Summit Partners Public Asset Management LLC Boosts Position in ACV Auctions Inc. (NASDAQ:ACVA)

Summit Partners Public Asset Management LLC increased its holdings in shares of ACV Auctions Inc. (NASDAQ:ACVA) by 32.2% during the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 2,052,026 shares of the company’s stock after purchasing an additional 500,000 shares during the quarter. ACV Auctions comprises about 0.9% of Summit Partners Public Asset Management LLC’s investment portfolio, making the stock its 18th biggest holding. Summit Partners Public Asset Management LLC’s holdings in ACV Auctions were worth $44,324,000 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. Vanguard Group Inc. lifted its position in ACV Auctions by 5.5% during the fourth quarter. Vanguard Group Inc. now owns 14,245,915 shares of the company’s stock worth $307,712,000 after buying an additional 738,391 shares during the period. William Blair Investment Management LLC lifted its position in ACV Auctions by 43.2% during the fourth quarter. William Blair Investment Management LLC now owns 12,099,686 shares of the company’s stock worth $261,353,000 after buying an additional 3,652,871 shares during the period. Alliancebernstein L.P. lifted its position in ACV Auctions by 5.3% during the fourth quarter. Alliancebernstein L.P. now owns 5,622,255 shares of the company’s stock worth $121,441,000 after buying an additional 284,880 shares during the period. Jennison Associates LLC lifted its position in ACV Auctions by 17.2% during the fourth quarter. Jennison Associates LLC now owns 4,980,354 shares of the company’s stock worth $107,576,000 after buying an additional 732,422 shares during the period. Finally, Geode Capital Management LLC lifted its position in ACV Auctions by 1.7% during the fourth quarter. Geode Capital Management LLC now owns 3,575,347 shares of the company’s stock worth $77,246,000 after buying an additional 58,259 shares during the period. 88.55% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on ACVA. 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. Piper Sandler upgraded ACV Auctions from a “neutral” rating to an “overweight” rating and upped their price target for the stock from $18.00 to $20.00 in a research note on Thursday, March 20th. Stephens upgraded ACV Auctions to a “hold” rating in a research note on Saturday, February 1st. JPMorgan Chase & Co. dropped 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. Finally, Needham & Company LLC restated a “buy” rating and set a $25.00 price target on shares of ACV Auctions in a research note on Thursday, May 8th. Two research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $22.50.

Insider Activity

In other news, CFO William Zerella sold 15,000 shares of the stock in a transaction dated Tuesday, March 11th. The stock was sold at an average price of $13.53, for a total value of $202,950.00. Following the completion of the sale, the chief financial officer now owns 766,266 shares in the company, valued at approximately $10,367,578.98. This trade represents a 1.92% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Michael Waterman sold 223,330 shares of the stock in a transaction dated Tuesday, May 13th. The shares were sold at an average price of $17.00, for a total value of $3,796,610.00. Following the completion of the sale, the insider now owns 466,548 shares of the company’s stock, valued at approximately $7,931,316. This trade represents a 32.37% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 586,579 shares of company stock worth $9,341,700. 8.50% of the stock is currently owned by corporate insiders.

ACV Auctions Price Performance

ACVA stock opened at $17.03 on Friday. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.56 and a current ratio of 1.56. ACV Auctions Inc. has a 1 year low of $11.88 and a 1 year high of $23.46. The firm has a market cap of $2.87 billion, a P/E ratio of -34.75 and a beta of 1.72. The stock has a 50-day simple moving average of $14.86 and a 200-day simple moving average of $18.44.

ACV Auctions (NASDAQ:ACVA) last posted its earnings results on Wednesday, May 7th. The company reported ($0.09) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.04 by ($0.13). ACV Auctions had a negative net margin of 12.51% and a negative return on equity of 12.94%. During the same period last year, the business posted ($0.13) earnings per share. The firm’s revenue for the quarter was up 25.4% on a year-over-year basis. On average, equities analysts predict that ACV Auctions Inc. will post -0.07 earnings per share for the current fiscal 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.