ACV Auctions Inc. (NASDAQ:ACVA) Shares Bought by Wells Fargo & Company MN

Wells Fargo & Company MN increased its position in ACV Auctions Inc. (NASDAQ:ACVA - Free Report) by 55.3% in the 4th quarter, according to its most recent filing with the SEC. The fund owned 83,413 shares of the company's stock after purchasing an additional 29,717 shares during the period. Wells Fargo & Company MN's holdings in ACV Auctions were worth $1,802,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in the company. Vanguard Group Inc. boosted its holdings in shares of ACV Auctions by 5.5% in the fourth quarter. Vanguard Group Inc. now owns 14,245,915 shares of the company's stock valued at $307,712,000 after acquiring an additional 738,391 shares during the period. William Blair Investment Management LLC boosted its stake in ACV Auctions by 43.2% during the 4th quarter. William Blair Investment Management LLC now owns 12,099,686 shares of the company's stock worth $261,353,000 after purchasing an additional 3,652,871 shares during the period. Alliancebernstein L.P. grew its position in ACV Auctions by 5.3% during the 4th quarter. Alliancebernstein L.P. now owns 5,622,255 shares of the company's stock worth $121,441,000 after purchasing an additional 284,880 shares during the last quarter. Jennison Associates LLC increased its stake in ACV Auctions by 17.2% in the fourth quarter. Jennison Associates LLC now owns 4,980,354 shares of the company's stock valued at $107,576,000 after purchasing an additional 732,422 shares during the period. Finally, Geode Capital Management LLC raised its holdings in shares of ACV Auctions by 1.7% in the fourth quarter. Geode Capital Management LLC now owns 3,575,347 shares of the company's stock valued at $77,246,000 after buying an additional 58,259 shares during the last quarter. 88.55% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, CFO William Zerella sold 15,000 shares of ACV Auctions stock in a transaction dated Tuesday, March 11th. The shares were 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 $10,367,578.98. The trade was a 1.92 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO George Chamoun sold 348,249 shares of the firm's stock in a transaction that occurred 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 sale, the chief executive officer now owns 2,821,193 shares in the company, valued at approximately $43,277,100.62. This trade represents a 10.99 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 378,249 shares of company stock valued at $5,849,140. Corporate insiders own 8.50% of the company's stock.

ACV Auctions Price Performance

Shares of NASDAQ:ACVA traded down $0.32 during midday trading on Wednesday, hitting $14.65. 714,542 shares of the stock were exchanged, compared to its average volume of 1,608,144. ACV Auctions Inc. has a twelve month low of $11.88 and a twelve month high of $23.46. The company has a current ratio of 1.56, a quick ratio of 1.56 and a debt-to-equity ratio of 0.28. The company has a 50 day moving average price of $14.68 and a 200-day moving average price of $18.65. The stock has a market cap of $2.47 billion, a P/E ratio of -29.90 and a beta of 1.74.

ACV Auctions (NASDAQ:ACVA - Get Free Report) last announced its earnings results on Wednesday, February 19th. The company reported ($0.14) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.15) by $0.01. The company had revenue of $159.51 million during 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%. 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

ACVA has been the subject of several analyst reports. Stephens raised ACV Auctions to a "hold" rating in a research note on Saturday, February 1st. JPMorgan Chase & Co. dropped their price objective 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. JMP Securities reduced 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. Bank of America upgraded shares of ACV Auctions from a "neutral" rating to a "buy" rating and dropped their price target for the stock from $22.00 to $20.00 in a research note on Wednesday, March 12th. Finally, Needham & Company LLC restated a "buy" rating and issued a $25.00 price objective on shares of ACV Auctions in a research report on Wednesday, March 12th. Two analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. According to data from MarketBeat.com, ACV Auctions presently has an average rating of "Moderate Buy" and an average price target of $22.50.

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.