Norges Bank Buys Shares of 497,500 ACV Auctions Inc. (NASDAQ:ACVA)

Norges Bank purchased a new position in ACV Auctions Inc. (NASDAQ:ACVA - Free Report) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 497,500 shares of the company's stock, valued at approximately $10,746,000. Norges Bank owned approximately 0.30% of ACV Auctions as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also modified their holdings of the company. Captrust Financial Advisors grew its holdings in shares of ACV Auctions by 21.1% during the third quarter. Captrust Financial Advisors now owns 26,216 shares of the company's stock valued at $533,000 after buying an additional 4,563 shares during the last quarter. HighTower Advisors LLC grew its stake in ACV Auctions by 21.6% during the 3rd quarter. HighTower Advisors LLC now owns 25,159 shares of the company's stock valued at $515,000 after purchasing an additional 4,464 shares during the last quarter. Janus Henderson Group PLC increased its holdings in shares of ACV Auctions by 6.7% in the third quarter. Janus Henderson Group PLC now owns 63,505 shares of the company's stock valued at $1,290,000 after purchasing an additional 3,961 shares during the period. State Street Corp increased its holdings in shares of ACV Auctions by 3.7% in the third quarter. State Street Corp now owns 3,242,388 shares of the company's stock valued at $65,918,000 after purchasing an additional 115,700 shares during the period. Finally, Wellington Management Group LLP purchased a new position in shares of ACV Auctions in the third quarter worth about $21,540,000. Hedge funds and other institutional investors own 88.55% of the company's stock.

ACV Auctions Price Performance

Shares of NASDAQ ACVA traded up $0.29 during trading on Friday, hitting $14.28. The company had a trading volume of 3,085,893 shares, compared to its average volume of 1,559,854. The firm has a market capitalization of $2.41 billion, a price-to-earnings ratio of -29.13 and a beta of 1.74. The stock has a fifty day simple moving average of $16.27 and a two-hundred day simple moving average of $19.05. The company has a quick ratio of 1.56, a current ratio of 1.56 and a debt-to-equity ratio of 0.28. ACV Auctions Inc. has a fifty-two week low of $11.88 and a fifty-two week high of $23.46.

ACV Auctions (NASDAQ:ACVA - Get Free Report) last posted its quarterly earnings data on Wednesday, February 19th. The company reported ($0.14) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.15) by $0.01. The company had revenue of $159.51 million for the quarter, compared to analysts' expectations of $156.77 million. ACV Auctions had a negative return on equity of 12.94% and a negative net margin of 12.51%. On average, research analysts expect that ACV Auctions Inc. will post -0.07 earnings per share for the current year.

Insiders Place Their Bets

In related news, CEO George Chamoun sold 348,249 shares of ACV Auctions stock in a transaction that occurred on Thursday, March 20th. The stock was sold at an average price of $15.34, for a total transaction of $5,342,139.66. Following the transaction, the chief executive officer now owns 2,821,193 shares in the company, valued at approximately $43,277,100.62. This trade represents a 10.99 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Michael Waterman sold 15,000 shares of the company's stock in a transaction on Tuesday, February 4th. The shares were sold at an average price of $20.27, for a total value of $304,050.00. Following the completion of the sale, the insider now owns 311,354 shares of the company's stock, valued at approximately $6,311,145.58. The trade was a 4.60 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 378,249 shares of company stock valued at $5,849,140 in the last 90 days. 8.50% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on ACVA. Needham & Company LLC reiterated a "buy" rating and issued a $25.00 price target on shares of ACV Auctions in a report on Wednesday, March 12th. JPMorgan Chase & Co. reduced their target price on shares of ACV Auctions from $24.00 to $20.00 and set an "overweight" rating for the company in a report on Thursday, March 27th. JMP Securities lowered their price target on shares of ACV Auctions from $22.00 to $18.00 and set a "market outperform" rating on the stock in a report on Wednesday. Bank of America upgraded ACV Auctions from a "neutral" rating to a "buy" rating and reduced their price objective for the company from $22.00 to $20.00 in a research note on Wednesday, March 12th. Finally, Stephens upgraded ACV Auctions to a "hold" rating in a research note on Saturday, February 1st. Two investment analysts have rated the stock with a hold rating and nine have given a buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $22.50.

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.