ACV Auctions Inc. (NASDAQ:ACVA) Stake Raised by Alliancebernstein L.P.

Alliancebernstein L.P. increased its holdings in ACV Auctions Inc. (NASDAQ:ACVA) by 5.3% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 5,622,255 shares of the company’s stock after buying an additional 284,880 shares during the quarter. Alliancebernstein L.P. owned about 3.35% of ACV Auctions worth $121,441,000 at the end of the most recent reporting period.

Several other large investors have also recently added to or reduced their stakes in the business. Axiom Investors LLC DE boosted its position in ACV Auctions by 14.4% during the 4th quarter. Axiom Investors LLC DE now owns 313,285 shares of the company’s stock worth $6,767,000 after acquiring an additional 39,315 shares during the period. Wellington Management Group LLP raised its stake in shares of ACV Auctions by 61.3% during the fourth quarter. Wellington Management Group LLP now owns 1,708,551 shares of the company’s stock valued at $36,905,000 after purchasing an additional 649,039 shares in the last quarter. CIBC Private Wealth Group LLC lifted its holdings in ACV Auctions by 11.0% in the fourth quarter. CIBC Private Wealth Group LLC now owns 177,199 shares of the company’s stock worth $3,746,000 after purchasing an additional 17,607 shares during the period. Pictet Asset Management Holding SA grew its position in ACV Auctions by 33.2% in the 4th quarter. Pictet Asset Management Holding SA now owns 23,578 shares of the company’s stock valued at $509,000 after buying an additional 5,883 shares in the last quarter. Finally, Norges Bank acquired a new position in ACV Auctions during the 4th quarter valued at about $10,746,000. 88.55% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on the stock. Needham & Company LLC reaffirmed a “buy” rating and issued a $25.00 price target on shares of ACV Auctions in a research note on Wednesday, March 12th. Stephens upgraded ACV Auctions to a “hold” rating in a research report on Saturday, February 1st. JPMorgan Chase & Co. decreased their price target on ACV Auctions from $24.00 to $20.00 and set an “overweight” rating for the company in a research note on Thursday, March 27th. Bank of America raised ACV Auctions from a “neutral” rating to a “buy” rating and dropped their price objective for the stock from $22.00 to $20.00 in a research note on Wednesday, March 12th. Finally, JMP Securities reaffirmed a “market outperform” rating and set a $25.00 target price on shares of ACV Auctions in a research note on Monday, December 16th. Two research analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $23.14.

Insiders Place Their Bets

In other news, insider Michael Waterman sold 30,162 shares of the firm’s stock in a transaction on Tuesday, January 7th. The stock was sold at an average price of $20.53, for a total value of $619,225.86. Following the completion of the sale, the insider now owns 314,738 shares of the company’s stock, valued at $6,461,571.14. This trade represents a 8.75 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CEO George Chamoun sold 348,249 shares of ACV Auctions stock in a transaction 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 $43,277,100.62. This represents a 10.99 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 423,411 shares of company stock worth $6,776,916. Corporate insiders own 8.50% of the company’s stock.

ACV Auctions Trading Up 4.8 %

NASDAQ:ACVA opened at $15.17 on Thursday. The stock has a fifty day simple moving average of $17.63 and a 200 day simple moving average of $19.48. The firm has a market capitalization of $2.56 billion, a price-to-earnings ratio of -30.96 and a beta of 1.73. ACV Auctions Inc. has a 1-year low of $12.77 and a 1-year high of $23.46. The company has a quick ratio of 1.56, a current ratio of 1.56 and a debt-to-equity ratio of 0.28.

ACV Auctions (NASDAQ:ACVA) last announced its earnings results on Wednesday, February 19th. The company reported ($0.14) EPS for the quarter, topping the consensus estimate 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 during the quarter, compared to analysts’ expectations of $156.77 million. Sell-side analysts forecast that ACV Auctions Inc. will post -0.07 earnings per share for the current year.

About ACV Auctions

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.