ACV Auctions Inc. (NASDAQ:ACVA) Stock Holdings Cut by Swiss National Bank

Swiss National Bank reduced its position in shares of ACV Auctions Inc. (NASDAQ:ACVA) by 8.7% in the first quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 241,300 shares of the company’s stock after selling 22,900 shares during the quarter. Swiss National Bank owned about 0.15% of ACV Auctions worth $3,115,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in ACVA. First Horizon Advisors Inc. boosted its stake in shares of ACV Auctions by 195.1% during the 4th quarter. First Horizon Advisors Inc. now owns 18,133 shares of the company’s stock worth $149,000 after acquiring an additional 11,988 shares in the last quarter. Russell Investments Group Ltd. bought a new stake in shares of ACV Auctions during the 1st quarter worth $752,000. Rivermont Capital Management LP bought a new stake in shares of ACV Auctions during the 4th quarter worth $4,867,000. True North Advisors LLC bought a new stake in shares of ACV Auctions during the 4th quarter worth $790,000. Finally, William Blair Investment Management LLC boosted its stake in shares of ACV Auctions by 6.4% during the 4th quarter. William Blair Investment Management LLC now owns 3,528,610 shares of the company’s stock worth $28,970,000 after acquiring an additional 213,406 shares in the last quarter. 78.56% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on the company. Needham & Company LLC reissued a “buy” rating and set a $23.00 price objective on shares of ACV Auctions in a research note on Tuesday, August 8th. Piper Jaffray Companies increased their target price on ACV Auctions from $14.00 to $15.00 and gave the company a “neutral” rating in a report on Wednesday, July 5th. Barrington Research restated an “outperform” rating and issued a $23.00 target price on shares of ACV Auctions in a report on Monday, August 7th. JPMorgan Chase & Co. increased their target price on ACV Auctions from $17.00 to $18.00 in a report on Tuesday, August 8th. Finally, B. Riley Financial started coverage on ACV Auctions in a report on Thursday, July 20th. They issued a “buy” rating and a $23.00 target price for the company. Three investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, ACV Auctions has an average rating of “Moderate Buy” and an average price target of $19.07.

Insiders Place Their Bets

In other ACV Auctions news, major shareholder Bessemer Venture Partners Ix L sold 342,236 shares of the stock in a transaction on Thursday, June 8th. The shares were sold at an average price of $18.22, for a total transaction of $6,235,539.92. Following the transaction, the insider now directly owns 325,381 shares of the company’s stock, valued at $5,928,441.82. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other news, major shareholder Bessemer Venture Partners Ix L sold 342,236 shares of the firm’s stock in a transaction dated Thursday, June 8th. The stock was sold at an average price of $18.22, for a total value of $6,235,539.92. Following the sale, the insider now directly owns 325,381 shares of the company’s stock, valued at $5,928,441.82. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Kirsten Castillo sold 30,000 shares of the firm’s stock in a transaction dated Friday, August 11th. The shares were sold at an average price of $15.69, for a total value of $470,700.00. The disclosure for this sale can be found here. Insiders have sold 1,329,156 shares of company stock valued at $23,830,358 over the last three months. 13.67% of the stock is currently owned by insiders.

ACV Auctions Price Performance

Shares of NASDAQ:ACVA opened at $16.87 on Monday. The company has a current ratio of 2.18, a quick ratio of 2.18 and a debt-to-equity ratio of 0.22. The firm has a market cap of $2.71 billion, a price-to-earnings ratio of -32.44 and a beta of 1.35. ACV Auctions Inc. has a 1 year low of $6.51 and a 1 year high of $18.68. The business has a fifty day simple moving average of $16.58 and a 200 day simple moving average of $15.00.

ACV Auctions (NASDAQ:ACVA) last posted its earnings results on Monday, August 7th. The company reported ($0.09) EPS for the quarter, topping the consensus estimate of ($0.15) by $0.06. The firm had revenue of $124.22 million for the quarter, compared to the consensus estimate of $119.44 million. ACV Auctions had a negative net margin of 18.33% and a negative return on equity of 16.17%. As a group, sell-side analysts predict that ACV Auctions Inc. will post -0.5 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 provides data services insights into the condition and value of used vehicles, as well as customer financing services. ACV Auctions Inc was incorporated in 2014 and is headquartered in Buffalo, New York.