Raymond James Financial Inc. Purchases Shares of 217,774 ACV Auctions Inc. (NASDAQ:ACVA)

Raymond James Financial Inc. acquired a new stake in ACV Auctions Inc. (NASDAQ:ACVA - Free Report) during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The firm acquired 217,774 shares of the company's stock, valued at approximately $4,704,000. Raymond James Financial Inc. owned about 0.13% of ACV Auctions as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in ACVA. Blue Trust Inc. increased its stake in ACV Auctions by 65.8% in the 4th 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 grew its holdings 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 acquiring an additional 3,300 shares in the last quarter. LPL Financial LLC acquired a new stake in shares of ACV Auctions in the fourth quarter valued at about $226,000. Xponance Inc. acquired a new position in ACV Auctions during the fourth quarter valued at approximately $229,000. Finally, Versor Investments LP bought a new position in ACV Auctions in the fourth quarter valued at approximately $262,000. Institutional investors own 88.55% of the company's stock.

Insider Transactions at ACV Auctions

In other news, CEO George Chamoun sold 348,249 shares of the stock in a transaction dated Thursday, March 20th. The shares were sold at an average price of $15.34, for a total value of $5,342,139.66. Following the completion of the transaction, the chief executive officer now owns 2,821,193 shares of the company's stock, valued at approximately $43,277,100.62. This represents a 10.99 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO William Zerella sold 15,000 shares of the business's stock in a transaction on Tuesday, March 11th. The stock was sold at an average price of $13.53, for a total transaction of $202,950.00. Following the sale, the chief financial officer now directly owns 766,266 shares in the company, valued at approximately $10,367,578.98. The trade was a 1.92 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 378,249 shares of company stock valued at $5,849,140. 8.50% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

ACVA has been the topic of a number of analyst reports. Needham & Company LLC reiterated a "buy" rating and set a $25.00 price objective on shares of ACV Auctions in a research note on Wednesday, March 12th. Bank of America raised shares of ACV Auctions from a "neutral" rating to a "buy" rating and dropped their price target for the stock from $22.00 to $20.00 in a research report on Wednesday, March 12th. Stephens upgraded shares of ACV Auctions to a "hold" rating in a research note on Saturday, February 1st. Piper Sandler upgraded shares of ACV Auctions from a "neutral" rating to an "overweight" rating and raised their target price for the company from $18.00 to $20.00 in a research note on Thursday, March 20th. Finally, JMP Securities lowered their price target on ACV Auctions from $22.00 to $18.00 and set a "market outperform" rating on the stock in a research report on Wednesday, April 9th. Two equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $22.50.

ACV Auctions Stock Performance

NASDAQ:ACVA traded up $0.25 during mid-day trading on Tuesday, hitting $15.00. 1,387,258 shares of the stock were exchanged, compared to its average volume of 1,608,275. The firm's 50-day simple moving average is $14.75 and its 200 day simple moving average is $18.67. The stock has a market capitalization of $2.53 billion, a price-to-earnings ratio of -30.60 and a beta of 1.74. ACV Auctions Inc. has a fifty-two week low of $11.88 and a fifty-two week high of $23.46. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.56 and a current ratio of 1.56.

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

ACV Auctions Company 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.