Sei Investments Co. Lowers Stake in ACV Auctions Inc. (NASDAQ:ACVA)

Sei Investments Co. decreased its holdings in shares of ACV Auctions Inc. (NASDAQ:ACVA - Free Report) by 3.6% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 521,217 shares of the company's stock after selling 19,568 shares during the quarter. Sei Investments Co. owned about 0.31% of ACV Auctions worth $11,258,000 as of its most recent SEC filing.

A number of other institutional investors have also bought and sold shares of ACVA. William Blair Investment Management LLC raised its holdings in shares of ACV Auctions by 43.2% during the 4th quarter. William Blair Investment Management LLC now owns 12,099,686 shares of the company's stock worth $261,353,000 after acquiring an additional 3,652,871 shares during the period. Wellington Management Group LLP purchased a new stake in ACV Auctions in the third quarter valued at $21,540,000. Jennison Associates LLC lifted its stake in shares of ACV Auctions by 17.2% in the 4th quarter. Jennison Associates LLC now owns 4,980,354 shares of the company's stock valued at $107,576,000 after purchasing an additional 732,422 shares during the last quarter. New York State Common Retirement Fund grew its holdings in shares of ACV Auctions by 100.0% during the 4th quarter. New York State Common Retirement Fund now owns 753,296 shares of the company's stock worth $16,271,000 after purchasing an additional 376,557 shares during the period. Finally, Great Lakes Advisors LLC acquired a new stake in shares of ACV Auctions during the 4th quarter worth about $8,047,000. 88.55% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

ACVA has been the subject of several research reports. JMP Securities reiterated a "market outperform" rating and set a $25.00 price target on shares of ACV Auctions in a research note on Monday, December 16th. Needham & Company LLC reiterated a "buy" rating and set a $25.00 target price on shares of ACV Auctions in a report on Wednesday, March 12th. Piper Sandler upgraded shares of ACV Auctions from a "neutral" rating to an "overweight" rating and boosted their price target for the stock from $18.00 to $20.00 in a research note on Thursday, March 20th. 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, JPMorgan Chase & Co. decreased their target price on ACV Auctions from $24.00 to $20.00 and set an "overweight" rating for the company in a report on Thursday, March 27th. Two analysts have rated the stock with a hold rating and nine have given a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $23.14.

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ACV Auctions Stock Performance

Shares of NASDAQ:ACVA traded down $1.43 on Thursday, reaching $13.71. The company's stock had a trading volume of 2,263,868 shares, compared to its average volume of 1,487,808. The stock has a market capitalization of $2.31 billion, a P/E ratio of -27.97 and a beta of 1.73. ACV Auctions Inc. has a 52-week low of $12.77 and a 52-week high of $23.46. The stock's 50-day moving average is $17.46 and its two-hundred day moving average is $19.44. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.56 and a quick ratio of 1.56.

ACV Auctions (NASDAQ:ACVA - Get Free Report) last issued its earnings results on Wednesday, February 19th. The company reported ($0.14) earnings per share for the quarter, beating the consensus estimate 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 business had revenue of $159.51 million for the quarter, compared to the consensus estimate of $156.77 million. As a group, sell-side analysts forecast that ACV Auctions Inc. will post -0.07 EPS for the current year.

Insider Buying and Selling

In other ACV Auctions news, insider Michael Waterman sold 30,162 shares of the firm's stock in a transaction dated Tuesday, January 7th. The shares were sold at an average price of $20.53, for a total transaction of $619,225.86. Following the sale, the insider now directly owns 314,738 shares of the company's stock, valued at $6,461,571.14. This trade represents a 8.75 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO George Chamoun sold 348,249 shares of ACV Auctions stock in a transaction dated 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 owns 2,821,193 shares of the company's stock, valued at approximately $43,277,100.62. This trade represents a 10.99 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 423,411 shares of company stock valued at $6,776,916. 8.50% of the stock is owned by insiders.

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.