Bryce Point Capital LLC Acquires Shares of 88,962 ACV Auctions Inc. (NASDAQ:ACVA)

Bryce Point Capital LLC bought a new stake in ACV Auctions Inc. (NASDAQ:ACVA) during the 4th quarter, HoldingsChannel.com reports. The institutional investor bought 88,962 shares of the company’s stock, valued at approximately $1,922,000. ACV Auctions makes up 0.6% of Bryce Point Capital LLC’s portfolio, making the stock its 16th largest holding.

Several other institutional investors have also added to or reduced their stakes in ACVA. Blue Trust Inc. lifted its position in shares of ACV Auctions by 65.8% during the fourth quarter. Blue Trust Inc. now owns 2,352 shares of the company’s stock worth $48,000 after acquiring an additional 933 shares in the last quarter. Arizona State Retirement System boosted its stake in ACV Auctions by 3.6% in the 4th quarter. Arizona State Retirement System now owns 44,126 shares of the company’s stock worth $953,000 after purchasing an additional 1,520 shares during the period. Franklin Resources Inc. increased its position in shares of ACV Auctions by 5.3% during the third quarter. Franklin Resources Inc. now owns 40,935 shares of the company’s stock valued at $768,000 after buying an additional 2,057 shares during the period. Handelsbanken Fonder AB increased its position in shares of ACV Auctions by 6.0% during the fourth quarter. Handelsbanken Fonder AB now owns 44,000 shares of the company’s stock valued at $950,000 after buying an additional 2,500 shares during the period. Finally, Principal Financial Group Inc. boosted its position in shares of ACV Auctions by 4.9% in the third quarter. Principal Financial Group Inc. now owns 64,925 shares of the company’s stock valued at $1,320,000 after acquiring an additional 3,022 shares during the period. 88.55% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

ACVA has been the topic of a number of analyst reports. JMP Securities reaffirmed a “market outperform” rating and set a $25.00 target price on shares of ACV Auctions in a report on Monday, December 16th. Needham & Company LLC reissued a “buy” rating and set a $25.00 price objective on shares of ACV Auctions in a research note on Wednesday, March 12th. Stephens upgraded ACV Auctions to a “hold” rating in a research report on Saturday, February 1st. JPMorgan Chase & Co. lowered their price target on ACV Auctions from $24.00 to $20.00 and set an “overweight” rating on the stock in a report on Thursday, March 27th. Finally, Piper Sandler upgraded shares of ACV Auctions from a “neutral” rating to an “overweight” rating and upped their price objective for the stock from $18.00 to $20.00 in a research report on Thursday, March 20th. 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 data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $23.14.

ACV Auctions Trading Up 3.0 %

Shares of ACVA opened at $14.52 on Wednesday. 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 $12.77 and a fifty-two week high of $23.46. The firm has a 50 day moving average price of $17.76 and a 200-day moving average price of $19.51. The firm has a market cap of $2.45 billion, a price-to-earnings ratio of -29.62 and a beta of 1.73.

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

Insider Buying and Selling

In related news, CEO George Chamoun sold 348,249 shares of the company’s stock in a transaction on Thursday, March 20th. The shares were sold at an average price of $15.34, for a total transaction of $5,342,139.66. Following the completion of the sale, the chief executive officer now directly owns 2,821,193 shares in the company, valued at $43,277,100.62. This represents a 10.99 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CFO William Zerella sold 15,000 shares of the firm’s stock in a transaction on Tuesday, January 7th. The stock was sold at an average price of $20.57, for a total transaction of $308,550.00. Following the completion of the sale, the chief financial officer now directly owns 462,452 shares in the company, valued at approximately $9,512,637.64. This trade represents a 3.14 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 423,411 shares of company stock worth $6,776,916 in the last ninety days. 8.50% of the stock is owned by 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.