Renaissance Technologies LLC Has $2.07 Million Position in ACV Auctions Inc. (NASDAQ:ACVA)

Renaissance Technologies LLC trimmed its position in shares of ACV Auctions Inc. (NASDAQ:ACVA - Free Report) by 73.3% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 95,700 shares of the company's stock after selling 262,500 shares during the period. Renaissance Technologies LLC owned approximately 0.06% of ACV Auctions worth $2,067,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently made changes to their positions in the business. Barclays PLC grew its holdings in ACV Auctions by 16.8% in the 3rd quarter. Barclays PLC now owns 244,999 shares of the company's stock valued at $4,980,000 after buying an additional 35,155 shares during the last quarter. Franklin Resources Inc. increased its position in ACV Auctions by 5.3% during the third quarter. Franklin Resources Inc. now owns 40,935 shares of the company's stock worth $768,000 after acquiring an additional 2,057 shares during the period. Principal Financial Group Inc. boosted its holdings in ACV Auctions by 4.9% in the 3rd quarter. Principal Financial Group Inc. now owns 64,925 shares of the company's stock valued at $1,320,000 after purchasing an additional 3,022 shares during the period. JPMorgan Chase & Co. grew its position in ACV Auctions by 10.9% in the 3rd quarter. JPMorgan Chase & Co. now owns 3,167,615 shares of the company's stock worth $64,398,000 after purchasing an additional 311,465 shares during the last quarter. Finally, Harbor Capital Advisors Inc. lifted its stake in shares of ACV Auctions by 4.3% in the fourth quarter. Harbor Capital Advisors Inc. now owns 159,699 shares of the company's stock valued at $3,449,000 after buying an additional 6,649 shares during the period. 88.55% of the stock is owned by institutional investors and hedge funds.

ACV Auctions Price Performance

ACVA stock traded up $0.25 during midday trading on Tuesday, reaching $15.00. 1,387,258 shares of the company's stock traded hands, compared to its average volume of 1,608,275. The company has a 50-day simple moving average of $14.75 and a two-hundred day simple moving average of $18.67. 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 1-year low of $11.88 and a 1-year high of $23.46. The company has a market cap of $2.53 billion, a price-to-earnings ratio of -30.60 and a beta of 1.74.

ACV Auctions (NASDAQ:ACVA - Get Free Report) last announced its earnings results on Wednesday, February 19th. The company reported ($0.14) earnings per share for the quarter, beating analysts' consensus estimates of ($0.15) by $0.01. The company had revenue of $159.51 million during the quarter, compared to analyst estimates 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, analysts anticipate that ACV Auctions Inc. will post -0.07 earnings per share for the current year.

Wall Street Analysts Forecast Growth

ACVA has been the subject of several recent research reports. JMP Securities cut their price target on ACV Auctions from $22.00 to $18.00 and set a "market outperform" rating for the company in a report on Wednesday, April 9th. Stephens raised shares of ACV Auctions to a "hold" rating in a report on Saturday, February 1st. Piper Sandler raised shares of ACV Auctions from a "neutral" rating to an "overweight" rating and raised their price objective for the stock from $18.00 to $20.00 in a report on Thursday, March 20th. 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. Finally, JPMorgan Chase & Co. lowered their price objective on ACV Auctions from $24.00 to $20.00 and set an "overweight" rating on the stock in a research note on Thursday, March 27th. Two equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. According to MarketBeat.com, ACV Auctions currently has an average rating of "Moderate Buy" and a consensus target price of $22.50.

Insider Buying and Selling at ACV Auctions

In related news, CEO George Chamoun sold 348,249 shares of the firm's stock in a transaction that occurred on 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 sale, the chief executive officer now owns 2,821,193 shares of the company's stock, valued at $43,277,100.62. This trade represents a 10.99 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CFO William Zerella sold 15,000 shares of the company's stock in a transaction on Tuesday, March 11th. The stock was sold at an average price of $13.53, for a total value of $202,950.00. Following the transaction, the chief financial officer now directly owns 766,266 shares in the company, valued at approximately $10,367,578.98. This represents a 1.92 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 378,249 shares of company stock worth $5,849,140. 8.50% of the stock is currently owned by corporate insiders.

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.