William Blair Investment Management LLC Acquires 3,652,871 Shares of ACV Auctions Inc. (NASDAQ:ACVA)

William Blair Investment Management LLC grew its stake in shares of ACV Auctions Inc. (NASDAQ:ACVA - Free Report) by 43.2% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 12,099,686 shares of the company's stock after buying an additional 3,652,871 shares during the quarter. William Blair Investment Management LLC owned 7.22% of ACV Auctions worth $261,353,000 at the end of the most recent quarter.

Other hedge funds also recently made changes to their positions in the company. Blue Trust Inc. raised its position in ACV Auctions by 65.8% during the fourth quarter. Blue Trust Inc. now owns 2,352 shares of the company's stock valued at $48,000 after purchasing an additional 933 shares in the last quarter. KBC Group NV raised its holdings in shares of ACV Auctions by 80.4% during the 4th quarter. KBC Group NV now owns 7,406 shares of the company's stock valued at $160,000 after buying an additional 3,300 shares in the last quarter. Icon Wealth Advisors LLC lifted its position in ACV Auctions by 13.5% in the 3rd quarter. Icon Wealth Advisors LLC now owns 11,048 shares of the company's stock worth $225,000 after buying an additional 1,317 shares during the last quarter. Versor Investments LP purchased a new stake in ACV Auctions in the fourth quarter worth approximately $262,000. Finally, Cibc World Markets Corp bought a new position in ACV Auctions during the fourth quarter valued at approximately $299,000. 88.55% of the stock is owned by institutional investors.

Insider Buying and Selling

In other news, CFO William Zerella sold 32,500 shares of ACV Auctions stock in a transaction that occurred on Monday, December 30th. The shares were sold at an average price of $21.65, for a total transaction of $703,625.00. Following the completion of the transaction, the chief financial officer now directly owns 490,482 shares in the company, valued at approximately $10,618,935.30. This trade represents a 6.21 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO George Chamoun sold 348,249 shares of the company's stock in a transaction that occurred on Thursday, March 20th. The stock was 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 in the company, valued at $43,277,100.62. The trade was a 10.99 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 455,911 shares of company stock worth $7,480,541 in the last three months. 8.50% of the stock is owned by corporate insiders.

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ACV Auctions Stock Down 2.4 %

ACVA traded down $0.38 on Friday, hitting $15.31. The company had a trading volume of 4,987,563 shares, compared to its average volume of 1,392,269. The stock has a fifty day simple moving average of $18.76 and a 200-day simple moving average of $19.72. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.56 and a quick ratio of 1.56. The firm has a market capitalization of $2.58 billion, a P/E ratio of -31.24 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.

ACV Auctions (NASDAQ:ACVA - Get Free Report) last released its earnings results on Wednesday, February 19th. The company reported ($0.14) 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%. As a group, equities analysts expect that ACV Auctions Inc. will post -0.07 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on ACVA. Stephens raised shares of ACV Auctions to a "hold" rating in a research note on Saturday, February 1st. Bank of America raised 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. Piper Sandler raised ACV Auctions from a "neutral" rating to an "overweight" rating and boosted their target price for the company from $18.00 to $20.00 in a research note on Thursday. JMP Securities restated a "market outperform" rating and set a $25.00 price target on shares of ACV Auctions in a research report on Monday, December 16th. Finally, B. Riley lifted their price target on ACV Auctions from $24.00 to $27.00 and gave the stock a "buy" rating in a research note on Tuesday, November 26th. Two equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $23.23.

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.