Russell Investments Group Ltd. Acquires 25,448 Shares of ACV Auctions Inc. (NASDAQ:ACVA)

Russell Investments Group Ltd. increased its holdings in shares of ACV Auctions Inc. (NASDAQ:ACVA) by 5,705.8% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 25,894 shares of the company’s stock after acquiring an additional 25,448 shares during the quarter. Russell Investments Group Ltd.’s holdings in ACV Auctions were worth $559,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also bought and sold shares of the business. William Blair Investment Management LLC raised its holdings in shares of ACV Auctions by 43.2% during the 4th 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 in the last quarter. Franklin Resources Inc. grew its stake in shares of ACV Auctions by 2,346.2% in the fourth quarter. Franklin Resources Inc. now owns 1,001,365 shares of the company’s stock worth $21,629,000 after purchasing an additional 960,430 shares during the last quarter. Vanguard Group Inc. increased its holdings in ACV Auctions by 5.5% in the fourth quarter. Vanguard Group Inc. now owns 14,245,915 shares of the company’s stock valued at $307,712,000 after purchasing an additional 738,391 shares during the period. Jennison Associates LLC raised its position in ACV Auctions by 17.2% during the 4th quarter. Jennison Associates LLC now owns 4,980,354 shares of the company’s stock worth $107,576,000 after purchasing an additional 732,422 shares during the last quarter. Finally, Wellington Management Group LLP lifted its holdings in ACV Auctions by 61.3% during the 4th quarter. Wellington Management Group LLP now owns 1,708,551 shares of the company’s stock worth $36,905,000 after buying an additional 649,039 shares during the period. Institutional investors and hedge funds own 88.55% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on the company. JPMorgan Chase & Co. cut their price objective on ACV Auctions from $24.00 to $20.00 and set an “overweight” rating on the stock in a research note on Thursday, March 27th. Needham & Company LLC reaffirmed a “buy” rating and issued a $25.00 price objective on shares of ACV Auctions in a research note on Wednesday, March 12th. Stephens upgraded shares of ACV Auctions to a “hold” rating in a research report on Saturday, February 1st. JMP Securities cut their price target on shares of ACV Auctions from $22.00 to $18.00 and set a “market outperform” rating on the stock in a research report on Wednesday, April 9th. Finally, Bank of America raised ACV Auctions from a “neutral” rating to a “buy” rating and lowered their price objective for the stock from $22.00 to $20.00 in a research report on Wednesday, March 12th. Two analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $22.50.

Insiders Place Their Bets

In other news, CEO George Chamoun sold 348,249 shares of the stock in a transaction on Thursday, March 20th. The stock was 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 position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO William Zerella sold 15,000 shares of the business’s stock in a transaction dated Tuesday, March 11th. The shares were 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 $10,367,578.98. This represents a 1.92 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 378,249 shares of company stock valued at $5,849,140 over the last ninety days. 8.50% of the stock is currently owned by insiders.

ACV Auctions Trading Up 1.0 %

NASDAQ:ACVA opened at $14.45 on Thursday. 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. The company has a market cap of $2.44 billion, a PE ratio of -29.48 and a beta of 1.74. The firm has a 50-day moving average of $15.13 and a 200-day moving average of $18.76.

ACV Auctions (NASDAQ:ACVA) last issued its quarterly earnings data 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 return on equity of 12.94% and a negative net margin of 12.51%. The firm had revenue of $159.51 million during the quarter, compared to the consensus estimate of $156.77 million. As a group, equities research analysts expect that ACV Auctions Inc. will post -0.07 EPS 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.