chief financial officer now directly owns 766,266 shares in the company, valued at $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. Company insiders own 8.50% of the company's stock.

About ACV Auctions

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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