ACV Auctions Inc. (NASDAQ:ACVA) Position Boosted by Arizona State Retirement System

Arizona State Retirement System grew its holdings in shares of ACV Auctions Inc. (NASDAQ:ACVA – Get Rating) by 6.0% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 30,880 shares of the company’s stock after purchasing an additional 1,742 shares during the period. Arizona State Retirement System’s holdings in ACV Auctions were worth $254,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors also recently made changes to their positions in ACVA. State Street Corp boosted its position in shares of ACV Auctions by 304.6% during the 2nd quarter. State Street Corp now owns 2,098,423 shares of the company’s stock valued at $13,724,000 after purchasing an additional 1,579,823 shares in the last quarter. Vanguard Group Inc. lifted its stake in ACV Auctions by 14.6% during the first quarter. Vanguard Group Inc. now owns 9,143,646 shares of the company’s stock valued at $135,417,000 after buying an additional 1,166,390 shares in the last quarter. EVR Research LP purchased a new stake in ACV Auctions during the third quarter valued at about $6,291,000. Northern Trust Corp lifted its stake in ACV Auctions by 409.9% during the second quarter. Northern Trust Corp now owns 1,024,204 shares of the company’s stock valued at $6,699,000 after buying an additional 823,331 shares in the last quarter. Finally, Brandywine Global Investment Management LLC lifted its stake in ACV Auctions by 455.9% during the third quarter. Brandywine Global Investment Management LLC now owns 728,188 shares of the company’s stock valued at $5,236,000 after buying an additional 597,188 shares in the last quarter. Institutional investors own 69.75% of the company’s stock.

Analyst Upgrades and Downgrades

ACVA has been the subject of a number of analyst reports. Barrington Research upped their price objective on shares of ACV Auctions from $14.00 to $18.00 in a research note on Wednesday, May 17th. Citigroup upped their price objective on shares of ACV Auctions from $14.00 to $19.00 in a research note on Friday, May 12th. Piper Jaffray Companies lowered shares of ACV Auctions to a “neutral” rating and set a $11.00 price target for the company. in a research report on Thursday, February 16th. Guggenheim increased their price target on shares of ACV Auctions from $15.00 to $18.00 in a research report on Monday, May 15th. Finally, Piper Sandler lowered shares of ACV Auctions from an “overweight” rating to a “neutral” rating and set a $11.00 price target for the company. in a research report on Thursday, February 16th. They noted that the move was a valuation call. Two analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat.com, ACV Auctions has a consensus rating of “Moderate Buy” and a consensus target price of $14.80.

ACV Auctions Trading Down 0.8 %

NASDAQ:ACVA opened at $17.66 on Wednesday. The stock’s 50 day moving average price is $13.39 and its 200 day moving average price is $10.85. ACV Auctions Inc. has a 52 week low of $6.10 and a 52 week high of $18.02. The company has a market capitalization of $2.82 billion, a P/E ratio of -30.45 and a beta of 1.41. The company has a debt-to-equity ratio of 0.20, a quick ratio of 2.01 and a current ratio of 2.01.

ACV Auctions (NASDAQ:ACVA – Get Rating) last released its quarterly earnings data on Wednesday, February 22nd. The company reported ($0.16) EPS for the quarter, topping analysts’ consensus estimates of ($0.18) by $0.02. ACV Auctions had a negative return on equity of 16.03% and a negative net margin of 20.75%. The firm had revenue of $97.97 million for the quarter, compared to the consensus estimate of $99.08 million. On average, research analysts forecast that ACV Auctions Inc. will post -0.62 EPS for the current fiscal year.

Insider Buying and Selling

In other ACV Auctions news, major shareholder Bessemer Venture Partners Ix L sold 2,000,000 shares of the stock in a transaction that occurred on Thursday, February 23rd. The stock was sold at an average price of $12.22, for a total transaction of $24,440,000.00. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. In other ACV Auctions news, major shareholder Bessemer Venture Partners Ix L sold 2,000,000 shares of the stock in a transaction that occurred on Thursday, February 23rd. The stock was sold at an average price of $12.22, for a total transaction of $24,440,000.00. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CFO William Zerella sold 67,500 shares of the stock in a transaction that occurred on Tuesday, May 16th. The shares were sold at an average price of $16.25, for a total value of $1,096,875.00. Following the transaction, the chief financial officer now owns 333,567 shares in the company, valued at approximately $5,420,463.75. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 5,629,683 shares of company stock worth $81,386,858. Insiders own 11.64% of the company’s stock.

ACV Auctions Company Profile

(Get Rating)

ACV Auctions Inc operates a digital marketplace that connects buyers and sellers for the online auction of wholesale vehicles. It also provides data services that offer insights into the condition and value of used vehicles, as well as offers customer financing services. ACV Auctions Inc was incorporated in 2014 and is headquartered in Buffalo, New York.