Norges Bank Acquires New Holdings in ACV Auctions Inc. (NASDAQ:ACVA)

Norges Bank bought a new position in shares of ACV Auctions Inc. (NASDAQ:ACVA) in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm bought 497,500 shares of the company’s stock, valued at approximately $10,746,000. Norges Bank owned 0.30% of ACV Auctions at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. Raymond James Financial Inc. purchased a new position in shares of ACV Auctions during the 4th quarter worth approximately $4,704,000. Intech Investment Management LLC lifted its stake in ACV Auctions by 55.7% during the fourth quarter. Intech Investment Management LLC now owns 62,395 shares of the company’s stock worth $1,348,000 after purchasing an additional 22,310 shares in the last quarter. Moody National Bank Trust Division boosted its position in shares of ACV Auctions by 64.6% during the fourth quarter. Moody National Bank Trust Division now owns 79,199 shares of the company’s stock worth $1,711,000 after buying an additional 31,094 shares during the period. Charles Schwab Investment Management Inc. grew its stake in shares of ACV Auctions by 3.9% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,289,362 shares of the company’s stock valued at $27,850,000 after buying an additional 48,021 shares in the last quarter. Finally, TimesSquare Capital Management LLC raised its holdings in shares of ACV Auctions by 6.7% in the 4th quarter. TimesSquare Capital Management LLC now owns 1,891,627 shares of the company’s stock valued at $40,859,000 after buying an additional 118,421 shares during the period. Hedge funds and other institutional investors own 88.55% of the company’s stock.

ACV Auctions Stock Performance

Shares of ACVA opened at $12.77 on Wednesday. The company has a market capitalization of $2.15 billion, a price-to-earnings ratio of -26.05 and a beta of 1.74. ACV Auctions Inc. has a 52-week low of $11.88 and a 52-week 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. The stock has a 50 day moving average price of $16.80 and a 200 day moving average price of $19.23.

ACV Auctions (NASDAQ:ACVA) last posted its 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. ACV Auctions had a negative net margin of 12.51% and a negative return on equity of 12.94%. The firm had revenue of $159.51 million for the quarter, compared to the consensus estimate of $156.77 million. Research analysts predict that ACV Auctions Inc. will post -0.07 EPS for the current fiscal year.

Insider Activity

In related news, CFO William Zerella sold 15,000 shares of the stock in a transaction on Tuesday, March 11th. The shares were sold at an average price of $13.53, for a total transaction of $202,950.00. Following the completion of the sale, the chief financial officer now owns 766,266 shares in the company, valued at $10,367,578.98. This represents a 1.92 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 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 transaction of $5,342,139.66. Following the completion of the transaction, the chief executive officer now owns 2,821,193 shares in the company, valued at approximately $43,277,100.62. This represents a 10.99 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 378,249 shares of company stock valued at $5,849,140. Insiders own 8.50% of the company’s stock.

Analyst Ratings Changes

ACVA has been the subject of a number of research analyst reports. Needham & Company LLC restated a “buy” rating and set a $25.00 target price on shares of ACV Auctions in a report on Wednesday, March 12th. JPMorgan Chase & Co. dropped their price objective on shares of ACV Auctions from $24.00 to $20.00 and set an “overweight” rating for the company in a report on Thursday, March 27th. Bank of America raised shares of ACV Auctions from a “neutral” rating to a “buy” rating and decreased their price target for the company from $22.00 to $20.00 in a research report on Wednesday, March 12th. Piper Sandler raised ACV Auctions from a “neutral” rating to an “overweight” rating and upped their price objective for the stock from $18.00 to $20.00 in a research report on Thursday, March 20th. Finally, JMP Securities reiterated a “market outperform” rating and issued a $25.00 price objective on shares of ACV Auctions in a research note on Monday, December 16th. Two investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $23.14.

ACV Auctions Company 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.