Connor Clark & Lunn Investment Management Ltd. Makes New $4.29 Million Investment in ACV Auctions Inc. (NASDAQ:ACVA)

Connor Clark & Lunn Investment Management Ltd. bought a new position in shares of ACV Auctions Inc. (NASDAQ:ACVA - Free Report) during the fourth quarter, according to its most recent filing with the SEC. The fund bought 198,553 shares of the company's stock, valued at approximately $4,289,000. Connor Clark & Lunn Investment Management Ltd. owned 0.12% of ACV Auctions at the end of the most recent reporting period.

Other institutional investors also recently added to or reduced their stakes in the company. Blue Trust Inc. increased its stake in shares of ACV Auctions by 65.8% during the 4th quarter. Blue Trust Inc. now owns 2,352 shares of the company's stock worth $48,000 after purchasing an additional 933 shares during the last quarter. KBC Group NV grew its stake in shares of ACV Auctions by 80.4% during the 4th quarter. KBC Group NV now owns 7,406 shares of the company's stock worth $160,000 after acquiring an additional 3,300 shares during the period. Icon Wealth Advisors LLC increased its holdings in ACV Auctions by 13.5% in the 3rd quarter. Icon Wealth Advisors LLC now owns 11,048 shares of the company's stock worth $225,000 after acquiring an additional 1,317 shares during the last quarter. Versor Investments LP purchased a new stake in ACV Auctions in the 4th quarter worth about $262,000. Finally, RiverPark Advisors LLC purchased a new stake in ACV Auctions during the third quarter valued at about $301,000. Institutional investors own 88.55% of the company's stock.

Insider Buying and Selling at ACV Auctions

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

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ACV Auctions Price Performance

NASDAQ:ACVA traded up $1.08 during midday trading on Thursday, hitting $15.69. The company had a trading volume of 5,772,536 shares, compared to its average volume of 2,066,510. The stock's fifty day moving average price is $18.87 and its 200-day moving average price is $19.75. ACV Auctions Inc. has a 52-week low of $12.77 and a 52-week high of $23.46. The company has a quick ratio of 1.56, a current ratio of 1.56 and a debt-to-equity ratio of 0.28. The company has a market capitalization of $2.65 billion, a PE ratio of -32.02 and a beta of 1.73.

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

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on the stock. Bank of America raised shares of ACV Auctions from a "neutral" rating to a "buy" rating and lowered their price target for the company from $22.00 to $20.00 in a research report on Wednesday, March 12th. B. Riley boosted their price objective on ACV Auctions from $24.00 to $27.00 and gave the company a "buy" rating in a research note on Tuesday, November 26th. Needham & Company LLC restated a "buy" rating and issued a $25.00 target price on shares of ACV Auctions in a research note on Wednesday, March 12th. JMP Securities reaffirmed a "market outperform" rating and set a $25.00 target price on shares of ACV Auctions in a report on Monday, December 16th. Finally, Piper Sandler raised shares of ACV Auctions from a "neutral" rating to an "overweight" rating and increased their price target for the stock from $18.00 to $20.00 in a report on Thursday. Two analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $23.23.

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.