ACV Auctions Inc. (NASDAQ:ACVA) is Richmond Hill Investments LLC's 4th Largest Position

Richmond Hill Investments LLC grew its holdings in ACV Auctions Inc. (NASDAQ:ACVA - Free Report) by 28.8% in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 628,606 shares of the company's stock after acquiring an additional 140,398 shares during the quarter. ACV Auctions accounts for approximately 5.2% of Richmond Hill Investments LLC's investment portfolio, making the stock its 4th biggest position. Richmond Hill Investments LLC owned about 0.37% of ACV Auctions worth $13,578,000 at the end of the most recent quarter.

A number of other hedge funds have also bought and sold shares of ACVA. Barclays PLC increased its holdings in shares of ACV Auctions by 16.8% during the third quarter. Barclays PLC now owns 244,999 shares of the company's stock worth $4,980,000 after purchasing an additional 35,155 shares during the period. Franklin Resources Inc. raised its holdings in ACV Auctions by 5.3% in the 3rd quarter. Franklin Resources Inc. now owns 40,935 shares of the company's stock valued at $768,000 after acquiring an additional 2,057 shares in the last quarter. Principal Financial Group Inc. lifted its position in shares of ACV Auctions by 4.9% during the 3rd quarter. Principal Financial Group Inc. now owns 64,925 shares of the company's stock valued at $1,320,000 after acquiring an additional 3,022 shares during the period. JPMorgan Chase & Co. lifted its position in shares of ACV Auctions by 10.9% during the 3rd quarter. JPMorgan Chase & Co. now owns 3,167,615 shares of the company's stock valued at $64,398,000 after acquiring an additional 311,465 shares during the period. Finally, Harbor Capital Advisors Inc. grew its holdings in shares of ACV Auctions by 4.3% during the 4th quarter. Harbor Capital Advisors Inc. now owns 159,699 shares of the company's stock worth $3,449,000 after purchasing an additional 6,649 shares in the last quarter. 88.55% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

ACVA has been the subject of several recent analyst reports. JPMorgan Chase & Co. cut their price objective on shares of ACV Auctions from $24.00 to $20.00 and set an "overweight" rating for the company in a research report on Thursday, March 27th. JMP Securities cut their price target on shares of 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 shares of ACV Auctions from a "neutral" rating to an "overweight" rating and lifted their price objective for the company from $18.00 to $20.00 in a research note on Thursday, March 20th. Stephens upgraded ACV Auctions to a "hold" rating in a research note on Saturday, February 1st. Finally, Needham & Company LLC reaffirmed a "buy" rating and issued a $25.00 target price on shares of ACV Auctions in a report on Wednesday, March 12th. Two equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $22.50.

Insider Activity

In other ACV Auctions news, CFO William Zerella sold 15,000 shares of the 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 sale, the chief financial officer now directly owns 766,266 shares in the company, valued at approximately $10,367,578.98. This trade represents a 1.92 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO George Chamoun sold 348,249 shares of the company's stock in a transaction dated Thursday, March 20th. The shares were sold at an average price of $15.34, for a total value of $5,342,139.66. Following the sale, the chief executive officer now owns 2,821,193 shares in the company, valued at approximately $43,277,100.62. The trade was a 10.99 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 378,249 shares of company stock valued at $5,849,140. Company insiders own 8.50% of the company's stock.

ACV Auctions Price Performance

ACVA traded down $0.35 on Monday, reaching $14.46. The stock had a trading volume of 547,608 shares, compared to its average volume of 1,605,528. The firm has a 50-day moving average of $14.87 and a 200-day moving average of $18.70. 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 market capitalization of $2.44 billion, a price-to-earnings ratio of -29.49 and a beta of 1.74. The company has a current ratio of 1.56, a quick ratio of 1.56 and a debt-to-equity ratio of 0.28.

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