SG Americas Securities LLC Invests $364,000 in ACV Auctions Inc. (NASDAQ:ACVA)

SG Americas Securities LLC purchased a new position in ACV Auctions Inc. (NASDAQ:ACVA) during the first quarter, Holdings Channel.com reports. The firm purchased 25,835 shares of the company’s stock, valued at approximately $364,000.

A number of other hedge funds have also modified their holdings of ACVA. Versant Capital Management Inc increased its stake in shares of ACV Auctions by 464.4% in the first quarter. Versant Capital Management Inc now owns 2,201 shares of the company’s stock worth $31,000 after acquiring an additional 1,811 shares during the last quarter. Blue Trust Inc. increased its stake in shares of ACV Auctions by 65.8% in the fourth quarter. Blue Trust Inc. now owns 2,352 shares of the company’s stock worth $48,000 after acquiring an additional 933 shares during the last quarter. GAMMA Investing LLC increased its stake in shares of ACV Auctions by 3,005.8% in the first quarter. GAMMA Investing LLC now owns 5,932 shares of the company’s stock worth $84,000 after acquiring an additional 5,741 shares during the last quarter. Integrated Advisors Network LLC acquired a new position in shares of ACV Auctions in the fourth quarter worth $200,000. Finally, Mackenzie Financial Corp acquired a new position in shares of ACV Auctions in the fourth quarter worth $206,000. 88.55% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at ACV Auctions

In other news, insider Michael Waterman sold 223,330 shares of ACV Auctions stock in a transaction on Tuesday, May 13th. The shares were sold at an average price of $17.00, for a total transaction of $3,796,610.00. Following the transaction, the insider now directly owns 466,548 shares of the company’s stock, valued at $7,931,316. This trade represents a 32.37% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders own 2.90% of the company’s stock.

ACV Auctions Stock Performance

Shares of ACV Auctions stock opened at $15.73 on Thursday. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.56 and a quick ratio of 1.56. The firm has a market cap of $2.69 billion, a P/E ratio of -32.10 and a beta of 1.74. The firm has a 50 day simple moving average of $15.91 and a 200 day simple moving average of $17.56. 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, May 7th. The company reported ($0.09) earnings per share for the quarter, missing analysts’ consensus estimates of $0.04 by ($0.13). ACV Auctions had a negative net margin of 12.51% and a negative return on equity of 12.94%. During the same quarter last year, the business posted ($0.13) earnings per share. The firm’s revenue for the quarter was up 25.4% compared to the same quarter last year. Sell-side analysts predict that ACV Auctions Inc. will post -0.07 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

ACVA has been the subject of a number of recent research reports. Bank of America upgraded shares of ACV Auctions from a “neutral” rating to a “buy” rating and decreased their price objective for the stock from $22.00 to $20.00 in a report on Wednesday, March 12th. JMP Securities decreased their price objective on shares of ACV Auctions from $22.00 to $18.00 and set a “market outperform” rating for the company in a report on Wednesday, April 9th. Needham & Company LLC reiterated a “buy” rating and issued a $25.00 price objective on shares of ACV Auctions in a report on Thursday, May 8th. Piper Sandler upgraded shares of ACV Auctions from a “neutral” rating to an “overweight” rating and upped their price objective for the stock from $18.00 to $20.00 in a report on Thursday, March 20th. Finally, JPMorgan Chase & Co. decreased their price objective on shares of ACV Auctions from $24.00 to $20.00 and set an “overweight” rating for the company in a report on Thursday, March 27th. Two analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $22.50.

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.