LPL Financial LLC Makes New $226,000 Investment in ACV Auctions Inc. (NASDAQ:ACVA)

LPL Financial LLC purchased a new stake in shares of ACV Auctions Inc. (NASDAQ:ACVA) during the fourth quarter, Holdings Channel.com reports. The firm purchased 10,474 shares of the company’s stock, valued at approximately $226,000.

Other hedge funds have also made changes to their positions in the company. Blue Trust Inc. raised its stake in ACV Auctions by 65.8% during the 4th quarter. Blue Trust Inc. now owns 2,352 shares of the company’s stock valued at $48,000 after purchasing an additional 933 shares during the period. Arizona State Retirement System grew its holdings in shares of ACV Auctions by 3.6% during the fourth quarter. Arizona State Retirement System now owns 44,126 shares of the company’s stock valued at $953,000 after buying an additional 1,520 shares in the last quarter. Franklin Resources Inc. raised its position in ACV Auctions by 5.3% during the third quarter. Franklin Resources Inc. now owns 40,935 shares of the company’s stock valued at $768,000 after buying an additional 2,057 shares during the period. Handelsbanken Fonder AB lifted its stake in ACV Auctions by 6.0% in the 4th quarter. Handelsbanken Fonder AB now owns 44,000 shares of the company’s stock worth $950,000 after acquiring an additional 2,500 shares in the last quarter. Finally, Principal Financial Group Inc. boosted its position in ACV Auctions by 4.9% during the 3rd quarter. Principal Financial Group Inc. now owns 64,925 shares of the company’s stock worth $1,320,000 after acquiring an additional 3,022 shares during the period. Hedge funds and other institutional investors own 88.55% of the company’s stock.

Insiders Place Their Bets

In related news, CFO William Zerella sold 15,000 shares of the company’s stock in a transaction dated Tuesday, March 11th. The shares were sold at an average price of $13.53, for a total value of $202,950.00. Following the sale, the chief financial officer now owns 766,266 shares of the company’s stock, valued at $10,367,578.98. The trade was a 1.92 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO George Chamoun sold 348,249 shares of the firm’s stock in a transaction dated 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 transaction, the chief executive officer now owns 2,821,193 shares of the company’s stock, valued at approximately $43,277,100.62. This represents a 10.99 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 378,249 shares of company stock worth $5,849,140 over the last 90 days. Corporate insiders own 8.50% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts have issued reports on ACVA shares. Bank of America upgraded shares of ACV Auctions from a “neutral” rating to a “buy” rating and cut their target price for the stock from $22.00 to $20.00 in a research report on Wednesday, March 12th. Piper Sandler raised shares of ACV Auctions from a “neutral” rating to an “overweight” rating and raised their price objective for the company from $18.00 to $20.00 in a research report on Thursday, March 20th. JPMorgan Chase & Co. decreased their target price on shares of ACV Auctions from $24.00 to $20.00 and set an “overweight” rating for the company in a research report on Thursday, March 27th. Stephens upgraded shares of ACV Auctions to a “hold” rating in a report on Saturday, February 1st. Finally, JMP Securities decreased their price target on 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. 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, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $22.50.

ACV Auctions Stock Up 1.7 %

ACVA opened at $15.00 on Wednesday. The business has a 50 day moving average of $14.68 and a 200-day moving average of $18.65. The stock has a market capitalization of $2.53 billion, a price-to-earnings ratio of -30.60 and a beta of 1.74. The company has a current ratio of 1.56, a quick ratio of 1.56 and a debt-to-equity ratio of 0.28. ACV Auctions Inc. has a 1-year low of $11.88 and a 1-year high of $23.46.

ACV Auctions (NASDAQ:ACVA) last released its earnings results on Wednesday, February 19th. The company reported ($0.14) earnings per share for the quarter, beating the consensus estimate of ($0.15) by $0.01. The business 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%. As a group, sell-side analysts anticipate that ACV Auctions Inc. will post -0.07 earnings per share for the current year.

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.