Rhumbline Advisers Buys 8,368 Shares of ACV Auctions Inc. (NASDAQ:ACVA)

Rhumbline Advisers lifted its stake in shares of ACV Auctions Inc. (NASDAQ:ACVA) by 4.1% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 214,763 shares of the company’s stock after acquiring an additional 8,368 shares during the quarter. Rhumbline Advisers owned approximately 0.13% of ACV Auctions worth $3,026,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. Blue Trust Inc. boosted its stake in ACV Auctions by 65.8% in the 4th 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. Arizona State Retirement System boosted its stake in ACV Auctions by 3.6% in the 4th quarter. Arizona State Retirement System now owns 44,126 shares of the company’s stock worth $953,000 after purchasing an additional 1,520 shares during the period. Versant Capital Management Inc boosted its stake in ACV Auctions by 464.4% in the 1st quarter. Versant Capital Management Inc now owns 2,201 shares of the company’s stock worth $31,000 after purchasing an additional 1,811 shares during the period. California State Teachers Retirement System boosted its stake in ACV Auctions by 1.4% in the 4th quarter. California State Teachers Retirement System now owns 141,873 shares of the company’s stock worth $3,064,000 after purchasing an additional 1,906 shares during the period. Finally, Handelsbanken Fonder AB boosted its stake in ACV Auctions by 6.0% in the 4th quarter. Handelsbanken Fonder AB now owns 44,000 shares of the company’s stock worth $950,000 after purchasing an additional 2,500 shares during the period. 88.55% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other news, insider Michael Waterman sold 223,330 shares of ACV Auctions stock in a transaction on Tuesday, May 13th. The stock was sold at an average price of $17.00, for a total transaction of $3,796,610.00. Following the completion of the sale, the insider now directly owns 466,548 shares in the company, valued at approximately $7,931,316. This trade represents a 32.37% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO George Chamoun sold 348,249 shares of ACV Auctions stock in a transaction on Thursday, March 20th. The stock was sold at an average price of $15.34, for a total value of $5,342,139.66. Following the sale, the chief executive officer now owns 2,821,193 shares of the company’s stock, valued at approximately $43,277,100.62. This trade represents a 10.99% decrease in their ownership of the stock. The disclosure for this sale can be found here. 2.90% of the stock is owned by corporate insiders.

Analyst Ratings Changes

ACVA has been the subject of several recent analyst reports. Needham & Company LLC restated a “buy” rating and issued a $25.00 price target on shares of ACV Auctions in a research note on Thursday, May 8th. 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. Piper Sandler upgraded ACV Auctions from a “neutral” rating to an “overweight” rating and increased their target price for the company from $18.00 to $20.00 in a research report on Thursday, March 20th. JMP Securities lowered their target price on ACV Auctions from $22.00 to $18.00 and set a “market outperform” rating for the company in a research report on Wednesday, April 9th. Finally, Bank of America upgraded ACV Auctions from a “neutral” rating to a “buy” rating and lowered their target price for the company 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 issued a buy rating to the stock. According to data from MarketBeat.com, ACV Auctions currently has an average rating of “Moderate Buy” and a consensus price target of $22.50.

ACV Auctions Stock Down 6.6%

Shares of ACVA opened at $15.34 on Monday. The company has a market cap of $2.62 billion, a PE ratio of -31.31 and a beta of 1.74. The business has a fifty day moving average of $15.65 and a 200 day moving average of $17.87. 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.

ACV Auctions (NASDAQ:ACVA) last issued its quarterly 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 return on equity of 12.94% and a negative net margin of 12.51%. ACV Auctions’s revenue for the quarter was up 25.4% compared to the same quarter last year. During the same period in the prior year, the company earned ($0.13) earnings per share. On average, sell-side analysts expect that ACV Auctions Inc. will post -0.07 EPS for the current 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.