Deepwater Asset Management LLC Sells 74,924 Shares of ACV Auctions Inc. (NASDAQ:ACVA)

Deepwater Asset Management LLC lessened its stake in shares of ACV Auctions Inc. (NASDAQ:ACVA - Free Report) by 9.7% during the third quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 701,175 shares of the company's stock after selling 74,924 shares during the period. ACV Auctions accounts for about 5.0% of Deepwater Asset Management LLC's portfolio, making the stock its 11th largest position. Deepwater Asset Management LLC owned approximately 0.42% of ACV Auctions worth $14,255,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Massachusetts Financial Services Co. MA grew its stake in ACV Auctions by 47.6% in the 2nd quarter. Massachusetts Financial Services Co. MA now owns 7,758,163 shares of the company's stock valued at $141,586,000 after buying an additional 2,502,064 shares in the last quarter. William Blair Investment Management LLC grew its holdings in shares of ACV Auctions by 4.1% in the second quarter. William Blair Investment Management LLC now owns 5,013,642 shares of the company's stock worth $91,499,000 after purchasing an additional 198,228 shares during the last quarter. Jennison Associates LLC increased its stake in shares of ACV Auctions by 11.0% in the first quarter. Jennison Associates LLC now owns 3,954,432 shares of the company's stock worth $74,225,000 after buying an additional 393,423 shares during the period. Dimensional Fund Advisors LP increased its position in shares of ACV Auctions by 8.4% in the second quarter. Dimensional Fund Advisors LP now owns 2,103,770 shares of the company's stock valued at $38,394,000 after acquiring an additional 163,380 shares during the period. Finally, TimesSquare Capital Management LLC raised its stake in shares of ACV Auctions by 45.6% during the first quarter. TimesSquare Capital Management LLC now owns 1,765,822 shares of the company's stock valued at $33,144,000 after acquiring an additional 552,719 shares during the last quarter. Institutional investors own 88.55% of the company's stock.

Insider Activity

In other news, CFO William Zerella sold 32,500 shares of the stock in a transaction that occurred on Tuesday, August 6th. The shares were sold at an average price of $15.19, for a total transaction of $493,675.00. Following the sale, the chief financial officer now owns 503,077 shares in the company, valued at $7,641,739.63. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In other news, CFO William Zerella sold 32,500 shares of the company's stock in a transaction on Tuesday, August 6th. The stock was sold at an average price of $15.19, for a total transaction of $493,675.00. Following the transaction, the chief financial officer now directly owns 503,077 shares of the company's stock, valued at $7,641,739.63. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, VP Andrew Peer sold 1,795 shares of ACV Auctions stock in a transaction dated Thursday, September 19th. The stock was sold at an average price of $21.00, for a total value of $37,695.00. Following the completion of the sale, the vice president now owns 62,956 shares of the company's stock, valued at $1,322,076. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 741,926 shares of company stock worth $14,285,765 over the last three months. 8.50% of the stock is currently owned by corporate insiders.

ACV Auctions Stock Up 0.9 %

Shares of ACV Auctions stock traded up $0.16 during trading on Tuesday, hitting $17.82. The company's stock had a trading volume of 970,176 shares, compared to its average volume of 1,196,204. ACV Auctions Inc. has a 52 week low of $12.84 and a 52 week high of $21.10. The company has a debt-to-equity ratio of 0.24, a quick ratio of 1.49 and a current ratio of 1.49. The company has a fifty day simple moving average of $19.13 and a two-hundred day simple moving average of $18.28. The company has a market capitalization of $2.94 billion, a PE ratio of -37.13 and a beta of 1.56.

ACV Auctions (NASDAQ:ACVA - Get Free Report) last issued its quarterly earnings results on Wednesday, August 7th. The company reported ($0.07) EPS for the quarter, topping analysts' consensus estimates of ($0.09) by $0.02. ACV Auctions had a negative return on equity of 13.20% and a negative net margin of 14.53%. The firm had revenue of $160.62 million for the quarter, compared to analysts' expectations of $156.33 million. Equities research analysts predict that ACV Auctions Inc. will post -0.35 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on the company. Jefferies Financial Group upped their price target on ACV Auctions from $22.00 to $25.00 and gave the company a "buy" rating in a research report on Tuesday, October 22nd. Barrington Research reaffirmed an "outperform" rating and issued a $23.00 price target on shares of ACV Auctions in a research note on Friday, August 16th. Raymond James started coverage on shares of ACV Auctions in a research report on Friday, September 27th. They set a "market perform" rating and a $22.00 price objective on the stock. Finally, JMP Securities raised their target price on shares of ACV Auctions from $21.00 to $24.00 and gave the stock a "market outperform" rating in a research report on Tuesday, September 17th. Two analysts have rated the stock with a hold rating and six have assigned a buy rating to the company's stock. According to MarketBeat, ACV Auctions has an average rating of "Moderate Buy" and a consensus price target of $22.00.

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.