KLP Kapitalforvaltning AS Takes $657,000 Position in ACV Auctions Inc. (NASDAQ:ACVA)

KLP Kapitalforvaltning AS purchased a new position in shares of ACV Auctions Inc. (NASDAQ:ACVA - Free Report) in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund purchased 30,400 shares of the company's stock, valued at approximately $657,000.

A number of other large investors also recently modified their holdings of ACVA. Blue Trust Inc. lifted its position 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 lifted its holdings in 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 buying an additional 3,300 shares during the last quarter. Xponance Inc. purchased a new stake in ACV Auctions during the 4th quarter worth about $229,000. Versor Investments LP acquired a new position in shares of ACV Auctions during the 4th quarter worth about $262,000. Finally, Cibc World Markets Corp purchased a new position in shares of ACV Auctions in the 4th quarter valued at about $299,000. 88.55% of the stock is owned by hedge funds and other institutional investors.

ACV Auctions Stock Performance

ACVA stock traded down $1.43 during trading on Thursday, hitting $13.71. The company had a trading volume of 2,263,868 shares, compared to its average volume of 1,487,808. The firm has a 50-day moving average price of $17.46 and a 200-day moving average price of $19.44. 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 firm has a market cap of $2.31 billion, a PE ratio of -27.97 and a beta of 1.73. ACV Auctions Inc. has a 1-year low of $12.77 and a 1-year high of $23.46.

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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 for the quarter, beating the consensus estimate of ($0.15) by $0.01. ACV Auctions had a negative return on equity of 12.94% and a negative net margin of 12.51%. The company had revenue of $159.51 million for the quarter, compared to the consensus estimate of $156.77 million. On average, analysts expect that ACV Auctions Inc. will post -0.07 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on ACVA shares. Piper Sandler raised ACV Auctions from a "neutral" rating to an "overweight" rating and upped their price target for the company from $18.00 to $20.00 in a report on Thursday, March 20th. Bank of America upgraded shares of ACV Auctions from a "neutral" rating to a "buy" rating and lowered their target price for the company from $22.00 to $20.00 in a report on Wednesday, March 12th. JMP Securities reaffirmed a "market outperform" rating and issued a $25.00 target price on shares of ACV Auctions in a research report on Monday, December 16th. JPMorgan Chase & Co. reduced their price target on shares of ACV Auctions from $24.00 to $20.00 and set an "overweight" rating for the company in a research report on Thursday, March 27th. Finally, Stephens raised ACV Auctions to a "hold" rating in a report on Saturday, February 1st. Two analysts have rated the stock with a hold rating and nine have given a buy rating to the company's stock. According to data from MarketBeat, ACV Auctions has an average rating of "Moderate Buy" and an average target price of $23.14.

Insiders Place Their Bets

In other ACV Auctions news, CFO William Zerella sold 15,000 shares of the stock in a transaction on Tuesday, January 7th. The stock was 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 owns 462,452 shares in the company, valued at approximately $9,512,637.64. This represents a 3.14 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO George Chamoun sold 348,249 shares of the firm's stock in a transaction on Thursday, March 20th. The shares were sold at an average price of $15.34, for a total value of $5,342,139.66. Following the completion of the sale, the chief executive officer now directly owns 2,821,193 shares of the company's stock, valued at approximately $43,277,100.62. This trade represents a 10.99 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 423,411 shares of company stock worth $6,776,916. 8.50% of the stock is owned by insiders.

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.