Bank of New York Mellon Corp Sells 140,859 Shares of ACV Auctions Inc. (NASDAQ:ACVA)

Bank of New York Mellon Corp lowered its holdings in shares of ACV Auctions Inc. (NASDAQ:ACVA - Free Report) by 12.1% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,027,451 shares of the company's stock after selling 140,859 shares during the period. Bank of New York Mellon Corp owned 0.61% of ACV Auctions worth $22,193,000 as of its most recent SEC filing.

A number of other large investors have also recently bought and sold shares of the business. Spyglass Capital Management LLC increased its holdings in ACV Auctions by 69.1% during the 3rd quarter. Spyglass Capital Management LLC now owns 2,614,245 shares of the company's stock valued at $53,148,000 after acquiring an additional 1,068,356 shares in the last quarter. Wellington Management Group LLP purchased a new stake in shares of ACV Auctions during the third quarter worth about $21,540,000. Massachusetts Financial Services Co. MA boosted its position 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 worth $175,969,000 after acquiring an additional 897,477 shares during the last quarter. Jennison Associates LLC boosted its position in shares of ACV Auctions by 17.2% in the fourth quarter. Jennison Associates LLC now owns 4,980,354 shares of the company's stock worth $107,576,000 after acquiring an additional 732,422 shares during the last quarter. Finally, New York State Common Retirement Fund boosted its position in shares of ACV Auctions by 100.0% in the fourth quarter. New York State Common Retirement Fund now owns 753,296 shares of the company's stock worth $16,271,000 after acquiring an additional 376,557 shares during the last quarter. Institutional investors and hedge funds own 88.55% of the company's stock.

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ACV Auctions Stock Up 2.2 %

Shares of NASDAQ:ACVA traded up $0.31 during midday trading on Friday, reaching $14.31. The company had a trading volume of 3,265,015 shares, compared to its average volume of 1,339,223. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.56 and a quick ratio of 1.56. The stock's fifty day moving average price is $19.39 and its 200-day moving average price is $19.86. The stock has a market capitalization of $2.42 billion, a P/E ratio of -29.20 and a beta of 1.73. ACV Auctions Inc. has a one year low of $12.77 and a one year high of $23.46.

ACV Auctions (NASDAQ:ACVA - Get Free Report) last issued its quarterly earnings results on Wednesday, February 19th. The company reported ($0.14) earnings per share (EPS) for the quarter, topping analysts' consensus estimates 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%. Equities research analysts expect that ACV Auctions Inc. will post -0.07 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on ACVA shares. JMP Securities reissued a "market outperform" rating and issued a $25.00 target price on shares of ACV Auctions in a research report on Monday, December 16th. Stephens raised shares of ACV Auctions to a "hold" rating in a research report on Saturday, February 1st. Needham & Company LLC reaffirmed a "buy" rating and set a $25.00 price target on shares of ACV Auctions in a research report on Wednesday. B. Riley lifted their price target on shares of ACV Auctions from $24.00 to $27.00 and gave the company a "buy" rating in a research report on Tuesday, November 26th. Finally, Bank of America raised shares of ACV Auctions from a "neutral" rating to a "buy" rating and reduced their price target for the company from $22.00 to $20.00 in a research report on Wednesday. Three equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $23.05.

Insider Buying and Selling

In related news, CFO William Zerella sold 15,000 shares of the firm's stock in a transaction that occurred on Tuesday, January 7th. The stock was sold at an average price of $20.57, for a total value of $308,550.00. Following the sale, the chief financial officer now directly owns 462,452 shares in the company, valued at $9,512,637.64. This trade represents a 3.14 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Michael Waterman sold 30,162 shares of ACV Auctions stock in a transaction dated Tuesday, January 7th. The shares were sold at an average price of $20.53, for a total transaction of $619,225.86. Following the sale, the insider now owns 314,738 shares in the company, valued at approximately $6,461,571.14. This represents a 8.75 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 107,662 shares of company stock valued at $2,138,401. Insiders own 8.50% of the company's stock.

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.