Harbor Capital Advisors Inc. Increases Stock Position in ACV Auctions Inc. (NASDAQ:ACVA)

Harbor Capital Advisors Inc. boosted its stake in ACV Auctions Inc. (NASDAQ:ACVA - Free Report) by 383.7% during the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 153,050 shares of the company's stock after acquiring an additional 121,411 shares during the period. Harbor Capital Advisors Inc. owned 0.09% of ACV Auctions worth $3,112,000 as of its most recent SEC filing.

Other institutional investors also recently added to or reduced their stakes in the company. Park Place Capital Corp raised its stake in ACV Auctions by 34.1% in the 3rd quarter. Park Place Capital Corp now owns 2,779 shares of the company's stock valued at $56,000 after purchasing an additional 706 shares during the last quarter. MCF Advisors LLC grew its position in shares of ACV Auctions by 107.0% during the third quarter. MCF Advisors LLC now owns 1,480 shares of the company's stock worth $30,000 after acquiring an additional 765 shares during the last quarter. Amalgamated Bank raised its stake in ACV Auctions by 18.0% during the 2nd quarter. Amalgamated Bank now owns 5,120 shares of the company's stock valued at $93,000 after acquiring an additional 782 shares in the last quarter. Blue Trust Inc. raised its stake in shares of ACV Auctions by 165.2% in the 3rd quarter. Blue Trust Inc. now owns 1,419 shares of the company's stock worth $29,000 after buying an additional 884 shares in the last quarter. Finally, Blair William & Co. IL raised its position in shares of 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 purchasing an additional 1,626 shares during the period. Hedge funds and other institutional investors own 88.55% of the company's stock.

ACV Auctions Trading Up 2.7 %

Shares of ACV Auctions stock traded up $0.46 on Tuesday, reaching $17.71. 787,663 shares of the company's stock were exchanged, compared to its average volume of 1,189,259. ACV Auctions Inc. has a 52 week low of $12.84 and a 52 week high of $21.10. The company has a market capitalization of $2.95 billion, a P/E ratio of -36.90 and a beta of 1.59. The firm's 50-day moving average is $19.01 and its two-hundred day moving average is $18.28. The company has a debt-to-equity ratio of 0.24, a quick ratio of 1.49 and a current ratio of 1.49.

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, beating analysts' consensus estimates of ($0.09) by $0.02. The company had revenue of $160.62 million for the quarter, compared to analyst estimates of $156.33 million. ACV Auctions had a negative net margin of 14.53% and a negative return on equity of 13.20%. Sell-side analysts predict that ACV Auctions Inc. will post -0.35 EPS for the current fiscal year.

Insiders Place Their Bets

In other ACV Auctions news, insider Michael Waterman sold 18,001 shares of ACV Auctions stock in a transaction dated Tuesday, October 15th. The stock was sold at an average price of $18.79, for a total transaction of $338,238.79. Following the completion of the sale, the insider now owns 337,190 shares of the company's stock, valued at $6,335,800.10. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In related news, insider Michael Waterman sold 18,001 shares of the company's stock in a transaction that occurred on Tuesday, October 15th. The stock was sold at an average price of $18.79, for a total transaction of $338,238.79. Following the completion of the transaction, the insider now owns 337,190 shares in the company, valued at $6,335,800.10. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, COO Vikas Mehta sold 145,928 shares of the company's stock in a transaction on Friday, August 23rd. The stock was sold at an average price of $18.71, for a total value of $2,730,312.88. Following the completion of the sale, the chief operating officer now directly owns 468,505 shares in the company, valued at approximately $8,765,728.55. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 709,426 shares of company stock worth $13,792,090 in the last three months. 8.50% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

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

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.