Royce & Associates LP Sells 432,474 Shares of ACV Auctions Inc. (NASDAQ:ACVA)

Royce & Associates LP cut its holdings in shares of ACV Auctions Inc. (NASDAQ:ACVA) by 54.1% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 366,200 shares of the company’s stock after selling 432,474 shares during the period. Royce & Associates LP’s holdings in ACV Auctions were worth $7,910,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in ACVA. Spyglass Capital Management LLC lifted its holdings in shares of ACV Auctions by 69.1% during the 3rd quarter. Spyglass Capital Management LLC now owns 2,614,245 shares of the company’s stock valued at $53,148,000 after purchasing an additional 1,068,356 shares in the last quarter. Wellington Management Group LLP acquired a new stake in ACV Auctions during the 3rd quarter worth approximately $21,540,000. Massachusetts Financial Services Co. MA lifted its stake in ACV Auctions by 11.6% in the third quarter. Massachusetts Financial Services Co. MA now owns 8,655,640 shares of the company’s stock valued at $175,969,000 after buying an additional 897,477 shares in the last quarter. Jennison Associates LLC boosted its holdings in shares of ACV Auctions by 17.2% in the fourth quarter. Jennison Associates LLC now owns 4,980,354 shares of the company’s stock valued at $107,576,000 after buying an additional 732,422 shares during the period. Finally, New York State Common Retirement Fund increased its position in shares of ACV Auctions by 100.0% during the fourth quarter. New York State Common Retirement Fund now owns 753,296 shares of the company’s stock worth $16,271,000 after acquiring an additional 376,557 shares in the last quarter. 88.55% of the stock is owned by institutional investors and hedge funds.

ACV Auctions Stock Performance

Shares of ACVA opened at $14.10 on Wednesday. The company has a market cap of $2.38 billion, a PE ratio of -28.78 and a beta of 1.73. The firm has a 50-day moving average of $19.00 and a 200-day moving average of $19.78. ACV Auctions Inc. has a one year low of $12.77 and a one year high of $23.46. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.56 and a quick ratio of 1.56.

ACV Auctions (NASDAQ:ACVA) last posted its quarterly earnings results on Wednesday, February 19th. The company reported ($0.14) EPS for the quarter, topping analysts’ consensus estimates of ($0.15) by $0.01. The business had revenue of $159.51 million during the quarter, compared to analysts’ expectations 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, equities analysts forecast that ACV Auctions Inc. will post -0.07 earnings per share for the current year.

Analysts Set New Price Targets

ACVA has been the topic of several research reports. Needham & Company LLC reaffirmed a “buy” rating and issued a $25.00 target price on shares of ACV Auctions in a research note on Wednesday, March 12th. Citigroup increased their price objective on ACV Auctions from $22.00 to $27.00 and gave the stock a “buy” rating in a report on Wednesday, November 27th. 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 company from $22.00 to $20.00 in a report on Wednesday, March 12th. Finally, B. Riley increased 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. Three research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $23.05.

Insider Transactions at ACV Auctions

In other ACV Auctions news, CFO William Zerella sold 15,000 shares of ACV Auctions stock in a transaction on Tuesday, March 11th. The shares were sold at an average price of $13.53, for a total transaction of $202,950.00. Following the completion of the transaction, the chief financial officer now directly owns 766,266 shares of the company’s stock, valued at $10,367,578.98. The trade was a 1.92 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Michael Waterman sold 30,162 shares of the company’s stock in a transaction on Tuesday, January 7th. The shares were sold at an average price of $20.53, for a total transaction of $619,225.86. Following the completion of the transaction, the insider now owns 314,738 shares in the company, valued at approximately $6,461,571.14. This represents a 8.75 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 107,662 shares of company stock worth $2,138,401. 8.50% of the stock is owned by company insiders.

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.