Fmr LLC Trims Holdings in ACV Auctions Inc. (NASDAQ:ACVA)

FMR LLC cut its holdings in ACV Auctions Inc. (NASDAQ:ACVA - Free Report) by 9.1% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 12,205,497 shares of the company's stock after selling 1,222,672 shares during the quarter. FMR LLC owned 7.28% of ACV Auctions worth $263,639,000 at the end of the most recent quarter.

A number of other hedge funds also recently bought and sold shares of ACVA. Blue Trust Inc. raised its position in ACV Auctions by 65.8% during the fourth quarter. Blue Trust Inc. now owns 2,352 shares of the company's stock valued at $48,000 after purchasing an additional 933 shares during the period. Arizona State Retirement System raised its holdings in shares of ACV Auctions by 3.6% in the fourth quarter. Arizona State Retirement System now owns 44,126 shares of the company's stock worth $953,000 after buying an additional 1,520 shares during the period. Franklin Resources Inc. grew its position in ACV Auctions by 5.3% in the 3rd quarter. Franklin Resources Inc. now owns 40,935 shares of the company's stock valued at $768,000 after acquiring an additional 2,057 shares during the last quarter. Handelsbanken Fonder AB lifted its position in shares of ACV Auctions by 6.0% during the fourth quarter. Handelsbanken Fonder AB now owns 44,000 shares of the company's stock worth $950,000 after purchasing an additional 2,500 shares during the last quarter. Finally, Principal Financial Group Inc. grew its holdings in shares of ACV Auctions by 4.9% in the third quarter. Principal Financial Group Inc. now owns 64,925 shares of the company's stock worth $1,320,000 after purchasing an additional 3,022 shares during the last quarter. Hedge funds and other institutional investors own 88.55% of the company's stock.

ACV Auctions Stock Performance

ACVA stock traded down $0.01 during midday trading on Thursday, reaching $14.08. The stock had a trading volume of 593,946 shares, compared to its average volume of 1,571,847. ACV Auctions Inc. has a 52-week low of $11.88 and a 52-week high of $23.46. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.56 and a current ratio of 1.56. The stock has a market cap of $2.38 billion, a PE ratio of -28.73 and a beta of 1.74. The firm has a fifty day simple moving average of $15.86 and a two-hundred day simple moving average of $18.94.

ACV Auctions (NASDAQ:ACVA - Get Free Report) last issued its earnings results on Wednesday, February 19th. The company reported ($0.14) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.15) by $0.01. The firm had revenue of $159.51 million during the quarter, compared to analysts' expectations of $156.77 million. ACV Auctions had a negative net margin of 12.51% and a negative return on equity of 12.94%. As a group, equities research analysts anticipate that ACV Auctions Inc. will post -0.07 EPS for the current year.

Analyst Ratings Changes

A number of equities analysts have commented on ACVA shares. JPMorgan Chase & Co. dropped their target price on shares of ACV Auctions from $24.00 to $20.00 and set an "overweight" rating on the stock in a research note on Thursday, March 27th. Stephens raised ACV Auctions to a "hold" rating in a research report on Saturday, February 1st. Bank of America raised shares of ACV Auctions from a "neutral" rating to a "buy" rating and cut their target price for the company from $22.00 to $20.00 in a research report on Wednesday, March 12th. Needham & Company LLC reiterated a "buy" rating and set a $25.00 price objective on shares of ACV Auctions in a research note on Wednesday, March 12th. Finally, JMP Securities reduced their price objective on shares of ACV Auctions from $22.00 to $18.00 and set a "market outperform" rating for the company in a research note on Wednesday, April 9th. Two equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $22.50.

Insider Buying and Selling

In other news, CEO George Chamoun sold 348,249 shares of the stock in a transaction dated Thursday, March 20th. The shares were sold at an average price of $15.34, for a total transaction of $5,342,139.66. Following the sale, the chief executive officer now directly owns 2,821,193 shares of the company's stock, valued at $43,277,100.62. This represents a 10.99 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO William Zerella sold 15,000 shares of the stock in a transaction that occurred on Tuesday, March 11th. The stock was sold at an average price of $13.53, for a total value of $202,950.00. Following the transaction, the chief financial officer now owns 766,266 shares in the company, valued at $10,367,578.98. This represents a 1.92 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 378,249 shares of company stock valued at $5,849,140 over the last ninety days. Company insiders own 8.50% of the company's stock.

About ACV Auctions

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.