ACV Auctions Inc. (NASDAQ:ACVA) Stake Lifted by JPMorgan Chase & Co.

JPMorgan Chase & Co. raised its position in shares of ACV Auctions Inc. (NASDAQ:ACVA) by 0.6% in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 3,186,130 shares of the company’s stock after purchasing an additional 18,515 shares during the period. JPMorgan Chase & Co. owned 1.90% of ACV Auctions worth $68,820,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of ACVA. Charles Schwab Investment Management Inc. boosted its position in shares of ACV Auctions by 3.3% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,241,341 shares of the company’s stock worth $25,236,000 after buying an additional 39,812 shares during the period. Captrust Financial Advisors lifted its position in shares of ACV Auctions by 21.1% during 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 during the last quarter. Verition Fund Management LLC bought a new stake in shares of ACV Auctions during the 3rd quarter worth $1,306,000. HighTower Advisors LLC grew its holdings in shares of ACV Auctions by 21.6% in the 3rd quarter. HighTower Advisors LLC now owns 25,159 shares of the company’s stock worth $515,000 after acquiring an additional 4,464 shares during the last quarter. Finally, Janus Henderson Group PLC lifted its holdings in shares of ACV Auctions by 6.7% during the third quarter. Janus Henderson Group PLC now owns 63,505 shares of the company’s stock valued at $1,290,000 after purchasing an additional 3,961 shares during the last quarter. Institutional investors own 88.55% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on ACVA shares. Piper Sandler raised ACV Auctions from a “neutral” rating to an “overweight” rating and lifted their price target for the stock from $18.00 to $20.00 in a research note on Thursday, March 20th. Bank of America raised shares of ACV Auctions from a “neutral” rating to a “buy” rating and dropped their target price for the stock from $22.00 to $20.00 in a research report on Wednesday, March 12th. Stephens upgraded shares of ACV Auctions to a “hold” rating in a research report on Saturday, February 1st. JPMorgan Chase & Co. lowered their price objective on shares of ACV Auctions from $24.00 to $20.00 and set an “overweight” rating on the stock in a research report on Thursday, March 27th. Finally, JMP Securities restated a “market outperform” rating and issued a $25.00 target price on shares of ACV Auctions in a report on Monday, December 16th. Two analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $23.14.

Insider Activity at ACV Auctions

In other ACV Auctions news, CEO George Chamoun sold 348,249 shares of the stock in a transaction that occurred on Thursday, March 20th. The stock was sold at an average price of $15.34, for a total transaction of $5,342,139.66. Following the transaction, the chief executive officer now owns 2,821,193 shares in the company, valued at $43,277,100.62. This trade represents a 10.99 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Michael Waterman sold 30,162 shares of ACV Auctions stock in a transaction that occurred on Tuesday, January 7th. The shares were sold at an average price of $20.53, for a total transaction of $619,225.86. Following the completion of the transaction, the insider now directly owns 314,738 shares in the company, valued at approximately $6,461,571.14. This represents a 8.75 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 423,411 shares of company stock valued at $6,776,916. Corporate insiders own 8.50% of the company’s stock.

ACV Auctions Trading Down 2.1 %

NASDAQ:ACVA opened at $13.31 on Friday. The company has a market capitalization of $2.25 billion, a P/E ratio of -27.15 and a beta of 1.73. The stock’s 50 day moving average price is $17.30 and its 200 day moving average price is $19.39. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.56 and a current ratio of 1.56. ACV Auctions Inc. has a 52 week low of $11.88 and a 52 week high of $23.46.

ACV Auctions (NASDAQ:ACVA) last announced its quarterly earnings results on Wednesday, February 19th. The company reported ($0.14) EPS for the quarter, topping the consensus estimate of ($0.15) by $0.01. ACV Auctions had a negative net margin of 12.51% and a negative return on equity of 12.94%. The company had revenue of $159.51 million for the quarter, compared to analyst estimates of $156.77 million. On average, research analysts forecast that ACV Auctions Inc. will post -0.07 EPS for the current fiscal year.

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.