New York State Common Retirement Fund Boosts Stock Position in ACV Auctions Inc. (NASDAQ:ACVA)

New York State Common Retirement Fund raised its holdings in ACV Auctions Inc. (NASDAQ:ACVA - Free Report) by 100.0% during the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 753,296 shares of the company's stock after acquiring an additional 376,557 shares during the quarter. New York State Common Retirement Fund owned approximately 0.45% of ACV Auctions worth $16,271,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Blue Trust Inc. grew its stake in ACV Auctions by 165.2% in the third quarter. Blue Trust Inc. now owns 1,419 shares of the company's stock worth $29,000 after purchasing an additional 884 shares in the last quarter. MCF Advisors LLC grew its position in shares of ACV Auctions by 107.0% during the 3rd quarter. MCF Advisors LLC now owns 1,480 shares of the company's stock worth $30,000 after buying an additional 765 shares in the last quarter. KBC Group NV increased its stake in shares of ACV Auctions by 80.4% during the fourth quarter. KBC Group NV now owns 7,406 shares of the company's stock valued at $160,000 after buying an additional 3,300 shares during the period. Verdence Capital Advisors LLC bought a new stake in shares of ACV Auctions in the third quarter valued at about $206,000. Finally, Icon Wealth Advisors LLC lifted its stake in ACV Auctions by 13.5% in the third quarter. Icon Wealth Advisors LLC now owns 11,048 shares of the company's stock worth $225,000 after acquiring an additional 1,317 shares during the period. Hedge funds and other institutional investors own 88.55% of the company's stock.

Wall Street Analyst Weigh In

A number of research analysts have commented on ACVA shares. Citigroup raised their target price on shares of ACV Auctions from $22.00 to $27.00 and gave the company a "buy" rating in a research report on Wednesday, November 27th. Barrington Research reissued an "outperform" rating and issued a $23.00 price objective on shares of ACV Auctions in a research note on Monday, November 4th. Needham & Company LLC dropped their target price on ACV Auctions from $28.00 to $25.00 and set a "buy" rating on the stock in a research report on Thursday, February 20th. Stephens upgraded ACV Auctions to a "hold" rating in a report on Saturday, February 1st. Finally, B. Riley upped their price objective on ACV Auctions from $24.00 to $27.00 and gave the stock a "buy" rating in a research note on Tuesday, November 26th. Three analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $23.35.

Insider Activity

In related news, insider Michael Waterman sold 30,162 shares of the firm's stock in a transaction on Tuesday, January 7th. The shares were sold at an average price of $20.53, for a total transaction of $619,225.86. Following the completion of the transaction, the insider now owns 314,738 shares of the company's stock, valued at $6,461,571.14. This trade represents a 8.75 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO William Zerella sold 15,000 shares of the business's stock in a transaction on Tuesday, January 7th. The shares were sold at an average price of $20.57, for a total transaction of $308,550.00. Following the transaction, the chief financial officer now owns 462,452 shares of the company's stock, valued at $9,512,637.64. This represents a 3.14 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 92,662 shares of company stock valued at $1,935,451 over the last ninety days. 8.50% of the stock is currently owned by insiders.

ACV Auctions Stock Down 2.2 %

NASDAQ ACVA traded down $0.36 during trading on Thursday, hitting $16.09. The company's stock had a trading volume of 2,118,521 shares, compared to its average volume of 1,584,124. ACV Auctions Inc. has a fifty-two week low of $14.76 and a fifty-two week high of $23.46. The company has a market cap of $2.70 billion, a PE ratio of -32.84 and a beta of 1.69. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.56 and a quick ratio of 1.56. The business's 50 day simple moving average is $20.92 and its 200-day simple moving average is $20.17.

ACV Auctions (NASDAQ:ACVA - Get Free Report) last released its earnings results on Wednesday, February 19th. The company reported ($0.14) EPS for the quarter, topping analysts' consensus estimates of ($0.15) by $0.01. The company had revenue of $159.51 million during the quarter, compared to analysts' expectations of $156.77 million. ACV Auctions had a negative net margin of 12.51% and a negative return on equity of 12.94%. On average, equities analysts anticipate that ACV Auctions Inc. will post -0.07 EPS 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.