TimesSquare Capital Management LLC Buys 45,004 Shares of ACV Auctions Inc. (NASDAQ:ACVA)

TimesSquare Capital Management LLC grew its holdings in shares of ACV Auctions Inc. (NASDAQ:ACVA - Free Report) by 2.6% in the 3rd quarter, according to its most recent disclosure with the SEC. The fund owned 1,773,206 shares of the company's stock after purchasing an additional 45,004 shares during the period. TimesSquare Capital Management LLC owned approximately 1.06% of ACV Auctions worth $36,049,000 as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in ACVA. Massachusetts Financial Services Co. MA raised its stake in ACV Auctions by 47.6% during the second quarter. Massachusetts Financial Services Co. MA now owns 7,758,163 shares of the company's stock valued at $141,586,000 after buying an additional 2,502,064 shares during the last quarter. Bank of New York Mellon Corp lifted its stake in shares of ACV Auctions by 217.5% in the second quarter. Bank of New York Mellon Corp now owns 1,391,070 shares of the company's stock worth $25,387,000 after buying an additional 952,929 shares in the last quarter. Swedbank AB purchased a new position in ACV Auctions in the 1st quarter worth approximately $15,016,000. Allspring Global Investments Holdings LLC purchased a new position in shares of ACV Auctions in the second quarter worth $8,567,000. Finally, Driehaus Capital Management LLC boosted its position in shares of ACV Auctions by 48.0% during the second quarter. Driehaus Capital Management LLC now owns 1,232,238 shares of the company's stock valued at $22,488,000 after buying an additional 399,402 shares during the last quarter. 88.55% of the stock is owned by institutional investors.

ACV Auctions Price Performance

Shares of ACV Auctions stock traded up $0.63 during trading hours on Friday, hitting $20.13. The company's stock had a trading volume of 3,406,375 shares, compared to its average volume of 987,635. The company has a debt-to-equity ratio of 0.24, a quick ratio of 1.49 and a current ratio of 1.49. ACV Auctions Inc. has a 12-month low of $12.84 and a 12-month high of $21.22. The business has a 50 day moving average price of $19.06 and a two-hundred day moving average price of $18.31. The company has a market cap of $3.35 billion, a PE ratio of -41.94 and a beta of 1.59.

ACV Auctions (NASDAQ:ACVA - Get Free Report) last posted its quarterly earnings results on Wednesday, August 7th. The company reported ($0.07) EPS for the quarter, topping analysts' consensus estimates of ($0.09) by $0.02. The company had revenue of $160.62 million for the quarter, compared to analysts' expectations of $156.33 million. ACV Auctions had a negative return on equity of 13.20% and a negative net margin of 14.53%. Analysts expect that ACV Auctions Inc. will post -0.35 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, Director Brian Hirsch sold 61,666 shares of the firm's stock in a transaction dated Friday, August 23rd. The stock was sold at an average price of $18.63, for a total transaction of $1,148,837.58. Following the completion of the transaction, the director now owns 9,239 shares in the company, valued at $172,122.57. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In related news, COO Vikas Mehta sold 154,324 shares of the business's stock in a transaction on Tuesday, September 10th. The shares were sold at an average price of $19.19, for a total value of $2,961,477.56. Following the sale, the chief operating officer now owns 432,457 shares in the company, valued at approximately $8,298,849.83. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Brian Hirsch sold 61,666 shares of ACV Auctions stock in a transaction on Friday, August 23rd. The stock was sold at an average price of $18.63, for a total transaction of $1,148,837.58. Following the completion of the transaction, the director now directly owns 9,239 shares of the company's stock, valued at $172,122.57. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 709,426 shares of company stock worth $13,792,090. 8.50% of the stock is owned by insiders.

Analyst Ratings Changes

A number of equities analysts have weighed in on ACVA shares. JMP Securities boosted their target price on ACV Auctions from $21.00 to $24.00 and gave the stock a "market outperform" rating in a research report on Tuesday, September 17th. Needham & Company LLC increased their price objective on shares of ACV Auctions from $23.00 to $26.00 and gave the company a "buy" rating in a research report on Friday. Barrington Research reaffirmed an "outperform" rating and issued a $23.00 target price on shares of ACV Auctions in a research report on Monday, November 4th. Piper Sandler increased their price target on ACV Auctions from $16.00 to $18.00 and gave the company a "neutral" rating in a report on Friday. Finally, Jefferies Financial Group lifted their price objective on ACV Auctions from $22.00 to $25.00 and gave the stock a "buy" rating in a report on Tuesday, October 22nd. Two research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to MarketBeat.com, ACV Auctions has an average rating of "Moderate Buy" and a consensus target price of $22.63.

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.