Pictet Asset Management Holding SA Buys 5,883 Shares of ACV Auctions Inc. (NASDAQ:ACVA)

Pictet Asset Management Holding SA boosted its stake in ACV Auctions Inc. (NASDAQ:ACVA) by 33.2% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 23,578 shares of the company’s stock after acquiring an additional 5,883 shares during the period. Pictet Asset Management Holding SA’s holdings in ACV Auctions were worth $509,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. William Blair Investment Management LLC boosted its stake in shares of ACV Auctions by 43.2% in the 4th quarter. William Blair Investment Management LLC now owns 12,099,686 shares of the company’s stock valued at $261,353,000 after purchasing an additional 3,652,871 shares during the last quarter. Wellington Management Group LLP acquired a new position in ACV Auctions in the third quarter valued at $21,540,000. Vanguard Group Inc. lifted its holdings in ACV Auctions by 5.5% in the fourth quarter. Vanguard Group Inc. now owns 14,245,915 shares of the company’s stock valued at $307,712,000 after buying an additional 738,391 shares during the period. Jennison Associates LLC boosted its position in ACV Auctions by 17.2% during the fourth quarter. Jennison Associates LLC now owns 4,980,354 shares of the company’s stock valued at $107,576,000 after acquiring an additional 732,422 shares during the last quarter. Finally, Norges Bank acquired a new stake in ACV Auctions during the 4th quarter worth about $10,746,000. Institutional investors and hedge funds own 88.55% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on ACVA. Piper Sandler raised ACV Auctions from a “neutral” rating to an “overweight” rating and boosted their price objective for the company from $18.00 to $20.00 in a research note on Thursday, March 20th. JPMorgan Chase & Co. dropped their price target on ACV Auctions from $24.00 to $20.00 and set an “overweight” rating on the stock in a research note on Thursday, March 27th. Stephens raised shares of ACV Auctions to a “hold” rating in a research report on Saturday, February 1st. Needham & Company LLC reiterated a “buy” rating and set a $25.00 target price on shares of ACV Auctions in a research report on Wednesday, March 12th. Finally, Bank of America upgraded shares of ACV Auctions from a “neutral” rating to a “buy” rating and reduced their price target for the stock from $22.00 to $20.00 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 company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $23.14.

Insiders Place Their Bets

In related news, insider Michael Waterman sold 15,000 shares of the firm’s stock in a transaction dated Tuesday, February 4th. The shares were sold at an average price of $20.27, for a total transaction of $304,050.00. Following the transaction, the insider now directly owns 311,354 shares of the company’s stock, valued at $6,311,145.58. This trade represents a 4.60 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO George Chamoun sold 348,249 shares of the business’s stock in a transaction dated 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 approximately $43,277,100.62. This trade represents a 10.99 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 378,249 shares of company stock valued at $5,849,140 in the last three months. 8.50% of the stock is currently owned by insiders.

ACV Auctions Price Performance

Shares of NASDAQ ACVA opened at $12.77 on Wednesday. The stock has a market cap of $2.15 billion, a price-to-earnings ratio of -26.05 and a beta of 1.74. 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 fifty-two week low of $11.88 and a fifty-two week high of $23.46. The firm’s 50-day simple moving average is $16.80 and its 200 day simple moving average is $19.23.

ACV Auctions (NASDAQ:ACVA) last posted its earnings results on Wednesday, February 19th. The company reported ($0.14) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.15) by $0.01. ACV Auctions had a negative return on equity of 12.94% and a negative net margin of 12.51%. The company had revenue of $159.51 million for the quarter, compared to analyst estimates of $156.77 million. As a group, research analysts anticipate that ACV Auctions Inc. will post -0.07 earnings per share 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.