ACV Auctions Inc. (NASDAQ:ACVA) Shares Sold by Citigroup Inc.

Citigroup Inc. decreased its holdings in ACV Auctions Inc. (NASDAQ:ACVA) by 59.0% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 16,882 shares of the company’s stock after selling 24,340 shares during the period. Citigroup Inc.’s holdings in ACV Auctions were worth $256,000 at the end of the most recent quarter.

A number of other hedge funds also recently bought and sold shares of ACVA. Envestnet Asset Management Inc. acquired a new stake in ACV Auctions in the 1st quarter valued at about $181,000. Advisor Group Holdings Inc. increased its holdings in shares of ACV Auctions by 18.6% during the 1st quarter. Advisor Group Holdings Inc. now owns 10,397 shares of the company’s stock worth $153,000 after buying an additional 1,627 shares during the last quarter. Bank of New York Mellon Corp increased its holdings in shares of ACV Auctions by 3.2% during the 1st quarter. Bank of New York Mellon Corp now owns 49,679 shares of the company’s stock worth $736,000 after buying an additional 1,547 shares during the last quarter. Bank of Montreal Can acquired a new stake in shares of ACV Auctions during the 1st quarter worth approximately $2,195,000. Finally, BlackRock Inc. increased its holdings in shares of ACV Auctions by 5.9% during the 1st quarter. BlackRock Inc. now owns 1,868,692 shares of the company’s stock worth $27,677,000 after buying an additional 103,350 shares during the last quarter. Institutional investors and hedge funds own 88.55% of the company’s stock.

ACV Auctions Stock Performance

Shares of ACVA stock opened at $18.86 on Thursday. The company has a quick ratio of 2.12, a current ratio of 2.12 and a debt-to-equity ratio of 0.25. ACV Auctions Inc. has a 52 week low of $11.58 and a 52 week high of $19.54. The stock has a market capitalization of $3.09 billion, a PE ratio of -41.00 and a beta of 1.56. The firm has a 50 day moving average of $15.94 and a two-hundred day moving average of $15.12.

ACV Auctions (NASDAQ:ACVA) last announced its quarterly earnings data on Wednesday, February 21st. The company reported ($0.12) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.13) by $0.01. ACV Auctions had a negative net margin of 15.64% and a negative return on equity of 13.97%. The business had revenue of $118.38 million for the quarter, compared to analyst estimates of $117.62 million. On average, research analysts predict that ACV Auctions Inc. will post -0.29 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on the stock. Northcoast Research upgraded shares of ACV Auctions from a “neutral” rating to a “buy” rating and set a $22.00 price target for the company in a report on Wednesday, January 10th. JMP Securities cut their price target on shares of ACV Auctions from $20.00 to $19.00 and set a “market outperform” rating for the company in a report on Tuesday, January 16th. Finally, Needham & Company LLC restated a “buy” rating and set a $23.00 price target on shares of ACV Auctions in a report on Thursday, February 22nd. Two equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. Based on data from MarketBeat.com, ACV Auctions has an average rating of “Moderate Buy” and a consensus target price of $20.21.

Insider Buying and Selling

In related news, Director Brian Hirsch sold 38,763 shares of ACV Auctions stock in a transaction on Wednesday, March 6th. The shares were sold at an average price of $18.24, for a total transaction of $707,037.12. Following the sale, the director now directly owns 378,390 shares in the company, valued at approximately $6,901,833.60. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In other ACV Auctions news, insider Michael Waterman sold 4,919 shares of ACV Auctions stock in a transaction on Tuesday, January 9th. The shares were sold at an average price of $13.54, for a total value of $66,603.26. Following the transaction, the insider now directly owns 219,963 shares in the company, valued at $2,978,299.02. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Brian Hirsch sold 38,763 shares of ACV Auctions stock in a transaction on Wednesday, March 6th. The shares were sold at an average price of $18.24, for a total transaction of $707,037.12. Following the completion of the transaction, the director now owns 378,390 shares in the company, valued at $6,901,833.60. The disclosure for this sale can be found here. Insiders have sold 1,538,021 shares of company stock worth $27,115,391 in the last ninety days. 13.67% of the stock is owned by corporate 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.