Summit Partners Public Asset Management LLC Increases Stock Holdings in ACV Auctions Inc. (NASDAQ:ACVA)

Summit Partners Public Asset Management LLC boosted its position in shares of ACV Auctions Inc. (NASDAQ:ACVA - Free Report) by 32.2% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 2,052,026 shares of the company's stock after acquiring an additional 500,000 shares during the quarter. ACV Auctions accounts for approximately 0.9% of Summit Partners Public Asset Management LLC's investment portfolio, making the stock its 18th biggest position. 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 hedge funds and other institutional investors also recently bought and sold shares of the company. William Blair Investment Management LLC boosted its stake in shares of ACV Auctions by 43.2% in the 4th quarter. William Blair Investment Management LLC now owns 12,099,686 shares of the company's stock valued at $261,353,000 after buying an additional 3,652,871 shares during the period. Driehaus Capital Management LLC boosted its stake in shares of ACV Auctions by 128.5% in the 4th quarter. Driehaus Capital Management LLC now owns 2,837,165 shares of the company's stock valued at $61,283,000 after buying an additional 1,595,657 shares during the period. Franklin Resources Inc. boosted its stake in shares of ACV Auctions by 2,346.2% in the 4th quarter. Franklin Resources Inc. now owns 1,001,365 shares of the company's stock valued at $21,629,000 after buying an additional 960,430 shares during the period. Frontier Capital Management Co. LLC raised its position in shares of ACV Auctions by 59.7% during the 4th quarter. Frontier Capital Management Co. LLC now owns 2,061,028 shares of the company's stock worth $44,518,000 after acquiring an additional 770,828 shares in the last quarter. Finally, Vanguard Group Inc. raised its position in shares of ACV Auctions by 5.5% during the 4th quarter. Vanguard Group Inc. now owns 14,245,915 shares of the company's stock worth $307,712,000 after acquiring an additional 738,391 shares in the last quarter. 88.55% of the stock is currently owned by hedge funds and other institutional investors.

ACV Auctions Price Performance

Shares of NASDAQ ACVA opened at $17.03 on Friday. 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 Inc. has a twelve month low of $11.88 and a twelve month high of $23.46. The stock has a 50 day moving average of $14.86 and a two-hundred day moving average of $18.44. The stock has a market cap of $2.87 billion, a P/E ratio of -34.75 and a beta of 1.72.

ACV Auctions (NASDAQ:ACVA - Get Free Report) last issued its quarterly earnings data 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 net margin of 12.51% and a negative return on equity of 12.94%. ACV Auctions's revenue was up 25.4% on a year-over-year basis. During the same period in the previous year, the firm posted ($0.13) earnings per share. On average, research analysts forecast that ACV Auctions Inc. will post -0.07 earnings per share for the current year.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on ACVA shares. JPMorgan Chase & Co. cut their target price on ACV Auctions from $24.00 to $20.00 and set an "overweight" rating on the stock in a research report on Thursday, March 27th. JMP Securities cut their target price on ACV Auctions from $22.00 to $18.00 and set a "market outperform" rating on the stock in a research report on Wednesday, April 9th. Needham & Company LLC reissued a "buy" rating and set a $25.00 target price on shares of ACV Auctions in a research report on Thursday, May 8th. Bank of America raised ACV Auctions from a "neutral" rating to a "buy" rating and cut their target price for the stock from $22.00 to $20.00 in a research report on Wednesday, March 12th. Finally, Piper Sandler raised ACV Auctions from a "neutral" rating to an "overweight" rating and raised their target price for the stock from $18.00 to $20.00 in a research report on Thursday, March 20th. Two research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $22.50.

Insider Activity

In related 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 transaction of $202,950.00. Following the transaction, the chief financial officer now owns 766,266 shares of the company's stock, valued at $10,367,578.98. This represents a 1.92% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Michael Waterman sold 223,330 shares of the company's stock in a transaction on Tuesday, May 13th. The stock was sold at an average price of $17.00, for a total value of $3,796,610.00. Following the transaction, the insider now directly owns 466,548 shares in the company, valued at $7,931,316. This represents a 32.37% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 586,579 shares of company stock valued at $9,341,700. Company insiders own 8.50% of the company's stock.

About ACV Auctions

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.

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