TimesSquare Capital Management LLC Boosts Stock Position in ACV Auctions Inc. (NASDAQ:ACVA)

TimesSquare Capital Management LLC boosted its holdings in shares of ACV Auctions Inc. (NASDAQ:ACVA - Free Report) by 6.7% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 1,891,627 shares of the company's stock after buying an additional 118,421 shares during the quarter. TimesSquare Capital Management LLC owned 1.13% of ACV Auctions worth $40,859,000 as of its most recent SEC filing.

Other hedge funds also recently added to or reduced their stakes in the company. Blue Trust Inc. raised its holdings in shares of ACV Auctions by 165.2% in the 3rd quarter. Blue Trust Inc. now owns 1,419 shares of the company's stock valued at $29,000 after purchasing an additional 884 shares in the last quarter. MCF Advisors LLC boosted its holdings in shares of ACV Auctions by 107.0% in the third quarter. MCF Advisors LLC now owns 1,480 shares of the company's stock valued at $30,000 after acquiring an additional 765 shares in the last quarter. KBC Group NV boosted its holdings in shares of ACV Auctions by 80.4% in the fourth 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. Verdence Capital Advisors LLC acquired a new stake in shares of ACV Auctions in the third quarter valued at about $206,000. Finally, Icon Wealth Advisors LLC lifted its stake in shares of ACV Auctions by 13.5% in the third quarter. Icon Wealth Advisors LLC now owns 11,048 shares of the company's stock valued at $225,000 after purchasing an additional 1,317 shares during the period. 88.55% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities analysts have recently weighed in on ACVA shares. Needham & Company LLC cut their price objective on shares of ACV Auctions from $28.00 to $25.00 and set a "buy" rating for the company in a research report on Thursday. B. Riley boosted their price objective on shares of ACV Auctions from $24.00 to $27.00 and gave the stock a "buy" rating in a research note on Tuesday, November 26th. Piper Sandler upped their target price on shares of ACV Auctions from $16.00 to $18.00 and gave the company a "neutral" rating in a research note on Friday, November 8th. Stephens raised shares of ACV Auctions to a "hold" rating in a report on Saturday, February 1st. Finally, JMP Securities reissued a "market outperform" rating and set a $25.00 target price on shares of ACV Auctions in a report on Monday, December 16th. Three research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $23.35.

ACV Auctions Trading Down 5.2 %

Shares of ACV Auctions stock traded down $0.96 during trading hours on Friday, hitting $17.63. The company's stock had a trading volume of 3,568,249 shares, compared to its average volume of 1,548,884. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.56 and a quick ratio of 1.51. The company has a market capitalization of $2.96 billion, a PE ratio of -35.98 and a beta of 1.69. ACV Auctions Inc. has a 12 month low of $14.76 and a 12 month high of $23.46. The stock has a 50 day moving average of $21.17 and a 200 day moving average of $20.13.

ACV Auctions (NASDAQ:ACVA - Get Free Report) last released its quarterly earnings data 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. The company had revenue of $159.51 million during the quarter, compared to analysts' expectations of $156.77 million. ACV Auctions had a negative return on equity of 12.94% and a negative net margin of 12.51%. Analysts predict that ACV Auctions Inc. will post -0.07 earnings per share for the current year.

Insider Activity

In other ACV Auctions news, CFO William Zerella sold 32,500 shares of ACV Auctions stock in a transaction dated Tuesday, November 26th. The stock was sold at an average price of $22.41, for a total transaction of $728,325.00. Following the transaction, the chief financial officer now directly owns 490,482 shares of the company's stock, valued at approximately $10,991,701.62. The trade was a 6.21 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Michael Waterman sold 15,000 shares of ACV Auctions stock in a transaction dated Tuesday, February 4th. The stock was sold at an average price of $20.27, for a total value of $304,050.00. Following the transaction, the insider now directly owns 311,354 shares in the company, valued at $6,311,145.58. The trade was a 4.60 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 125,162 shares of company stock worth $2,663,776. 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.