Ameriprise Financial Inc. Sells 26,805 Shares of ACV Auctions Inc. (NASDAQ:ACVA)

Ameriprise Financial Inc. decreased its holdings in ACV Auctions Inc. (NASDAQ:ACVA) by 9.4% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 259,093 shares of the company’s stock after selling 26,805 shares during the quarter. Ameriprise Financial Inc. owned approximately 0.15% of ACV Auctions worth $5,596,000 as of its most recent SEC filing.

Other institutional investors have also recently bought and sold shares of the company. Blue Trust Inc. grew its stake in shares of ACV Auctions by 65.8% during the fourth quarter. Blue Trust Inc. now owns 2,352 shares of the company’s stock worth $48,000 after purchasing an additional 933 shares during the period. KBC Group NV lifted its holdings in shares of ACV Auctions by 80.4% in the fourth quarter. KBC Group NV now owns 7,406 shares of the company’s stock valued at $160,000 after purchasing an additional 3,300 shares in the last quarter. LPL Financial LLC bought a new stake in ACV Auctions during the fourth quarter worth about $226,000. Xponance Inc. bought a new stake in ACV Auctions during the fourth quarter worth about $229,000. Finally, Versor Investments LP bought a new stake in ACV Auctions during the fourth quarter worth about $262,000. Institutional investors own 88.55% of the company’s stock.

Insider Transactions at ACV Auctions

In other ACV Auctions news, CEO George Chamoun sold 348,249 shares of the company’s stock in a transaction that occurred 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 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 sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CFO William Zerella sold 15,000 shares of the stock in a transaction on Tuesday, March 11th. The stock was sold at an average price of $13.53, for a total transaction of $202,950.00. Following the sale, the chief financial officer now directly owns 766,266 shares in the company, valued at $10,367,578.98. This trade represents a 1.92% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 586,579 shares of company stock valued at $9,341,700. Company insiders own 8.50% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on the company. JPMorgan Chase & Co. decreased their target price on ACV Auctions from $24.00 to $20.00 and set an “overweight” rating on the stock in a research report on Thursday, March 27th. Stephens upgraded ACV Auctions to a “hold” rating in a research note on Saturday, February 1st. JMP Securities cut their target price on ACV Auctions from $22.00 to $18.00 and set a “market outperform” rating for the company in a research note on Wednesday, April 9th. Piper Sandler raised ACV Auctions from a “neutral” rating to an “overweight” rating and raised their price objective for the company from $18.00 to $20.00 in a report on Thursday, March 20th. Finally, Needham & Company LLC reissued a “buy” rating and set a $25.00 price objective on shares of ACV Auctions in a report on Thursday, May 8th. Two analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. According to MarketBeat.com, ACV Auctions has an average rating of “Moderate Buy” and an average price target of $22.50.

ACV Auctions Stock Down 1.2%

ACVA opened at $16.56 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 fifty-two week low of $11.88 and a fifty-two week high of $23.46. The firm’s fifty day moving average is $15.10 and its 200 day moving average is $18.41. The stock has a market cap of $2.83 billion, a price-to-earnings ratio of -33.80 and a beta of 1.72.

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

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.