Congress Asset Management Co. Lowers Holdings in ACV Auctions Inc. (NASDAQ:ACVA)

Congress Asset Management Co. reduced its position in shares of ACV Auctions Inc. (NASDAQ:ACVA - Free Report) by 12.9% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 404,035 shares of the company's stock after selling 59,847 shares during the period. Congress Asset Management Co. owned 0.24% of ACV Auctions worth $8,727,000 as of its most recent SEC filing.

Several other large investors also recently modified their holdings of the business. Spyglass Capital Management LLC lifted its holdings in ACV Auctions by 69.1% in the 3rd quarter. Spyglass Capital Management LLC now owns 2,614,245 shares of the company's stock worth $53,148,000 after buying an additional 1,068,356 shares during the period. Wellington Management Group LLP bought a new position in ACV Auctions in the 3rd quarter worth $21,540,000. Massachusetts Financial Services Co. MA lifted its position in shares of ACV Auctions by 11.6% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 8,655,640 shares of the company's stock worth $175,969,000 after purchasing an additional 897,477 shares during the period. Jennison Associates LLC boosted its stake 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 valued at $107,576,000 after purchasing an additional 732,422 shares in the last quarter. Finally, JPMorgan Chase & Co. increased its position in shares of ACV Auctions by 10.9% during 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 during the period. 88.55% of the stock is owned by institutional investors.

ACV Auctions Stock Down 10.0 %

Shares of NASDAQ ACVA traded down $2.06 during midday trading on Thursday, hitting $18.59. The stock had a trading volume of 7,740,275 shares, compared to its average volume of 1,433,808. The business's 50 day moving average is $21.27 and its 200-day moving average is $20.13. ACV Auctions Inc. has a 52 week low of $13.66 and a 52 week high of $23.46. The company has a quick ratio of 1.51, a current ratio of 1.51 and a debt-to-equity ratio of 0.25. The company has a market cap of $3.12 billion, a P/E ratio of -39.55 and a beta of 1.69.

ACV Auctions (NASDAQ:ACVA - Get Free Report) last announced its quarterly earnings data on Wednesday, February 19th. The company reported ($0.14) earnings per share for the quarter, topping analysts' consensus estimates of ($0.15) by $0.01. ACV Auctions had a negative net margin of 12.89% and a negative return on equity of 12.11%. The company had revenue of $159.51 million during the quarter, compared to analyst estimates of $156.77 million. As a group, analysts predict that ACV Auctions Inc. will post -0.33 EPS for the current year.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on ACVA. Barrington Research reiterated an "outperform" rating and set a $23.00 target price on shares of ACV Auctions in a report on Monday, November 4th. JMP Securities reiterated a "market outperform" rating and issued a $25.00 price objective on shares of ACV Auctions in a report on Monday, December 16th. Citigroup upped their target price 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. 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, Needham & Company LLC cut their price objective on shares of ACV Auctions from $28.00 to $25.00 and set a "buy" rating on the stock in a report on Thursday. Three analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat.com, ACV Auctions currently has a consensus rating of "Moderate Buy" and an average price target of $23.35.

Insider Activity

In other news, insider Michael Waterman sold 15,000 shares of the firm's stock in a transaction on Tuesday, February 4th. The stock was sold at an average price of $20.27, for a total value of $304,050.00. Following the transaction, the insider now directly owns 311,354 shares in the company, valued at $6,311,145.58. This trade represents a 4.60 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CFO William Zerella sold 32,500 shares of the firm's stock in a transaction dated Tuesday, November 26th. The stock was sold at an average price of $22.41, for a total value of $728,325.00. Following the completion of the transaction, the chief financial officer now directly owns 490,482 shares in the company, valued at $10,991,701.62. The trade was a 6.21 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 125,162 shares of company stock valued at $2,663,776 over the last ninety days. 8.50% of the stock is currently owned by corporate insiders.

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.