ACV Auctions Inc. (NASDAQ:ACVA) Shares Acquired by Bank of New York Mellon Corp

Bank of New York Mellon Corp boosted its holdings in shares of ACV Auctions Inc. (NASDAQ:ACVA) by 6.7% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 1,095,964 shares of the company’s stock after purchasing an additional 68,513 shares during the period. Bank of New York Mellon Corp owned about 0.65% of ACV Auctions worth $15,442,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in ACVA. Versant Capital Management Inc raised its position in shares of ACV Auctions by 464.4% during 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 last quarter. GAMMA Investing LLC boosted its position in shares of ACV Auctions by 3,005.8% during the 1st quarter. GAMMA Investing LLC now owns 5,932 shares of the company’s stock worth $84,000 after purchasing an additional 5,741 shares during the period. Bessemer Group Inc. lifted its holdings in ACV Auctions by 14.5% during the 1st quarter. Bessemer Group Inc. now owns 9,911 shares of the company’s stock worth $140,000 after buying an additional 1,257 shares in the last quarter. Integrated Advisors Network LLC acquired a new stake in ACV Auctions during the 4th quarter worth approximately $200,000. Finally, Mackenzie Financial Corp acquired a new stake in ACV Auctions during the 4th quarter worth approximately $206,000. 88.55% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research analysts recently commented on the stock. JMP Securities increased their target price on shares of ACV Auctions from $18.00 to $20.00 and gave the company a “market outperform” rating in a research report on Wednesday, July 2nd. Citigroup lowered their target price on shares of ACV Auctions from $22.00 to $21.00 and set a “buy” rating on the stock in a report on Monday, July 7th. JPMorgan Chase & Co. lowered their target price on shares of ACV Auctions from $20.00 to $19.00 and set an “overweight” rating on the stock in a report on Thursday. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $25.00 target price on shares of ACV Auctions in a report on Thursday, May 8th. Two research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $22.05.

ACV Auctions Price Performance

ACVA opened at $15.09 on Friday. 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 Inc. has a 52-week low of $11.88 and a 52-week high of $23.46. The company has a 50 day moving average of $16.28 and a two-hundred day moving average of $16.90. The company has a market cap of $2.58 billion, a P/E ratio of -30.79 and a beta of 1.71.

ACV Auctions (NASDAQ:ACVA) last released its quarterly earnings data on Wednesday, May 7th. The company reported ($0.09) earnings per share (EPS) for the quarter, missing the consensus estimate 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%. During the same quarter in the previous year, the company earned ($0.13) EPS. The firm’s revenue was up 25.4% compared to the same quarter last year. On average, analysts expect that ACV Auctions Inc. will post -0.07 earnings per share for the current year.

Insider Transactions at ACV Auctions

In other ACV Auctions news, insider Michael Waterman sold 34,339 shares of the stock in a transaction on Tuesday, July 8th. The shares were sold at an average price of $16.05, for a total transaction of $551,140.95. Following the sale, the insider directly owned 379,957 shares of the company’s stock, valued at approximately $6,098,309.85. This represents a 8.29% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 2.90% of the stock is owned by corporate 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.