Great Lakes Advisors LLC Invests $8.05 Million in ACV Auctions Inc. (NASDAQ:ACVA)

Great Lakes Advisors LLC bought a new stake in shares of ACV Auctions Inc. (NASDAQ:ACVA) during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund bought 372,542 shares of the company’s stock, valued at approximately $8,047,000.

Other institutional investors and hedge funds have also bought and sold shares of the company. Blue Trust Inc. increased its stake in ACV Auctions by 65.8% in the fourth quarter. Blue Trust Inc. now owns 2,352 shares of the company’s stock valued at $48,000 after purchasing an additional 933 shares in the last quarter. KBC Group NV increased its position in ACV Auctions by 80.4% in the 4th quarter. KBC Group NV now owns 7,406 shares of the company’s stock valued at $160,000 after buying an additional 3,300 shares in the last quarter. Icon Wealth Advisors LLC raised its stake in ACV Auctions by 13.5% during the 3rd quarter. Icon Wealth Advisors LLC now owns 11,048 shares of the company’s stock worth $225,000 after buying an additional 1,317 shares during the period. Versor Investments LP bought a new position in ACV Auctions in the fourth quarter worth approximately $262,000. Finally, Aigen Investment Management LP acquired a new stake in ACV Auctions in the third quarter valued at approximately $287,000. 88.55% of the stock is owned by institutional investors.

Insider Buying and Selling

In related news, CFO William Zerella sold 32,500 shares of ACV Auctions stock in a transaction that occurred on Monday, December 30th. The shares were sold at an average price of $21.65, for a total value of $703,625.00. Following the sale, the chief financial officer now owns 490,482 shares of the company’s stock, valued at approximately $10,618,935.30. The trade was a 6.21 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Michael Waterman sold 15,000 shares of the stock in a transaction on Tuesday, February 4th. The shares were sold at an average price of $20.27, for a total value of $304,050.00. Following the transaction, the insider now directly owns 311,354 shares of the company’s stock, valued at approximately $6,311,145.58. This trade represents a 4.60 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 107,662 shares of company stock worth $2,138,401. Insiders own 8.50% of the company’s stock.

Analyst Upgrades and Downgrades

ACVA has been the topic of a number of research reports. Stephens raised ACV Auctions to a “hold” rating in a research report on Saturday, February 1st. Bank of America upgraded shares of ACV Auctions from a “neutral” rating to a “buy” rating and lowered their price objective for the stock from $22.00 to $20.00 in a report on Wednesday. Citigroup lifted their price objective on shares of ACV Auctions from $22.00 to $27.00 and gave the company a “buy” rating in a report on Wednesday, November 27th. B. Riley upped their target price on shares of ACV Auctions from $24.00 to $27.00 and gave the stock a “buy” rating in a report on Tuesday, November 26th. Finally, Needham & Company LLC reiterated a “buy” rating and set a $25.00 price target on shares of ACV Auctions in a research note on Wednesday. Three analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat.com, ACV Auctions presently has a consensus rating of “Moderate Buy” and a consensus target price of $23.05.

ACV Auctions Stock Performance

ACVA stock opened at $14.00 on Friday. The company has a quick ratio of 1.56, a current ratio of 1.56 and a debt-to-equity ratio of 0.28. The firm has a market cap of $2.36 billion, a PE ratio of -28.57 and a beta of 1.73. The business has a 50 day moving average of $19.39 and a 200-day moving average of $19.86. ACV Auctions Inc. has a 12-month low of $12.77 and a 12-month high of $23.46.

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

ACV Auctions Company 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.