Summit Partners Public Asset Management LLC Purchases 500,000 Shares of ACV Auctions Inc. (NASDAQ:ACVA)

Summit Partners Public Asset Management LLC boosted its holdings in shares of ACV Auctions Inc. (NASDAQ:ACVA - Free Report) by 32.2% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 2,052,026 shares of the company's stock after acquiring an additional 500,000 shares during the period. ACV Auctions makes up approximately 0.9% of Summit Partners Public Asset Management LLC's investment portfolio, making the stock its 18th largest holding. Summit Partners Public Asset Management LLC owned 1.22% of ACV Auctions worth $44,324,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Blue Trust Inc. raised its holdings 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 acquiring an additional 933 shares during the period. KBC Group NV raised its stake in shares of ACV Auctions by 80.4% in the 4th 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 bought a new stake in shares of ACV Auctions in the fourth quarter valued at about $226,000. Xponance Inc. bought a new stake in shares of ACV Auctions in the fourth quarter valued at about $229,000. Finally, Versor Investments LP acquired a new position in shares of ACV Auctions during the fourth quarter worth about $262,000. 88.55% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities research analysts have commented on ACVA shares. Stephens upgraded ACV Auctions to a "hold" rating in a research note on Saturday, February 1st. Bank of America upgraded shares of ACV Auctions from a "neutral" rating to a "buy" rating and lowered their price target for the company from $22.00 to $20.00 in a research note on Wednesday, March 12th. JMP Securities reduced their price objective on shares of ACV Auctions from $22.00 to $18.00 and set a "market outperform" rating for the company in a research note on Wednesday, April 9th. JPMorgan Chase & Co. decreased 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, Needham & Company LLC reiterated a "buy" rating and set a $25.00 target price on shares of ACV Auctions in a report on Thursday, May 8th. Two research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $22.50.

Insider Activity

In other ACV Auctions news, CFO William Zerella sold 15,000 shares of the company's stock in a transaction on 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 of the company's stock, valued at $10,367,578.98. This represents a 1.92% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CEO George Chamoun sold 348,249 shares of the 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 transaction, the chief executive officer now owns 2,821,193 shares in the company, valued at $43,277,100.62. The trade was a 10.99% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 586,579 shares of company stock valued at $9,341,700 over the last ninety days. 8.50% of the stock is currently owned by company insiders.

ACV Auctions Stock Performance

NASDAQ ACVA traded up $0.43 during trading on Thursday, reaching $16.76. 637,353 shares of the company's stock were exchanged, compared to its average volume of 1,656,537. 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 has a 50 day moving average price of $15.01 and a 200-day moving average price of $18.43. The stock has a market capitalization of $2.87 billion, a P/E ratio of -34.17 and a beta of 1.72. ACV Auctions Inc. has a fifty-two week low of $11.88 and a fifty-two week high of $23.46.

ACV Auctions (NASDAQ:ACVA - Get Free Report) last posted its earnings results on Wednesday, May 7th. The company reported ($0.09) earnings per share for the quarter, missing analysts' consensus estimates of $0.04 by ($0.13). ACV Auctions had a negative return on equity of 12.94% and a negative net margin of 12.51%. During the same period last year, the business earned ($0.13) EPS. The business's revenue was up 25.4% on a year-over-year basis. Sell-side analysts forecast that ACV Auctions Inc. will post -0.07 earnings per share 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.