M&T Bank Corp Cuts Holdings in ACV Auctions Inc. (NASDAQ:ACVA)

M&T Bank Corp decreased its holdings in shares of ACV Auctions Inc. (NASDAQ:ACVA - Free Report) by 27.1% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 65,657 shares of the company's stock after selling 24,454 shares during the quarter. M&T Bank Corp's holdings in ACV Auctions were worth $1,418,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in ACVA. Moody National Bank Trust Division grew its stake in shares of ACV Auctions by 64.6% in the fourth quarter. Moody National Bank Trust Division now owns 79,199 shares of the company's stock valued at $1,711,000 after buying an additional 31,094 shares in the last quarter. Quadrature Capital Ltd acquired a new stake in shares of ACV Auctions in the third quarter valued at $566,000. TimesSquare Capital Management LLC grew its stake in shares of ACV Auctions by 6.7% in the fourth quarter. TimesSquare Capital Management LLC now owns 1,891,627 shares of the company's stock valued at $40,859,000 after buying an additional 118,421 shares in the last quarter. JPMorgan Chase & Co. grew its stake 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. Finally, Quantbot Technologies LP purchased a new position in ACV Auctions in the third quarter valued at $2,035,000. Institutional investors and hedge funds own 88.55% of the company's stock.

ACV Auctions Stock Up 5.2 %

Shares of NASDAQ:ACVA traded up $0.68 on Tuesday, hitting $13.78. 4,009,723 shares of the company's stock were exchanged, compared to its average volume of 1,306,306. The company has a market capitalization of $2.33 billion, a PE ratio of -28.12 and a beta of 1.73. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.56 and a current ratio of 1.56. ACV Auctions Inc. has a 1-year low of $12.85 and a 1-year high of $23.46. The firm's 50-day moving average is $19.67 and its 200 day moving average is $19.94.

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ACV Auctions (NASDAQ:ACVA - Get Free Report) last announced its earnings results on Wednesday, February 19th. The company reported ($0.14) earnings per share (EPS) for the quarter, beating analysts' consensus estimates 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 return on equity of 12.94% and a negative net margin of 12.51%. Sell-side analysts predict that ACV Auctions Inc. will post -0.07 EPS for the current year.

Analyst Ratings Changes

ACVA has been the subject of a number of recent research reports. Needham & Company LLC decreased their target price on ACV Auctions from $28.00 to $25.00 and set a "buy" rating for the company in a report on Thursday, February 20th. Citigroup lifted their target price on ACV Auctions from $22.00 to $27.00 and gave the company a "buy" rating in a report on Wednesday, November 27th. B. Riley lifted their target price on ACV Auctions from $24.00 to $27.00 and gave the company a "buy" rating in a report on Tuesday, November 26th. JMP Securities reiterated a "market outperform" rating and issued a $25.00 target price on shares of ACV Auctions in a report on Monday, December 16th. Finally, Stephens upgraded ACV Auctions to a "hold" rating in a report on Saturday, February 1st. Three research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $23.35.

Insider Activity at ACV Auctions

In related news, CFO William Zerella sold 32,500 shares of the company's stock in a transaction dated Monday, December 30th. The stock was sold at an average price of $21.65, for a total value of $703,625.00. Following the completion of the sale, the chief financial officer now directly owns 490,482 shares of the company's stock, valued at $10,618,935.30. This represents a 6.21 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Michael Waterman sold 15,000 shares of the company's stock in a transaction dated Tuesday, February 4th. The shares were sold at an average price of $20.27, for a total value of $304,050.00. Following the completion of the sale, the insider now directly owns 311,354 shares of the company's stock, valued at approximately $6,311,145.58. This trade represents a 4.60 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 92,662 shares of company stock valued at $1,935,451 in the last three months. 8.50% of the stock is currently owned by company insiders.

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.