Commonwealth Equity Services LLC Sells 10,200 Shares of ACV Auctions Inc. (NASDAQ:ACVA)

Commonwealth Equity Services LLC lowered its holdings in shares of ACV Auctions Inc. (NASDAQ:ACVA – Get Rating) by 9.8% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 94,270 shares of the company’s stock after selling 10,200 shares during the quarter. Commonwealth Equity Services LLC’s holdings in ACV Auctions were worth $773,000 as of its most recent SEC filing.

Other hedge funds also recently bought and sold shares of the company. First Horizon Advisors Inc. boosted its stake in shares of ACV Auctions by 46.0% during the third quarter. First Horizon Advisors Inc. now owns 6,145 shares of the company’s stock valued at $44,000 after purchasing an additional 1,937 shares during the period. Citigroup Inc. boosted its position in ACV Auctions by 359.1% during the 1st quarter. Citigroup Inc. now owns 3,641 shares of the company’s stock valued at $54,000 after acquiring an additional 2,848 shares in the last quarter. Principal Financial Group Inc. bought a new stake in shares of ACV Auctions in the 2nd quarter valued at about $76,000. Integrated Advisors Network LLC bought a new stake in shares of ACV Auctions in the 3rd quarter valued at about $81,000. Finally, Atlas Private Wealth Management purchased a new stake in shares of ACV Auctions during the 4th quarter valued at $82,000. Institutional investors own 69.75% of the company’s stock.

Insider Activity

In other news, major shareholder Bessemer Venture Partners Ix L sold 2,000,000 shares of the company’s stock in a transaction on Thursday, February 23rd. The stock was sold at an average price of $12.22, for a total value of $24,440,000.00. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In other news, CEO George Chamoun sold 76,877 shares of the business’s stock in a transaction that occurred on Tuesday, April 4th. The shares were sold at an average price of $12.45, for a total value of $957,118.65. Following the sale, the chief executive officer now directly owns 646,607 shares of the company’s stock, valued at approximately $8,050,257.15. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, major shareholder Bessemer Venture Partners Ix L sold 2,000,000 shares of ACV Auctions stock in a transaction on Thursday, February 23rd. The shares were sold at an average price of $12.22, for a total value of $24,440,000.00. The disclosure for this sale can be found here. Insiders have sold a total of 5,629,683 shares of company stock valued at $81,386,858 in the last quarter. Insiders own 11.64% of the company’s stock.

ACV Auctions Stock Performance

ACV Auctions stock opened at $17.66 on Wednesday. The firm has a 50 day simple moving average of $13.39 and a 200-day simple moving average of $10.85. ACV Auctions Inc. has a 1-year low of $6.10 and a 1-year high of $18.02. The company has a debt-to-equity ratio of 0.20, a current ratio of 2.01 and a quick ratio of 2.01. The stock has a market cap of $2.82 billion, a price-to-earnings ratio of -30.45 and a beta of 1.41.

ACV Auctions (NASDAQ:ACVA – Get Rating) last posted its quarterly earnings results on Wednesday, February 22nd. The company reported ($0.16) earnings per share for the quarter, beating the consensus estimate of ($0.18) by $0.02. ACV Auctions had a negative net margin of 20.75% and a negative return on equity of 16.03%. The business had revenue of $97.97 million during the quarter, compared to analysts’ expectations of $99.08 million. On average, analysts expect that ACV Auctions Inc. will post -0.62 EPS for the current year.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on ACVA. Barrington Research upped their price objective on shares of ACV Auctions from $14.00 to $18.00 in a report on Wednesday, May 17th. JMP Securities lifted their target price on shares of ACV Auctions from $14.00 to $18.00 in a research note on Thursday, May 11th. Piper Jaffray Companies cut shares of ACV Auctions to a “neutral” rating and set a $11.00 target price on the stock. in a research note on Thursday, February 16th. Citigroup lifted their target price on shares of ACV Auctions from $14.00 to $19.00 in a research note on Friday, May 12th. Finally, Needham & Company LLC reissued a “buy” rating and issued a $14.00 target price on shares of ACV Auctions in a research note on Thursday, February 23rd. Two investment analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $14.80.

ACV Auctions Profile

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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.