Iridian Asset Management LLC CT Cuts Stock Holdings in ACV Auctions Inc. (NASDAQ:ACVA)

Iridian Asset Management LLC CT lowered its position in ACV Auctions Inc. (NASDAQ:ACVA - Free Report) by 11.6% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,062,081 shares of the company's stock after selling 139,486 shares during the period. ACV Auctions makes up about 4.6% of Iridian Asset Management LLC CT's investment portfolio, making the stock its 4th biggest position. Iridian Asset Management LLC CT owned approximately 0.64% of ACV Auctions worth $21,592,000 at the end of the most recent reporting period.

Other hedge funds have also recently bought and sold shares of the company. Park Place Capital Corp increased its position in ACV Auctions by 34.1% during the third quarter. Park Place Capital Corp now owns 2,779 shares of the company's stock worth $56,000 after buying an additional 706 shares in the last quarter. MCF Advisors LLC raised its stake in ACV Auctions by 107.0% in the 3rd quarter. MCF Advisors LLC now owns 1,480 shares of the company's stock valued at $30,000 after purchasing an additional 765 shares during the last quarter. Amalgamated Bank lifted its holdings in ACV Auctions by 18.0% in the 2nd quarter. Amalgamated Bank now owns 5,120 shares of the company's stock valued at $93,000 after purchasing an additional 782 shares in the last quarter. Blue Trust Inc. raised its position in shares of ACV Auctions by 165.2% in the third quarter. Blue Trust Inc. now owns 1,419 shares of the company's stock valued at $29,000 after buying an additional 884 shares during the last quarter. Finally, Blair William & Co. IL boosted its position in ACV Auctions by 14.7% during the first quarter. Blair William & Co. IL now owns 12,691 shares of the company's stock worth $238,000 after acquiring an additional 1,626 shares during the last quarter. 88.55% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

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

Insiders Place Their Bets

In related news, CEO George Chamoun sold 111,363 shares of the business's stock in a transaction dated Tuesday, September 17th. The stock was sold at an average price of $20.27, for a total value of $2,257,328.01. Following the completion of the sale, the chief executive officer now directly owns 928,166 shares of the company's stock, valued at $18,813,924.82. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In related news, CFO William Zerella sold 32,500 shares of the business's stock in a transaction dated Tuesday, August 6th. The shares were sold at an average price of $15.19, for a total transaction of $493,675.00. Following the completion of the sale, the chief financial officer now owns 503,077 shares of the company's stock, valued at $7,641,739.63. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO George Chamoun sold 111,363 shares of ACV Auctions stock in a transaction that occurred on Tuesday, September 17th. The shares were sold at an average price of $20.27, for a total value of $2,257,328.01. Following the completion of the transaction, the chief executive officer now owns 928,166 shares of the company's stock, valued at approximately $18,813,924.82. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 741,926 shares of company stock valued at $14,285,765 in the last ninety days. Corporate insiders own 8.50% of the company's stock.

ACV Auctions Stock Down 2.4 %

NASDAQ ACVA traded down $0.42 during mid-day trading on Thursday, reaching $17.29. 1,006,531 shares of the company's stock traded hands, compared to its average volume of 1,193,413. The company has a current ratio of 1.49, a quick ratio of 1.49 and a debt-to-equity ratio of 0.24. ACV Auctions Inc. has a 1-year low of $12.84 and a 1-year high of $21.10. The company has a fifty day simple moving average of $19.09 and a 200-day simple moving average of $18.27. The company has a market cap of $2.88 billion, a price-to-earnings ratio of -36.02 and a beta of 1.56.

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