TFJ Management LLC Takes Position in ACV Auctions Inc. (NASDAQ:ACVA)

TFJ Management LLC purchased a new position in shares of ACV Auctions Inc. (NASDAQ:ACVA - Free Report) in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm purchased 284,482 shares of the company's stock, valued at approximately $6,145,000. ACV Auctions makes up 5.5% of TFJ Management LLC's portfolio, making the stock its 6th biggest position. TFJ Management LLC owned approximately 0.17% of ACV Auctions at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. HighTower Advisors LLC boosted its position in ACV Auctions by 21.6% during the third 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. Barclays PLC raised its stake in shares of ACV Auctions by 16.8% during the 3rd quarter. Barclays PLC now owns 244,999 shares of the company's stock worth $4,980,000 after purchasing an additional 35,155 shares in the last quarter. Geode Capital Management LLC boosted its holdings in shares of ACV Auctions by 2.0% in the 3rd quarter. Geode Capital Management LLC now owns 3,517,088 shares of the company's stock valued at $71,516,000 after buying an additional 67,969 shares during the last quarter. Franklin Resources Inc. grew its stake in shares of ACV Auctions by 5.3% in the third quarter. Franklin Resources Inc. now owns 40,935 shares of the company's stock valued at $768,000 after buying an additional 2,057 shares in the last quarter. Finally, Principal Financial Group Inc. increased its holdings in ACV Auctions by 4.9% during the third quarter. Principal Financial Group Inc. now owns 64,925 shares of the company's stock worth $1,320,000 after buying an additional 3,022 shares during the last quarter. 88.55% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

ACVA has been the subject of a number of recent analyst reports. Stephens upgraded shares of ACV Auctions to a "hold" rating in a research note on Saturday, February 1st. Needham & Company LLC reiterated a "buy" rating and set a $25.00 price target on shares of ACV Auctions in a report on Wednesday, March 12th. JPMorgan Chase & Co. lowered their price target on ACV Auctions from $24.00 to $20.00 and set an "overweight" rating on the stock in a research report on Thursday, March 27th. Bank of America raised ACV Auctions from a "neutral" rating to a "buy" rating and cut their price objective for the company from $22.00 to $20.00 in a research report on Wednesday, March 12th. Finally, JMP Securities decreased their target price on ACV Auctions from $22.00 to $18.00 and set a "market outperform" rating on the stock in a report on Wednesday, April 9th. Two analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $22.50.

ACV Auctions Price Performance

Shares of ACVA traded up $0.14 during trading hours on Wednesday, hitting $14.45. 1,245,892 shares of the company were exchanged, compared to its average volume of 1,595,505. The company has a market cap of $2.44 billion, a price-to-earnings ratio of -29.48 and a beta of 1.74. The firm's fifty day moving average is $15.13 and its 200 day moving average is $18.76. 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 quick ratio of 1.56, a current ratio of 1.56 and a debt-to-equity ratio of 0.28.

ACV Auctions (NASDAQ:ACVA - Get Free Report) last announced its quarterly earnings data on Wednesday, February 19th. The company reported ($0.14) earnings per share (EPS) for the quarter, topping 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 firm had revenue of $159.51 million for the quarter, compared to the consensus estimate of $156.77 million. On average, equities analysts anticipate that ACV Auctions Inc. will post -0.07 earnings per share for the current fiscal year.

Insider Activity

In related news, insider Michael Waterman sold 15,000 shares of the company's stock in a transaction that occurred on Tuesday, February 4th. The shares were sold at an average price of $20.27, for a total transaction of $304,050.00. Following the completion of the transaction, the insider now directly owns 311,354 shares in the company, valued at $6,311,145.58. This represents a 4.60 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO George Chamoun sold 348,249 shares of the company's 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 transaction, 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 disclosure for this sale can be found here. In the last quarter, insiders have sold 378,249 shares of company stock worth $5,849,140. Insiders own 8.50% of the company's stock.

About ACV Auctions

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.