TFJ Management LLC Buys Shares of 284,482 ACV Auctions Inc. (NASDAQ:ACVA)

TFJ Management LLC acquired a new stake in shares of ACV Auctions Inc. (NASDAQ:ACVA - Free Report) during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 284,482 shares of the company's stock, valued at approximately $6,145,000. ACV Auctions accounts for about 5.5% of TFJ Management LLC's investment portfolio, making the stock its 6th largest holding. TFJ Management LLC owned about 0.17% of ACV Auctions at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in ACVA. Blue Trust Inc. increased its holdings in ACV Auctions by 65.8% during the fourth quarter. Blue Trust Inc. now owns 2,352 shares of the company's stock valued at $48,000 after buying an additional 933 shares during the last quarter. KBC Group NV increased 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 worth $160,000 after purchasing an additional 3,300 shares in the last quarter. LPL Financial LLC bought a new position in ACV Auctions in the 4th quarter worth $226,000. Xponance Inc. purchased a new position in ACV Auctions during the fourth quarter valued at $229,000. Finally, Versor Investments LP bought a new stake in ACV Auctions during the fourth quarter valued at about $262,000. Hedge funds and other institutional investors own 88.55% of the company's stock.

Insider Activity

In other ACV Auctions news, CEO George Chamoun sold 348,249 shares of ACV Auctions stock in a transaction 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 completion of the sale, the chief executive officer now directly owns 2,821,193 shares of the company's stock, valued at $43,277,100.62. The trade was a 10.99 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Michael Waterman sold 15,000 shares of the stock in a transaction on Tuesday, February 4th. The stock was sold at an average price of $20.27, for a total value of $304,050.00. Following the transaction, the insider now directly owns 311,354 shares in the company, valued at $6,311,145.58. The trade was a 4.60 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 378,249 shares of company stock valued at $5,849,140. 8.50% of the stock is currently owned by company insiders.

ACV Auctions Trading Down 0.6 %

NASDAQ:ACVA traded down $0.10 during mid-day trading on Friday, hitting $14.75. 494,077 shares of the stock traded hands, compared to its average volume of 1,600,320. The company has a quick ratio of 1.56, a current ratio of 1.56 and a debt-to-equity ratio of 0.28. ACV Auctions Inc. has a 52 week low of $11.88 and a 52 week high of $23.46. The stock has a market capitalization of $2.49 billion, a price-to-earnings ratio of -30.16 and a beta of 1.74. The firm's 50 day moving average is $15.00 and its two-hundred day moving average is $18.73.

ACV Auctions (NASDAQ:ACVA - Get Free Report) last released its earnings results on Wednesday, February 19th. The company reported ($0.14) EPS for the quarter, beating analysts' consensus estimates of ($0.15) by $0.01. ACV Auctions had a negative return on equity of 12.94% and a negative net margin of 12.51%. The firm had revenue of $159.51 million for the quarter, compared to analysts' expectations of $156.77 million. On average, equities research analysts predict that ACV Auctions Inc. will post -0.07 earnings per share for the current year.

Analyst Ratings Changes

ACVA has been the topic of a number of recent analyst reports. JPMorgan Chase & Co. decreased their target price on shares of 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 reaffirmed a "buy" rating and set a $25.00 price objective on shares of ACV Auctions in a report on Wednesday, March 12th. Bank of America raised shares of ACV Auctions from a "neutral" rating to a "buy" rating and lowered their target price for the stock from $22.00 to $20.00 in a report on Wednesday, March 12th. JMP Securities cut their target price 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. Finally, Piper Sandler upgraded shares of ACV Auctions from a "neutral" rating to an "overweight" rating and boosted their price target for the stock from $18.00 to $20.00 in a research note on Thursday, March 20th. Two investment analysts have rated the stock with a hold rating and nine have given a buy rating to the company. Based on data from MarketBeat, ACV Auctions presently has a consensus rating of "Moderate Buy" and an average target price of $22.50.

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.