Renaissance Technologies LLC Has $2.07 Million Holdings in ACV Auctions Inc. (NASDAQ:ACVA)

Renaissance Technologies LLC lowered its holdings in ACV Auctions Inc. (NASDAQ:ACVA - Free Report) by 73.3% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 95,700 shares of the company's stock after selling 262,500 shares during the period. Renaissance Technologies LLC owned approximately 0.06% of ACV Auctions worth $2,067,000 as of its most recent SEC filing.

Other large investors also recently made changes to their positions in the company. Blue Trust Inc. lifted its stake in shares of ACV Auctions by 65.8% during the fourth quarter. Blue Trust Inc. now owns 2,352 shares of the company's stock worth $48,000 after purchasing an additional 933 shares in the last quarter. KBC Group NV raised 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 valued at $160,000 after purchasing an additional 3,300 shares during the period. LPL Financial LLC acquired a new position in shares of ACV Auctions during the fourth quarter worth $226,000. Xponance Inc. purchased a new position in shares of ACV Auctions in the fourth quarter valued at $229,000. Finally, Versor Investments LP acquired a new stake in ACV Auctions during the 4th quarter valued at $262,000. Institutional investors and hedge funds own 88.55% of the company's stock.

Insider Activity

In other news, CEO George Chamoun sold 348,249 shares of the company's stock in a transaction on Thursday, March 20th. The stock was sold at an average price of $15.34, for a total value of $5,342,139.66. Following the completion of the sale, the chief executive officer now owns 2,821,193 shares in the company, valued at $43,277,100.62. This represents a 10.99 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CFO William Zerella sold 15,000 shares of ACV Auctions stock in a transaction dated 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 in the company, valued at approximately $10,367,578.98. The trade was a 1.92 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 378,249 shares of company stock valued at $5,849,140. Insiders own 8.50% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on the stock. Bank of America raised shares of ACV Auctions from a "neutral" rating to a "buy" rating and decreased their price objective for the company from $22.00 to $20.00 in a research report on Wednesday, March 12th. JMP Securities reduced their price target on ACV Auctions from $22.00 to $18.00 and set a "market outperform" rating for the company in a report on Wednesday, April 9th. Piper Sandler raised ACV Auctions from a "neutral" rating to an "overweight" rating and upped their target price for the company from $18.00 to $20.00 in a research report on Thursday, March 20th. Stephens raised shares of ACV Auctions to a "hold" rating in a research report on Saturday, February 1st. Finally, Needham & Company LLC reaffirmed a "buy" rating and issued a $25.00 price target on shares of ACV Auctions in a report on Wednesday, March 12th. Two research analysts have rated the stock with a hold rating and nine have given a buy rating to the company. According to data from MarketBeat.com, ACV Auctions currently has a consensus rating of "Moderate Buy" and a consensus price target of $22.50.

ACV Auctions Stock Performance

Shares of NASDAQ:ACVA traded up $0.31 during trading on Thursday, hitting $15.00. 348,016 shares of the company traded hands, compared to its average volume of 2,223,369. The company has a quick ratio of 1.56, a current ratio of 1.56 and a debt-to-equity ratio of 0.28. The stock has a market capitalization of $2.53 billion, a price-to-earnings ratio of -30.61 and a beta of 1.74. ACV Auctions Inc. has a one year low of $11.88 and a one year high of $23.46. The business's fifty 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 data 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 for the quarter, compared to analysts' expectations of $156.77 million. ACV Auctions had a negative net margin of 12.51% and a negative return on equity of 12.94%. As a group, equities analysts predict that ACV Auctions Inc. will post -0.07 earnings per share for the current fiscal year.

ACV Auctions Company 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.