69,280 Shares in ACV Auctions Inc. (NASDAQ:ACVA) Purchased by PDT Partners LLC

PDT Partners LLC bought a new position in ACV Auctions Inc. (NASDAQ:ACVA - Free Report) in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund bought 69,280 shares of the company's stock, valued at approximately $1,496,000.

Several other hedge funds and other institutional investors have also bought and sold shares of ACVA. Vanguard Group Inc. increased its holdings in shares of ACV Auctions by 5.5% in the fourth quarter. Vanguard Group Inc. now owns 14,245,915 shares of the company's stock worth $307,712,000 after buying an additional 738,391 shares during the period. William Blair Investment Management LLC grew its position in 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 worth $261,353,000 after acquiring an additional 3,652,871 shares during the last quarter. Alliancebernstein L.P. increased its stake 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 during the period. Jennison Associates LLC lifted its position in 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 purchasing an additional 732,422 shares during the last quarter. Finally, Geode Capital Management LLC boosted its stake in shares of ACV Auctions by 1.7% during the fourth quarter. Geode Capital Management LLC now owns 3,575,347 shares of the company's stock valued at $77,246,000 after purchasing an additional 58,259 shares during the period. Hedge funds and other institutional investors own 88.55% of the company's stock.

Insider Activity at ACV Auctions

In related news, insider Michael Waterman sold 15,000 shares of the business's stock in a transaction that occurred on Tuesday, February 4th. The stock was sold at an average price of $20.27, for a total transaction of $304,050.00. Following the completion of the transaction, the insider now directly owns 311,354 shares in the company, valued at approximately $6,311,145.58. The trade was a 4.60 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO George Chamoun sold 348,249 shares of ACV Auctions stock in a transaction that occurred on Thursday, March 20th. The shares were 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 directly owns 2,821,193 shares in the company, valued at $43,277,100.62. This represents a 10.99 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 378,249 shares of company stock worth $5,849,140. 8.50% of the stock is owned by company insiders.

Analysts Set New Price Targets

ACVA has been the subject of a number of recent analyst reports. Piper Sandler upgraded shares of ACV Auctions from a "neutral" rating to an "overweight" rating and upped their price target for the company from $18.00 to $20.00 in a report on Thursday, March 20th. Needham & Company LLC reissued a "buy" rating and issued a $25.00 target price on shares of ACV Auctions in a research note on Wednesday, March 12th. Bank of America upgraded ACV Auctions from a "neutral" rating to a "buy" rating and reduced their price target for the company from $22.00 to $20.00 in a report on Wednesday, March 12th. JPMorgan Chase & Co. dropped their price objective on ACV Auctions from $24.00 to $20.00 and set an "overweight" rating for the company in a report on Thursday, March 27th. Finally, Stephens raised 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 given a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $22.50.

ACV Auctions Stock Up 1.9 %

Shares of ACVA traded up $0.28 during trading hours on Friday, hitting $15.24. The company had a trading volume of 1,396,759 shares, compared to its average volume of 1,623,287. ACV Auctions Inc. has a 52-week low of $11.88 and a 52-week high of $23.46. The firm has a fifty day moving average price of $14.55 and a 200-day moving average price of $18.57. The stock has a market capitalization of $2.57 billion, a price-to-earnings ratio of -31.10 and a beta of 1.74. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.56 and a current ratio of 1.56.

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