372,542 Shares in ACV Auctions Inc. (NASDAQ:ACVA) Acquired by Great Lakes Advisors LLC

Great Lakes Advisors LLC acquired a new stake in ACV Auctions Inc. (NASDAQ:ACVA - Free Report) during the fourth quarter, according to its most recent disclosure with the SEC. The institutional investor acquired 372,542 shares of the company's stock, valued at approximately $8,047,000. Great Lakes Advisors LLC owned approximately 0.22% of ACV Auctions at the end of the most recent reporting period.

Several other large investors have also recently added to or reduced their stakes in the company. Massachusetts Financial Services Co. MA grew its stake in shares of ACV Auctions by 11.6% in the third quarter. Massachusetts Financial Services Co. MA now owns 8,655,640 shares of the company's stock valued at $175,969,000 after acquiring an additional 897,477 shares in the last quarter. Jennison Associates LLC grew its position in shares of ACV Auctions by 17.2% during the 4th quarter. Jennison Associates LLC now owns 4,980,354 shares of the company's stock worth $107,576,000 after purchasing an additional 732,422 shares in the last quarter. Geode Capital Management LLC increased its holdings in shares of ACV Auctions by 2.0% during the third quarter. Geode Capital Management LLC now owns 3,517,088 shares of the company's stock worth $71,516,000 after purchasing an additional 67,969 shares during the period. State Street Corp raised its position in shares of ACV Auctions by 3.7% in the third quarter. State Street Corp now owns 3,242,388 shares of the company's stock valued at $65,918,000 after buying an additional 115,700 shares in the last quarter. Finally, JPMorgan Chase & Co. raised its position in shares of ACV Auctions by 10.9% in the third quarter. JPMorgan Chase & Co. now owns 3,167,615 shares of the company's stock valued at $64,398,000 after buying an additional 311,465 shares in the last quarter. Institutional investors own 88.55% of the company's stock.

ACV Auctions Stock Performance

Shares of ACV Auctions stock opened at $14.00 on Friday. The company's 50 day moving average price is $19.39 and its two-hundred day moving average price is $19.86. The firm has a market capitalization of $2.36 billion, a P/E ratio of -28.57 and a beta of 1.73. ACV Auctions Inc. has a fifty-two week low of $12.77 and a fifty-two week high of $23.46. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.56 and a quick ratio of 1.56.

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

Insider Activity

In other news, CFO William Zerella sold 15,000 shares of the stock in a transaction dated Tuesday, March 11th. The stock was sold at an average price of $13.53, for a total value of $202,950.00. Following the completion of the sale, the chief financial officer now owns 766,266 shares of the company's stock, valued at approximately $10,367,578.98. This represents a 1.92 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Michael Waterman sold 30,162 shares of the firm's stock in a transaction dated Tuesday, January 7th. The stock was sold at an average price of $20.53, for a total value of $619,225.86. Following the transaction, the insider now owns 314,738 shares of the company's stock, valued at $6,461,571.14. This trade represents a 8.75 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 107,662 shares of company stock valued at $2,138,401. 8.50% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

A number of equities analysts have commented on the company. Bank of America upgraded ACV Auctions from a "neutral" rating to a "buy" rating and lowered their price objective for the stock from $22.00 to $20.00 in a research note on Wednesday. JMP Securities reaffirmed a "market outperform" rating and issued a $25.00 price target on shares of ACV Auctions in a research note on Monday, December 16th. B. Riley increased their price objective on shares of ACV Auctions from $24.00 to $27.00 and gave the stock a "buy" rating in a research note on Tuesday, November 26th. Needham & Company LLC restated a "buy" rating and issued a $25.00 target price on shares of ACV Auctions in a research report on Wednesday. Finally, Citigroup increased their price target on shares of ACV Auctions from $22.00 to $27.00 and gave the stock a "buy" rating in a research report on Wednesday, November 27th. Three investment analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $23.05.

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.

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