Wells Fargo & Company MN Buys 29,717 Shares of ACV Auctions Inc. (NASDAQ:ACVA)

Wells Fargo & Company MN increased its holdings in shares of ACV Auctions Inc. (NASDAQ:ACVA - Free Report) by 55.3% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 83,413 shares of the company's stock after buying an additional 29,717 shares during the period. Wells Fargo & Company MN's holdings in ACV Auctions were worth $1,802,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also recently added to or reduced their stakes in the company. BloombergSen Inc. grew its holdings in shares of ACV Auctions by 7.7% in the fourth quarter. BloombergSen Inc. now owns 48,758 shares of the company's stock valued at $1,053,000 after purchasing an additional 3,498 shares during the period. Bryce Point Capital LLC acquired a new stake in shares of ACV Auctions during the fourth quarter valued at about $1,922,000. Trexquant Investment LP purchased a new stake in shares of ACV Auctions in the 4th quarter valued at approximately $3,859,000. Geode Capital Management LLC boosted its position in shares of ACV Auctions by 1.7% during the 4th quarter. Geode Capital Management LLC now owns 3,575,347 shares of the company's stock worth $77,246,000 after purchasing an additional 58,259 shares during the period. Finally, Franklin Resources Inc. increased its holdings in 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 purchasing an additional 960,430 shares during the last quarter. 88.55% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other ACV Auctions news, CEO George Chamoun sold 348,249 shares of the company's stock in a transaction that occurred on 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 transaction, the chief executive officer now owns 2,821,193 shares in the company, valued at approximately $43,277,100.62. This represents a 10.99 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Michael Waterman sold 15,000 shares of the business's stock in a transaction that occurred on Tuesday, February 4th. The shares were sold at an average price of $20.27, for a total value of $304,050.00. Following the completion of the sale, the insider now directly owns 311,354 shares of the company's stock, valued at approximately $6,311,145.58. The trade was a 4.60 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 378,249 shares of company stock worth $5,849,140. Company insiders own 8.50% of the company's stock.

ACV Auctions Stock Performance

Shares of NASDAQ:ACVA traded up $0.30 during trading hours on Thursday, hitting $14.99. The stock had a trading volume of 280,611 shares, compared to its average volume of 1,610,250. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.56 and a current ratio of 1.56. The stock's fifty day simple moving average is $14.62 and its 200 day simple moving average is $18.62. The firm has a market capitalization of $2.53 billion, a price-to-earnings ratio of -30.59 and a beta of 1.74. ACV Auctions Inc. has a 1-year low of $11.88 and a 1-year high of $23.46.

ACV Auctions (NASDAQ:ACVA - Get Free Report) last released its quarterly earnings results on Wednesday, February 19th. The company reported ($0.14) EPS for the quarter, topping 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 company had revenue of $159.51 million for the quarter, compared to the consensus estimate of $156.77 million. Sell-side analysts anticipate that ACV Auctions Inc. will post -0.07 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on ACVA shares. JMP Securities lowered their target price on ACV Auctions from $22.00 to $18.00 and set a "market outperform" rating for the company in a report on Wednesday, April 9th. JPMorgan Chase & Co. dropped their target price on ACV Auctions from $24.00 to $20.00 and set an "overweight" rating on the stock in a report on Thursday, March 27th. Piper Sandler raised shares of ACV Auctions from a "neutral" rating to an "overweight" rating and raised their price objective for the stock from $18.00 to $20.00 in a report on Thursday, March 20th. Stephens raised ACV Auctions to a "hold" rating in a research report 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 research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company's stock. According to MarketBeat, ACV Auctions presently has an average rating of "Moderate Buy" and a consensus target price 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.