Essex Investment Management Co. LLC Takes Position in ACV Auctions Inc. (NASDAQ:ACVA)

Essex Investment Management Co. LLC purchased a new position in ACV Auctions Inc. (NASDAQ:ACVA) in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The firm purchased 143,368 shares of the company’s stock, valued at approximately $2,915,000. Essex Investment Management Co. LLC owned approximately 0.09% of ACV Auctions as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. Park Place Capital Corp grew its position in shares of ACV Auctions by 34.1% in the 3rd quarter. Park Place Capital Corp now owns 2,779 shares of the company’s stock worth $56,000 after acquiring an additional 706 shares in the last quarter. Amalgamated Bank lifted its stake in ACV Auctions by 18.0% during the second quarter. Amalgamated Bank now owns 5,120 shares of the company’s stock worth $93,000 after purchasing an additional 782 shares during the last quarter. Public Employees Retirement Association of Colorado acquired a new position in ACV Auctions in the second quarter worth $225,000. Blair William & Co. IL increased its stake in ACV Auctions by 14.7% during the first quarter. Blair William & Co. IL now owns 12,691 shares of the company’s stock valued at $238,000 after purchasing an additional 1,626 shares during the last quarter. Finally, Algert Global LLC acquired a new stake in shares of ACV Auctions during the second quarter worth $271,000. 88.55% of the stock is owned by institutional investors.

Insider Transactions at ACV Auctions

In related news, VP Andrew Peer sold 1,795 shares of the firm’s stock in a transaction that occurred on Thursday, September 19th. The shares were sold at an average price of $21.00, for a total transaction of $37,695.00. Following the transaction, the vice president now owns 62,956 shares in the company, valued at $1,322,076. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, COO Vikas Mehta sold 154,324 shares of the business’s stock in a transaction that occurred on Tuesday, September 10th. The shares were sold at an average price of $19.19, for a total value of $2,961,477.56. Following the sale, the chief operating officer now directly owns 432,457 shares in the company, valued at $8,298,849.83. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, VP Andrew Peer sold 1,795 shares of the firm’s stock in a transaction that occurred on Thursday, September 19th. The stock was sold at an average price of $21.00, for a total transaction of $37,695.00. Following the sale, the vice president now owns 62,956 shares of the company’s stock, valued at $1,322,076. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 691,425 shares of company stock valued at $13,336,852. Company insiders own 8.50% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on the stock. Barrington Research reaffirmed an “outperform” rating and set a $23.00 price objective on shares of ACV Auctions in a research report on Friday, August 16th. JMP Securities upped their target price on ACV Auctions from $21.00 to $24.00 and gave the company a “market outperform” rating in a report on Tuesday, September 17th. Finally, Raymond James started coverage on ACV Auctions in a report on Friday, September 27th. They issued a “market perform” rating and a $22.00 price target on the stock. Two investment analysts have rated the stock with a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat.com, ACV Auctions currently has an average rating of “Moderate Buy” and a consensus target price of $21.57.

ACV Auctions Stock Performance

ACVA stock traded up $0.69 on Friday, reaching $18.74. The company’s stock had a trading volume of 1,318,153 shares, compared to its average volume of 1,219,408. ACV Auctions Inc. has a 52 week low of $12.84 and a 52 week high of $21.10. The company has a debt-to-equity ratio of 0.24, a current ratio of 1.49 and a quick ratio of 1.49. The company has a market capitalization of $3.12 billion, a P/E ratio of -39.04 and a beta of 1.56. The firm has a fifty day moving average of $18.91 and a two-hundred day moving average of $18.28.

ACV Auctions (NASDAQ:ACVA) last released its quarterly earnings results on Wednesday, August 7th. The company reported ($0.07) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.09) by $0.02. ACV Auctions had a negative return on equity of 13.20% and a negative net margin of 14.53%. The company had revenue of $160.62 million during the quarter, compared to analysts’ expectations of $156.33 million. As a group, analysts predict that ACV Auctions Inc. will post -0.35 EPS 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.