Raymond James Financial Inc. Buys New Stake in ACV Auctions Inc. (NASDAQ:ACVA)

Raymond James Financial Inc. purchased a new stake in ACV Auctions Inc. (NASDAQ:ACVA - Free Report) in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund purchased 217,774 shares of the company's stock, valued at approximately $4,704,000. Raymond James Financial Inc. owned approximately 0.13% of ACV Auctions as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in the business. Blue Trust Inc. grew its stake in ACV Auctions by 65.8% in the 4th quarter. Blue Trust Inc. now owns 2,352 shares of the company's stock valued at $48,000 after acquiring an additional 933 shares during the period. KBC Group NV increased its stake in shares of ACV Auctions by 80.4% during the fourth quarter. KBC Group NV now owns 7,406 shares of the company's stock worth $160,000 after purchasing an additional 3,300 shares in the last quarter. LPL Financial LLC purchased a new position in ACV Auctions in the 4th quarter valued at about $226,000. Xponance Inc. acquired a new stake in ACV Auctions in the 4th quarter worth about $229,000. Finally, Versor Investments LP purchased a new stake in ACV Auctions during the 4th quarter worth approximately $262,000. 88.55% of the stock is currently owned by hedge funds and other institutional investors.

ACV Auctions Trading Up 1.7 %

ACVA traded up $0.25 during trading hours on Thursday, reaching $14.94. The company's stock had a trading volume of 466,834 shares, compared to its average volume of 1,610,873. The stock has a market cap of $2.52 billion, a PE ratio of -30.55 and a beta of 1.74. ACV Auctions Inc. has a fifty-two week low of $11.88 and a fifty-two week high of $23.46. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.56 and a quick ratio of 1.56. The business's 50-day moving average is $14.62 and its 200-day moving average is $18.62.

ACV Auctions (NASDAQ:ACVA - Get Free Report) last released its quarterly earnings results on Wednesday, February 19th. The company reported ($0.14) earnings per share for the quarter, topping analysts' consensus estimates 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%. As a group, equities research analysts predict that ACV Auctions Inc. will post -0.07 earnings per share for the current fiscal year.

Insider Buying and Selling at ACV Auctions

In related news, insider Michael Waterman sold 15,000 shares of the firm's stock in a transaction dated 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 $6,311,145.58. This trade represents a 4.60 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO George Chamoun sold 348,249 shares of the company's stock in a transaction that occurred 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 sale, the chief executive officer now directly owns 2,821,193 shares in the company, valued at approximately $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. Insiders have sold a total of 378,249 shares of company stock valued at $5,849,140 over the last quarter. 8.50% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on ACVA shares. JPMorgan Chase & Co. lowered their price target on ACV Auctions from $24.00 to $20.00 and set an "overweight" rating on the stock in a research note on Thursday, March 27th. Needham & Company LLC reiterated a "buy" rating and issued a $25.00 target price on shares of ACV Auctions in a research report on Wednesday, March 12th. Piper Sandler raised shares of ACV Auctions from a "neutral" rating to an "overweight" rating and upped their price objective for the company from $18.00 to $20.00 in a research note on Thursday, March 20th. Stephens raised shares of ACV Auctions to a "hold" rating in a research note on Saturday, February 1st. Finally, JMP Securities dropped their price target on ACV Auctions from $22.00 to $18.00 and set a "market outperform" rating for the company in a research report on Wednesday, April 9th. 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 company presently 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.