Bank of America Corp DE Lowers Holdings in ACV Auctions Inc. (NASDAQ:ACVA)

Bank of America Corp DE lowered its stake in shares of ACV Auctions Inc. (NASDAQ:ACVA) by 4.9% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,141,147 shares of the company’s stock after selling 58,405 shares during the quarter. Bank of America Corp DE’s holdings in ACV Auctions were worth $24,649,000 at the end of the most recent quarter.

Several other large investors have also modified their holdings of the stock. Blue Trust Inc. raised its holdings in shares of ACV Auctions by 65.8% in the 4th quarter. Blue Trust Inc. now owns 2,352 shares of the company’s stock worth $48,000 after purchasing an additional 933 shares during the period. KBC Group NV increased its position in ACV Auctions by 80.4% during the 4th quarter. KBC Group NV now owns 7,406 shares of the company’s stock worth $160,000 after purchasing an additional 3,300 shares in the last quarter. LPL Financial LLC purchased a new position in ACV Auctions in the fourth quarter valued at approximately $226,000. Xponance Inc. acquired a new position in ACV Auctions during the fourth quarter valued at approximately $229,000. Finally, Versor Investments LP acquired a new position in ACV Auctions during the fourth quarter valued at approximately $262,000. 88.55% of the stock is currently owned by hedge funds and other institutional investors.

ACV Auctions Stock Performance

NASDAQ:ACVA opened at $17.03 on Monday. The firm has a 50-day moving average of $14.86 and a two-hundred day moving average of $18.45. 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 stock has a market cap of $2.87 billion, a P/E ratio of -34.75 and a beta of 1.72. ACV Auctions Inc. has a 1-year low of $11.88 and a 1-year high of $23.46.

ACV Auctions (NASDAQ:ACVA) last announced its earnings results on Wednesday, May 7th. The company reported ($0.09) earnings per share (EPS) 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%. The company’s quarterly revenue was up 25.4% compared to the same quarter last year. During the same period last year, the business earned ($0.13) earnings per share. On average, research analysts expect that ACV Auctions Inc. will post -0.07 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on ACVA. Bank of America raised shares of ACV Auctions from a “neutral” rating to a “buy” rating and cut their target price for the company from $22.00 to $20.00 in a research note on Wednesday, March 12th. Piper Sandler upgraded ACV Auctions from a “neutral” rating to an “overweight” rating and increased their price target for the company from $18.00 to $20.00 in a report on Thursday, March 20th. Needham & Company LLC reissued a “buy” rating and issued a $25.00 price objective on shares of ACV Auctions in a research report on Thursday, May 8th. Stephens upgraded ACV Auctions to a “hold” rating in a research note on Saturday, February 1st. Finally, JMP Securities decreased their target price on ACV Auctions from $22.00 to $18.00 and set a “market outperform” rating for the company in a research report on Wednesday, April 9th. Two analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $22.50.

Insider Buying and Selling

In other news, CFO William Zerella sold 15,000 shares of the company’s stock in a transaction dated Tuesday, March 11th. The shares were sold at an average price of $13.53, for a total value of $202,950.00. Following the sale, the chief financial officer now owns 766,266 shares in the company, valued at approximately $10,367,578.98. This represents a 1.92% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO George Chamoun sold 348,249 shares of the 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 directly owns 2,821,193 shares in the company, valued at $43,277,100.62. The trade was a 10.99% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 586,579 shares of company stock worth $9,341,700. Insiders own 8.50% of the company’s stock.

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.