ACV Auctions Inc. (NASDAQ:ACVA) Stock Holdings Raised by Wellington Management Group LLP

Wellington Management Group LLP lifted its stake in shares of ACV Auctions Inc. (NASDAQ:ACVA) by 61.3% during the 4th quarter, HoldingsChannel.com reports. The firm owned 1,708,551 shares of the company’s stock after buying an additional 649,039 shares during the quarter. Wellington Management Group LLP’s holdings in ACV Auctions were worth $36,905,000 as of its most recent SEC filing.

A number of other hedge funds have also bought and sold shares of the company. Raymond James Financial Inc. bought a new position in ACV Auctions during the 4th quarter worth approximately $4,704,000. Intech Investment Management LLC lifted its stake in ACV Auctions by 55.7% during the fourth quarter. Intech Investment Management LLC now owns 62,395 shares of the company’s stock worth $1,348,000 after purchasing an additional 22,310 shares during the last quarter. Moody National Bank Trust Division boosted its holdings in ACV Auctions by 64.6% in the fourth quarter. Moody National Bank Trust Division now owns 79,199 shares of the company’s stock worth $1,711,000 after purchasing an additional 31,094 shares during the period. Quadrature Capital Ltd bought a new stake in ACV Auctions during the third quarter valued at $566,000. Finally, Charles Schwab Investment Management Inc. raised its holdings in shares of ACV Auctions by 3.9% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,289,362 shares of the company’s stock worth $27,850,000 after purchasing an additional 48,021 shares during the period. 88.55% of the stock is currently owned by institutional investors and hedge funds.

ACV Auctions Stock Performance

ACVA stock opened at $13.31 on Monday. The company has a 50-day simple moving average of $17.30 and a 200 day simple moving average of $19.38. The company has a market capitalization of $2.25 billion, a P/E ratio of -27.15 and a beta of 1.74. The company has a quick ratio of 1.56, a current ratio of 1.56 and a debt-to-equity ratio of 0.28. ACV Auctions Inc. has a fifty-two week low of $11.88 and a fifty-two week high of $23.46.

ACV Auctions (NASDAQ:ACVA) last issued its quarterly earnings results on Wednesday, February 19th. The company reported ($0.14) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.15) by $0.01. The company had revenue of $159.51 million during 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%. Sell-side analysts predict that ACV Auctions Inc. will post -0.07 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, CEO George Chamoun sold 348,249 shares of the business’s stock in a transaction 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 sale, the chief executive officer now owns 2,821,193 shares of the company’s stock, valued at approximately $43,277,100.62. The trade was a 10.99 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Michael Waterman sold 30,162 shares of the firm’s stock in a transaction dated Tuesday, January 7th. The shares were sold at an average price of $20.53, for a total value of $619,225.86. Following the transaction, the insider now directly owns 314,738 shares of the company’s stock, valued at $6,461,571.14. This represents a 8.75 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 423,411 shares of company stock worth $6,776,916 over the last ninety days. Company insiders own 8.50% of the company’s stock.

Analysts Set New Price Targets

ACVA has been the subject of several research reports. Piper Sandler raised shares of ACV Auctions from a “neutral” rating to an “overweight” rating and lifted their price target for the company from $18.00 to $20.00 in a report on Thursday, March 20th. Bank of America upgraded ACV Auctions from a “neutral” rating to a “buy” rating and decreased their target price for the company from $22.00 to $20.00 in a research note on Wednesday, March 12th. JMP Securities reiterated a “market outperform” rating and set a $25.00 price target on shares of ACV Auctions in a research report on Monday, December 16th. Stephens upgraded ACV Auctions to a “hold” rating in a research report on Saturday, February 1st. Finally, JPMorgan Chase & Co. dropped their target price on ACV Auctions from $24.00 to $20.00 and set an “overweight” rating on the stock in a research report on Thursday, March 27th. Two analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $23.14.

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.