Essex Investment Management Co. LLC Sells 18,303 Shares of ACV Auctions Inc. (NASDAQ:ACVA)

Essex Investment Management Co. LLC decreased its holdings in shares of ACV Auctions Inc. (NASDAQ:ACVA - Free Report) by 12.8% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 125,065 shares of the company's stock after selling 18,303 shares during the period. Essex Investment Management Co. LLC owned 0.07% of ACV Auctions worth $2,701,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of ACVA. Massachusetts Financial Services Co. MA raised its holdings in shares of ACV Auctions by 11.6% during the third quarter. Massachusetts Financial Services Co. MA now owns 8,655,640 shares of the company's stock valued at $175,969,000 after acquiring an additional 897,477 shares in the last quarter. Jennison Associates LLC lifted its holdings in 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 buying an additional 732,422 shares during the period. Geode Capital Management LLC grew its holdings in shares of ACV Auctions by 2.0% during the 3rd quarter. Geode Capital Management LLC now owns 3,517,088 shares of the company's stock worth $71,516,000 after acquiring an additional 67,969 shares during the period. State Street Corp raised its holdings in ACV Auctions by 3.7% in the third quarter. State Street Corp now owns 3,242,388 shares of the company's stock worth $65,918,000 after purchasing an additional 115,700 shares in the last quarter. Finally, JPMorgan Chase & Co. lifted its position in ACV Auctions by 10.9% during the 3rd quarter. JPMorgan Chase & Co. now owns 3,167,615 shares of the company's stock valued at $64,398,000 after acquiring an additional 311,465 shares during the period. Hedge funds and other institutional investors own 88.55% of the company's stock.

Remove Ads

ACV Auctions Price Performance

Shares of NASDAQ:ACVA traded up $0.52 on Wednesday, reaching $14.30. 978,250 shares of the company traded hands, compared to its average volume of 1,304,926. The stock has a market capitalization of $2.41 billion, a PE ratio of -29.11 and a beta of 1.73. 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 company's 50 day moving average is $19.67 and its 200-day moving average is $19.94. ACV Auctions Inc. has a fifty-two week low of $12.77 and a fifty-two week high of $23.46.

ACV Auctions (NASDAQ:ACVA - Get Free Report) last posted its quarterly earnings results 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. The company had revenue of $159.51 million during 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, analysts anticipate that ACV Auctions Inc. will post -0.07 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

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

Insider Activity

In other news, insider Michael Waterman sold 15,000 shares of the company's stock in a transaction that occurred on 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 transaction, the insider now owns 311,354 shares in the company, valued at $6,311,145.58. This represents a 4.60 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, 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 sale, the chief financial officer now owns 490,482 shares in the company, valued at $10,618,935.30. The trade was a 6.21 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 92,662 shares of company stock valued at $1,935,451. 8.50% of the stock is currently owned by 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.