ACV Auctions Inc. (NASDAQ:ACVA) Stake Lessened by State of New Jersey Common Pension Fund D

State of New Jersey Common Pension Fund D cut its stake in ACV Auctions Inc. (NASDAQ:ACVA) by 4.9% in the 4th quarter, HoldingsChannel reports. The fund owned 97,817 shares of the company’s stock after selling 5,066 shares during the period. State of New Jersey Common Pension Fund D’s holdings in ACV Auctions were worth $2,113,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also made changes to their positions in ACVA. Spyglass Capital Management LLC boosted its holdings in shares of ACV Auctions by 69.1% in the third quarter. Spyglass Capital Management LLC now owns 2,614,245 shares of the company’s stock valued at $53,148,000 after acquiring an additional 1,068,356 shares in the last quarter. Wellington Management Group LLP bought a new position in shares of ACV Auctions in the third quarter valued at approximately $21,540,000. Massachusetts Financial Services Co. MA boosted its holdings in shares of ACV Auctions by 11.6% in the third quarter. Massachusetts Financial Services Co. MA now owns 8,655,640 shares of the company’s stock valued at $175,969,000 after acquiring an additional 897,477 shares in the last quarter. Jennison Associates LLC boosted its holdings in shares of ACV Auctions by 17.2% in the fourth quarter. Jennison Associates LLC now owns 4,980,354 shares of the company’s stock valued at $107,576,000 after acquiring an additional 732,422 shares in the last quarter. Finally, JPMorgan Chase & Co. boosted its holdings in shares of ACV Auctions by 10.9% in the third quarter. JPMorgan Chase & Co. now owns 3,167,615 shares of the company’s stock valued at $64,398,000 after acquiring an additional 311,465 shares in the last quarter. 88.55% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other ACV Auctions news, CFO William Zerella sold 32,500 shares of the stock in a transaction that occurred on Monday, December 30th. The shares were sold at an average price of $21.65, for a total value of $703,625.00. Following the completion of the sale, the chief financial officer now owns 490,482 shares in the company, valued at $10,618,935.30. This represents a 6.21 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Michael Waterman sold 15,000 shares of the stock in a transaction that occurred on Tuesday, February 4th. The stock was sold at an average price of $20.27, for a total transaction of $304,050.00. Following the completion of the sale, the insider now owns 311,354 shares of the company’s stock, valued at approximately $6,311,145.58. The trade was a 4.60 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 125,162 shares of company stock worth $2,663,776 in the last quarter. 8.50% of the stock is currently owned by corporate insiders.

ACV Auctions Stock Down 5.2 %

Shares of NASDAQ:ACVA opened at $17.63 on Friday. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.51 and a current ratio of 1.56. The company has a market cap of $2.96 billion, a PE ratio of -35.98 and a beta of 1.69. ACV Auctions Inc. has a 52 week low of $14.76 and a 52 week high of $23.46. The firm has a 50 day simple moving average of $21.17 and a 200 day simple moving average of $20.17.

ACV Auctions (NASDAQ:ACVA) last issued its quarterly earnings results on Wednesday, February 19th. The company reported ($0.14) EPS for the quarter, beating the consensus estimate of ($0.15) by $0.01. The business had revenue of $159.51 million during the quarter, compared to the consensus estimate of $156.77 million. ACV Auctions had a negative net margin of 12.51% and a negative return on equity of 12.94%. As a group, research analysts expect that ACV Auctions Inc. will post -0.07 earnings per share for the current year.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on ACVA. JMP Securities reiterated a “market outperform” rating and issued a $25.00 price objective on shares of ACV Auctions in a report on Monday, December 16th. Citigroup raised their target price on shares of ACV Auctions from $22.00 to $27.00 and gave the stock a “buy” rating in a report on Wednesday, November 27th. Piper Sandler raised their target price on shares of ACV Auctions from $16.00 to $18.00 and gave the stock a “neutral” rating in a report on Friday, November 8th. Stephens upgraded shares of ACV Auctions to a “hold” rating in a report on Saturday, February 1st. Finally, B. Riley raised their target price on shares of ACV Auctions from $24.00 to $27.00 and gave the stock a “buy” rating in a report on Tuesday, November 26th. Three research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $23.35.

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.