Candlestick Capital Management LP Reduces Stake in ACV Auctions Inc. (NASDAQ:ACVA)

Candlestick Capital Management LP trimmed its stake in ACV Auctions Inc. (NASDAQ:ACVA) by 47.7% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 954,177 shares of the company’s stock after selling 869,364 shares during the quarter. Candlestick Capital Management LP owned approximately 0.57% of ACV Auctions worth $20,610,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Blue Trust Inc. lifted its stake in shares of 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 buying an additional 933 shares in the last quarter. KBC Group NV lifted its stake in shares of ACV Auctions by 80.4% during the 4th quarter. KBC Group NV now owns 7,406 shares of the company’s stock valued at $160,000 after buying an additional 3,300 shares in the last quarter. LPL Financial LLC purchased a new stake in shares of ACV Auctions during the 4th quarter valued at approximately $226,000. Xponance Inc. purchased a new stake in shares of ACV Auctions during the 4th quarter valued at approximately $229,000. Finally, Versor Investments LP purchased a new stake in shares of ACV Auctions during the 4th quarter valued at approximately $262,000. 88.55% of the stock is currently owned by hedge funds and other institutional investors.

ACV Auctions Trading Down 0.5 %

ACVA opened at $14.77 on Monday. The business has a 50 day simple moving average of $14.87 and a two-hundred day simple moving average of $18.70. The firm has a market capitalization of $2.49 billion, a price-to-earnings ratio of -30.13 and a beta of 1.74. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.56 and a quick ratio of 1.56. ACV Auctions Inc. has a one year low of $11.88 and a one year high of $23.46.

ACV Auctions (NASDAQ:ACVA) last released its quarterly earnings results on Wednesday, February 19th. The company reported ($0.14) EPS for the quarter, beating analysts’ consensus estimates of ($0.15) by $0.01. The business had revenue of $159.51 million during the quarter, compared to analyst estimates of $156.77 million. ACV Auctions had a negative return on equity of 12.94% and a negative net margin of 12.51%. Analysts predict that ACV Auctions Inc. will post -0.07 EPS for the current year.

Wall Street Analyst Weigh In

Several research analysts have commented on ACVA shares. Stephens raised shares of ACV Auctions to a “hold” rating in a report on Saturday, February 1st. Piper Sandler upgraded ACV Auctions from a “neutral” rating to an “overweight” rating and boosted their target price for the stock from $18.00 to $20.00 in a research report on Thursday, March 20th. JMP Securities reduced their target price on ACV Auctions from $22.00 to $18.00 and set a “market outperform” rating for the company in a research report on Wednesday, April 9th. JPMorgan Chase & Co. reduced their target price on ACV Auctions from $24.00 to $20.00 and set an “overweight” rating for the company in a research report on Thursday, March 27th. Finally, Bank of America upgraded ACV Auctions from a “neutral” rating to a “buy” rating and reduced their target price for the stock from $22.00 to $20.00 in a research report on Wednesday, March 12th. Two equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $22.50.

Insiders Place Their Bets

In other ACV Auctions news, insider Michael Waterman sold 15,000 shares of the company’s stock in a transaction that occurred on Tuesday, February 4th. The stock was sold at an average price of $20.27, for a total transaction of $304,050.00. Following the transaction, the insider now owns 311,354 shares in the company, valued at approximately $6,311,145.58. This represents a 4.60 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO George Chamoun sold 348,249 shares of the company’s stock in a transaction that occurred on Thursday, March 20th. The stock was sold at an average price of $15.34, for a total value of $5,342,139.66. Following the completion of the sale, the chief executive officer now owns 2,821,193 shares in the company, valued at $43,277,100.62. The trade was a 10.99 % 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.

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.