Raymond James Financial Inc. Makes New Investment in ACV Auctions Inc. (NASDAQ:ACVA)

Raymond James Financial Inc. bought a new position in shares of ACV Auctions Inc. (NASDAQ:ACVA - Free Report) during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 217,774 shares of the company's stock, valued at approximately $4,704,000. Raymond James Financial Inc. owned approximately 0.13% of ACV Auctions at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. Intech Investment Management LLC acquired a new stake in shares of ACV Auctions during the third quarter worth approximately $815,000. Charles Schwab Investment Management Inc. grew its holdings in ACV Auctions by 3.3% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,241,341 shares of the company's stock worth $25,236,000 after acquiring an additional 39,812 shares in the last quarter. Loomis Sayles & Co. L P increased its position in shares of ACV Auctions by 10.4% in the 3rd quarter. Loomis Sayles & Co. L P now owns 2,735,055 shares of the company's stock worth $55,603,000 after purchasing an additional 258,104 shares during the last quarter. Quantbot Technologies LP acquired a new stake in shares of ACV Auctions in the 3rd quarter valued at about $2,035,000. Finally, Summit Partners Public Asset Management LLC lifted its position in shares of ACV Auctions by 10.7% during the third quarter. Summit Partners Public Asset Management LLC now owns 1,552,026 shares of the company's stock worth $31,553,000 after purchasing an additional 150,000 shares during the last quarter. 88.55% of the stock is owned by hedge funds and other institutional investors.

Remove Ads

ACV Auctions Price Performance

ACV Auctions stock traded down $0.49 during midday trading on Friday, hitting $14.11. The company's stock had a trading volume of 2,236,492 shares, compared to its average volume of 1,471,841. ACV Auctions Inc. has a 12 month low of $12.77 and a 12 month 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. The stock's 50-day moving average price is $18.06 and its 200-day moving average price is $19.59. The company has a market capitalization of $2.38 billion, a PE ratio of -28.80 and a beta of 1.73.

ACV Auctions (NASDAQ:ACVA - Get Free Report) last released its earnings results on Wednesday, February 19th. The company reported ($0.14) EPS for the quarter, beating the consensus estimate of ($0.15) by $0.01. The business had revenue of $159.51 million during the quarter, compared to analyst estimates of $156.77 million. ACV Auctions had a negative net margin of 12.51% and a negative return on equity of 12.94%. Analysts anticipate that ACV Auctions Inc. will post -0.07 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

ACVA has been the subject of several research analyst reports. JPMorgan Chase & Co. lowered their price objective on ACV Auctions from $24.00 to $20.00 and set an "overweight" rating for the company in a report on Thursday. Piper Sandler raised ACV Auctions from a "neutral" rating to an "overweight" rating and upped their price target for the company from $18.00 to $20.00 in a research report on Thursday, March 20th. Stephens upgraded ACV Auctions to a "hold" rating in a research note on Saturday, February 1st. JMP Securities reiterated a "market outperform" rating and set a $25.00 target price on shares of ACV Auctions in a research note on Monday, December 16th. Finally, Needham & Company LLC restated a "buy" rating and issued a $25.00 price target on shares of ACV Auctions in a research report on Wednesday, March 12th. Two equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $23.14.

Insider Transactions at ACV Auctions

In related news, CFO William Zerella sold 32,500 shares of the stock in a transaction on Monday, December 30th. The stock was sold at an average price of $21.65, for a total value of $703,625.00. Following the completion of the transaction, the chief financial officer now owns 490,482 shares in the company, valued at $10,618,935.30. This trade represents a 6.21 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Michael Waterman sold 15,000 shares of the business's stock in a transaction dated Tuesday, February 4th. The stock was sold at an average price of $20.27, for a total value of $304,050.00. Following the sale, the insider now owns 311,354 shares in the company, valued at approximately $6,311,145.58. The trade was a 4.60 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 455,911 shares of company stock valued at $7,480,541 over the last three months. Company insiders own 8.50% of the company's stock.

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.