Massachusetts Financial Services Co. MA Cuts Holdings in ACV Auctions Inc. (NASDAQ:ACVA)

Massachusetts Financial Services Co. MA reduced its position in ACV Auctions Inc. (NASDAQ:ACVA - Free Report) by 0.9% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 8,574,150 shares of the company's stock after selling 81,490 shares during the quarter. Massachusetts Financial Services Co. MA owned approximately 5.11% of ACV Auctions worth $185,202,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in ACVA. Raymond James Financial Inc. bought a new stake in shares of ACV Auctions during the 4th quarter valued at $4,704,000. Intech Investment Management LLC increased its holdings in ACV Auctions by 55.7% during the 4th quarter. Intech Investment Management LLC now owns 62,395 shares of the company's stock worth $1,348,000 after acquiring an additional 22,310 shares during the period. Moody National Bank Trust Division lifted its stake in ACV Auctions by 64.6% in the 4th quarter. Moody National Bank Trust Division now owns 79,199 shares of the company's stock worth $1,711,000 after purchasing an additional 31,094 shares in the last quarter. Quadrature Capital Ltd bought a new position in ACV Auctions in the 3rd quarter valued at $566,000. Finally, Charles Schwab Investment Management Inc. grew its position in shares of ACV Auctions by 3.9% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,289,362 shares of the company's stock valued at $27,850,000 after purchasing an additional 48,021 shares in the last quarter. 88.55% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

ACVA has been the topic of a number of recent analyst reports. JPMorgan Chase & Co. lowered their price objective on ACV Auctions from $24.00 to $20.00 and set an "overweight" rating on the stock in a research report on Thursday, March 27th. JMP Securities lowered their price target on ACV Auctions from $22.00 to $18.00 and set a "market outperform" rating on the stock in a report on Wednesday. Stephens raised ACV Auctions to a "hold" rating in a report on Saturday, February 1st. Bank of America raised 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 research note on Wednesday, March 12th. Finally, Piper Sandler raised shares of ACV Auctions from a "neutral" rating to an "overweight" rating and boosted their price target for the stock from $18.00 to $20.00 in a research note on Thursday, March 20th. Two research analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. According to MarketBeat.com, ACV Auctions has an average rating of "Moderate Buy" and an average price target of $22.50.

Insider Activity at ACV Auctions

In related 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 value of $5,342,139.66. Following the completion of the transaction, the chief executive officer now directly owns 2,821,193 shares in the company, valued at $43,277,100.62. This trade represents a 10.99 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO William Zerella sold 15,000 shares of the firm's stock in a transaction that occurred on Tuesday, March 11th. The shares were sold at an average price of $13.53, for a total transaction of $202,950.00. Following the transaction, the chief financial officer now directly owns 766,266 shares of the company's stock, 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 sold a total of 378,249 shares of company stock worth $5,849,140 over the last quarter. 8.50% of the stock is owned by corporate insiders.

ACV Auctions Trading Up 13.7 %

Shares of NASDAQ ACVA traded up $1.76 during midday trading on Wednesday, reaching $14.58. The company had a trading volume of 4,013,283 shares, compared to its average volume of 1,535,960. The firm's fifty day moving average price is $16.53 and its 200-day moving average price is $19.15. The company has a quick ratio of 1.56, a current ratio of 1.56 and a debt-to-equity ratio of 0.28. ACV Auctions Inc. has a one year low of $11.88 and a one year high of $23.46. The stock has a market cap of $2.46 billion, a PE ratio of -29.75 and a beta of 1.74.

ACV Auctions (NASDAQ:ACVA - Get Free Report) last announced its quarterly 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 net margin of 12.51% and a negative return on equity of 12.94%. The business had revenue of $159.51 million during the quarter, compared to analysts' expectations of $156.77 million. On average, equities research analysts anticipate that ACV Auctions Inc. will post -0.07 earnings per share for the current year.

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.