Teacher Retirement System of Texas Acquires Shares of 22,388 ACV Auctions Inc. (NASDAQ:ACVA)

Teacher Retirement System of Texas purchased a new position in shares of ACV Auctions Inc. (NASDAQ:ACVA) in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 22,388 shares of the company’s stock, valued at approximately $315,000.

Several other institutional investors also recently modified their holdings of the stock. Vanguard Group Inc. increased its holdings in shares of ACV Auctions by 5.5% during the fourth quarter. Vanguard Group Inc. now owns 14,245,915 shares of the company’s stock worth $307,712,000 after buying an additional 738,391 shares in the last quarter. Alliancebernstein L.P. increased its holdings in shares of ACV Auctions by 5.3% during the fourth quarter. Alliancebernstein L.P. now owns 5,622,255 shares of the company’s stock worth $121,441,000 after buying an additional 284,880 shares in the last quarter. Geode Capital Management LLC increased its holdings in shares of ACV Auctions by 1.7% during the fourth quarter. Geode Capital Management LLC now owns 3,575,347 shares of the company’s stock worth $77,246,000 after buying an additional 58,259 shares in the last quarter. JPMorgan Chase & Co. increased its holdings in shares of ACV Auctions by 0.6% during the fourth quarter. JPMorgan Chase & Co. now owns 3,186,130 shares of the company’s stock worth $68,820,000 after buying an additional 18,515 shares in the last quarter. Finally, Nuveen Asset Management LLC increased its holdings in shares of ACV Auctions by 12.0% during the fourth quarter. Nuveen Asset Management LLC now owns 3,041,900 shares of the company’s stock worth $65,705,000 after buying an additional 326,206 shares in the last quarter. 88.55% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on the stock. JMP Securities upped their price target on shares of ACV Auctions from $18.00 to $20.00 and gave the stock a “market outperform” rating in a report on Wednesday, July 2nd. Citigroup reduced their price objective on shares of ACV Auctions from $22.00 to $21.00 and set a “buy” rating on the stock in a research note on Monday, July 7th. Needham & Company LLC reissued a “buy” rating and issued a $25.00 price objective on shares of ACV Auctions in a research note on Thursday, May 8th. Finally, JPMorgan Chase & Co. reduced their price objective on shares of ACV Auctions from $20.00 to $19.00 and set an “overweight” rating on the stock in a research note on Thursday. 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, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $22.05.

ACV Auctions Stock Performance

Shares of ACVA opened at $15.09 on Friday. The company has a current ratio of 1.56, a quick ratio of 1.56 and a debt-to-equity ratio of 0.28. The stock has a market capitalization of $2.58 billion, a P/E ratio of -30.79 and a beta of 1.71. The firm’s fifty day simple moving average is $16.28 and its two-hundred day simple moving average is $16.94. ACV Auctions Inc. has a 12 month low of $11.88 and a 12 month high of $23.46.

ACV Auctions (NASDAQ:ACVA) last issued its quarterly earnings results on Wednesday, May 7th. The company reported ($0.09) EPS for the quarter, missing analysts’ consensus estimates of $0.04 by ($0.13). ACV Auctions had a negative net margin of 12.51% and a negative return on equity of 12.94%. The firm’s quarterly revenue was up 25.4% on a year-over-year basis. During the same quarter in the prior year, the firm posted ($0.13) EPS. As a group, analysts predict that ACV Auctions Inc. will post -0.07 EPS for the current year.

Insider Activity

In other news, insider Michael Waterman sold 223,330 shares of the stock in a transaction dated Tuesday, May 13th. The shares were sold at an average price of $17.00, for a total transaction of $3,796,610.00. Following the transaction, the insider owned 466,548 shares of the company’s stock, valued at $7,931,316. This represents a 32.37% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 2.90% of the stock is owned by company insiders.

About ACV Auctions

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.