Sei Investments Co. Sells 19,568 Shares of ACV Auctions Inc. (NASDAQ:ACVA)

Sei Investments Co. lowered its stake in shares of ACV Auctions Inc. (NASDAQ:ACVA) by 3.6% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 521,217 shares of the company’s stock after selling 19,568 shares during the quarter. Sei Investments Co. owned about 0.31% of ACV Auctions worth $11,258,000 at the end of the most recent reporting period.

Several other large investors have also recently bought and sold shares of the stock. Charles Schwab Investment Management Inc. grew its position in ACV Auctions by 3.3% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,241,341 shares of the company’s stock worth $25,236,000 after purchasing an additional 39,812 shares during the last quarter. Icon Wealth Advisors LLC increased its stake in ACV Auctions by 13.5% during the third quarter. Icon Wealth Advisors LLC now owns 11,048 shares of the company’s stock valued at $225,000 after acquiring an additional 1,317 shares during the period. Captrust Financial Advisors raised its holdings in ACV Auctions by 21.1% in the 3rd quarter. Captrust Financial Advisors now owns 26,216 shares of the company’s stock valued at $533,000 after acquiring an additional 4,563 shares in the last quarter. Verition Fund Management LLC bought a new stake in shares of ACV Auctions in the 3rd quarter worth approximately $1,306,000. Finally, Edgestream Partners L.P. acquired a new stake in shares of ACV Auctions during the 3rd quarter worth approximately $2,013,000. 88.55% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several brokerages recently commented on ACVA. Piper Sandler raised ACV Auctions from a “neutral” rating to an “overweight” rating and raised their target price for the stock from $18.00 to $20.00 in a research report on Thursday, March 20th. Stephens upgraded shares of ACV Auctions to a “hold” rating in a research report on Saturday, February 1st. JMP Securities reissued a “market outperform” rating and issued a $25.00 price target on shares of ACV Auctions in a research report on Monday, December 16th. Bank of America raised ACV Auctions from a “neutral” rating to a “buy” rating and decreased their price objective for the company from $22.00 to $20.00 in a report on Wednesday, March 12th. Finally, Needham & Company LLC reissued a “buy” rating and issued a $25.00 target price on shares of ACV Auctions in a report on Wednesday, March 12th. Two investment analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $23.14.

ACV Auctions Price Performance

ACV Auctions stock opened at $14.11 on Friday. The business’s fifty day moving average is $18.06 and its two-hundred day moving average is $19.59. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.56 and a current ratio of 1.56. The firm has a market cap of $2.38 billion, a P/E ratio of -28.80 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) last issued its quarterly earnings data on Wednesday, February 19th. The company reported ($0.14) EPS for the quarter, topping analysts’ consensus estimates of ($0.15) by $0.01. The firm had revenue of $159.51 million for the quarter, compared to analyst estimates of $156.77 million. ACV Auctions had a negative net margin of 12.51% and a negative return on equity of 12.94%. Equities research analysts forecast that ACV Auctions Inc. will post -0.07 earnings per share for the current fiscal year.

Insider Activity

In other ACV Auctions news, CFO William Zerella sold 15,000 shares of the stock in a transaction on Tuesday, January 7th. The stock was sold at an average price of $20.57, for a total value of $308,550.00. Following the transaction, the chief financial officer now directly owns 462,452 shares in the company, valued at approximately $9,512,637.64. This trade represents a 3.14 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Michael Waterman sold 30,162 shares of the business’s stock in a transaction on Tuesday, January 7th. The stock was sold at an average price of $20.53, for a total value of $619,225.86. Following the sale, the insider now owns 314,738 shares of the company’s stock, valued at approximately $6,461,571.14. The trade was a 8.75 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 455,911 shares of company stock valued at $7,480,541 over the last three months. 8.50% of the stock is owned by insiders.

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.