Mesirow Institutional Investment Management Inc. Purchases New Shares in ACV Auctions Inc. (NASDAQ:ACVA)

Mesirow Institutional Investment Management Inc. acquired a new position in shares of ACV Auctions Inc. (NASDAQ:ACVA - Free Report) during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund acquired 627,256 shares of the company's stock, valued at approximately $13,549,000. Mesirow Institutional Investment Management Inc. owned about 0.37% of ACV Auctions at the end of the most recent reporting period.

A number of other hedge funds have also recently bought and sold shares of ACVA. Blue Trust Inc. lifted its position in shares of ACV Auctions by 65.8% during the fourth quarter. Blue Trust Inc. now owns 2,352 shares of the company's stock valued at $48,000 after purchasing an additional 933 shares in the last quarter. KBC Group NV boosted its stake in shares of ACV Auctions by 80.4% in 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. LPL Financial LLC bought a new position in shares of ACV Auctions in the fourth quarter valued at approximately $226,000. Xponance Inc. bought a new stake in ACV Auctions during the fourth quarter worth $229,000. Finally, Versor Investments LP purchased a new position in ACV Auctions in the fourth quarter worth $262,000. 88.55% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on ACVA shares. Piper Sandler raised ACV Auctions from a "neutral" rating to an "overweight" rating and raised their target price for the company from $18.00 to $20.00 in a research report on Thursday, March 20th. Bank of America raised shares of ACV Auctions from a "neutral" rating to a "buy" rating and lowered their price objective for the stock from $22.00 to $20.00 in a research report on Wednesday, March 12th. JPMorgan Chase & Co. decreased 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 note on Thursday, March 27th. Stephens upgraded ACV Auctions to a "hold" rating in a research note on Saturday, February 1st. Finally, 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. Two analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $22.50.

Insider Activity

In other news, CFO William Zerella sold 15,000 shares of the stock in a transaction dated Tuesday, March 11th. The stock was 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 in the company, valued at approximately $10,367,578.98. This represents a 1.92 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO George Chamoun sold 348,249 shares of the firm's 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 transaction, the chief executive officer now directly owns 2,821,193 shares in the company, valued at approximately $43,277,100.62. This represents a 10.99 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 378,249 shares of company stock worth $5,849,140. 8.50% of the stock is currently owned by corporate insiders.

ACV Auctions Trading Up 1.3 %

Shares of ACV Auctions stock opened at $14.28 on Friday. The company's 50-day moving average price is $15.57 and its 200-day moving average price is $18.85. The company has a current ratio of 1.56, a quick ratio of 1.56 and a debt-to-equity ratio of 0.28. ACV Auctions Inc. has a 12-month low of $11.88 and a 12-month high of $23.46. The company has a market cap of $2.41 billion, a price-to-earnings ratio of -29.14 and a beta of 1.74.

ACV Auctions (NASDAQ:ACVA - Get Free Report) last released its quarterly earnings results on Wednesday, February 19th. The company reported ($0.14) earnings per share for the quarter, topping 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 firm had revenue of $159.51 million for the quarter, compared to analysts' expectations of $156.77 million. On average, equities analysts expect that ACV Auctions Inc. will post -0.07 earnings per share for the current fiscal 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.

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