383,216 Shares in ACV Auctions Inc. (NASDAQ:ACVA) Acquired by Pier Capital LLC

Pier Capital LLC acquired a new stake in shares of ACV Auctions Inc. (NASDAQ:ACVA - Free Report) in the 4th quarter, according to the company in its most recent filing with the SEC. The institutional investor acquired 383,216 shares of the company's stock, valued at approximately $8,277,000. Pier Capital LLC owned about 0.23% of ACV Auctions at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in the business. Blue Trust Inc. raised its stake in ACV Auctions by 65.8% in the fourth quarter. Blue Trust Inc. now owns 2,352 shares of the company's stock valued at $48,000 after buying an additional 933 shares during the last quarter. KBC Group NV raised its position in shares of ACV Auctions by 80.4% in the 4th quarter. KBC Group NV now owns 7,406 shares of the company's stock valued at $160,000 after purchasing an additional 3,300 shares during the last quarter. Icon Wealth Advisors LLC boosted its stake in ACV Auctions by 13.5% in the 3rd quarter. Icon Wealth Advisors LLC now owns 11,048 shares of the company's stock worth $225,000 after purchasing an additional 1,317 shares in the last quarter. LPL Financial LLC purchased a new stake in ACV Auctions during the 4th quarter worth approximately $226,000. Finally, Xponance Inc. acquired a new position in ACV Auctions during the 4th quarter valued at approximately $229,000. Institutional investors and hedge funds own 88.55% of the company's stock.

ACV Auctions Price Performance

Shares of ACV Auctions stock traded down $0.49 on Friday, reaching $14.11. The company's stock had a trading volume of 2,236,492 shares, compared to its average volume of 1,471,841. The stock has a 50-day moving average price of $18.06 and a 200-day moving average price of $19.59. ACV Auctions Inc. has a 52-week low of $12.77 and a 52-week high of $23.46. The company has a market capitalization of $2.38 billion, a P/E ratio of -28.80 and a beta of 1.73. The company has a quick ratio of 1.56, a current ratio of 1.56 and a debt-to-equity ratio of 0.28.

Remove Ads

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, beating the consensus estimate of ($0.15) by $0.01. The business had revenue of $159.51 million for the quarter, compared to the consensus estimate of $156.77 million. ACV Auctions had a negative net margin of 12.51% and a negative return on equity of 12.94%. Analysts expect that ACV Auctions Inc. will post -0.07 EPS for the current year.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on ACVA shares. Piper Sandler upgraded shares of ACV Auctions from a "neutral" rating to an "overweight" rating and lifted their price objective for the stock from $18.00 to $20.00 in a research note on Thursday, March 20th. JMP Securities reaffirmed a "market outperform" rating and set a $25.00 price target on shares of ACV Auctions in a research report on Monday, December 16th. Stephens upgraded ACV Auctions to a "hold" rating in a research note on Saturday, February 1st. Needham & Company LLC reiterated a "buy" rating and issued a $25.00 target price on shares of ACV Auctions in a research report on Wednesday, March 12th. Finally, Bank of America upgraded shares of ACV Auctions from a "neutral" rating to a "buy" rating and decreased their target price for the company from $22.00 to $20.00 in a research report on Wednesday, March 12th. Two investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company's stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $23.14.

Insider Buying and Selling

In other ACV Auctions news, CFO William Zerella sold 32,500 shares of the firm's stock in a transaction on Monday, December 30th. The stock was sold at an average price of $21.65, for a total value of $703,625.00. Following the transaction, the chief financial officer now owns 490,482 shares in the company, valued at approximately $10,618,935.30. This trade represents a 6.21 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO George Chamoun sold 348,249 shares of ACV Auctions stock in a transaction 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 sale, the chief executive officer now directly owns 2,821,193 shares in the company, valued at approximately $43,277,100.62. This trade represents a 10.99 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 455,911 shares of company stock worth $7,480,541. Insiders own 8.50% of the company's stock.

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.