Bessemer Group Inc. Acquires 1,257 Shares of ACV Auctions Inc. (NASDAQ:ACVA)

Bessemer Group Inc. increased its holdings in shares of ACV Auctions Inc. (NASDAQ:ACVA) by 14.5% in the 1st quarter, Holdings Channel.com reports. The institutional investor owned 9,911 shares of the company’s stock after purchasing an additional 1,257 shares during the period. Bessemer Group Inc.’s holdings in ACV Auctions were worth $140,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also modified their holdings of the business. Arizona State Retirement System increased its stake in shares of ACV Auctions by 3.6% in the fourth quarter. Arizona State Retirement System now owns 44,126 shares of the company’s stock valued at $953,000 after buying an additional 1,520 shares during the period. 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 valued at $31,000 after buying an additional 1,811 shares during the period. California State Teachers Retirement System increased its stake in shares of ACV Auctions by 1.4% in the fourth quarter. California State Teachers Retirement System now owns 141,873 shares of the company’s stock valued at $3,064,000 after buying an additional 1,906 shares during the period. BloombergSen Inc. increased its stake in shares of ACV Auctions by 7.7% in the fourth quarter. BloombergSen Inc. now owns 48,758 shares of the company’s stock valued at $1,053,000 after buying an additional 3,498 shares during the period. Finally, Vestmark Advisory Solutions Inc. increased its stake in shares of ACV Auctions by 21.3% in the fourth quarter. Vestmark Advisory Solutions Inc. now owns 26,006 shares of the company’s stock valued at $562,000 after buying an additional 4,563 shares during the period. 88.55% of the stock is currently owned by institutional investors.

Insider Activity

In other news, insider Michael Waterman sold 223,330 shares of the company’s stock in a transaction dated Tuesday, May 13th. The stock was sold at an average price of $17.00, for a total value of $3,796,610.00. Following the completion of the transaction, the insider directly owned 466,548 shares in the company, valued at approximately $7,931,316. This represents a 32.37% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 2.90% of the company’s stock.

ACV Auctions Stock Performance

NASDAQ:ACVA opened at $16.52 on Friday. 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. The firm has a market cap of $2.83 billion, a price-to-earnings ratio of -33.70 and a beta of 1.71. The business’s fifty day moving average is $16.14 and its 200 day moving average is $17.35.

ACV Auctions (NASDAQ:ACVA) last posted its earnings results on Wednesday, May 7th. The company reported ($0.09) EPS for the quarter, missing the consensus estimate of $0.04 by ($0.13). ACV Auctions had a negative return on equity of 12.94% and a negative net margin of 12.51%. During the same period in the previous year, the firm earned ($0.13) EPS. The firm’s revenue was up 25.4% compared to the same quarter last year. Research analysts predict that ACV Auctions Inc. will post -0.07 EPS for the current year.

Analysts Set New Price Targets

Several research firms recently commented on ACVA. Citigroup reaffirmed an “outperform” rating on shares of ACV Auctions in a research note on Wednesday. Bank of America raised ACV Auctions from a “neutral” rating to a “buy” rating and decreased their target price for the stock from $22.00 to $20.00 in a research note on Wednesday, March 12th. JMP Securities raised their target price on ACV Auctions from $18.00 to $20.00 and gave the stock a “market outperform” rating in a research note on Wednesday. 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 note on Thursday, March 20th. Finally, JPMorgan Chase & Co. decreased their target price on ACV Auctions from $24.00 to $20.00 and set an “overweight” rating for the company in a research note on Thursday, March 27th. Two research analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $22.68.

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.