Congress Asset Management Co. MA Raises Position in ACV Auctions Inc. (NASDAQ:ACVA)

Congress Asset Management Co. MA boosted its holdings in ACV Auctions Inc. (NASDAQ:ACVA) by 21.8% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 482,881 shares of the company’s stock after purchasing an additional 86,525 shares during the period. Congress Asset Management Co. MA owned approximately 0.29% of ACV Auctions worth $9,064,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in ACVA. John G Ullman & Associates Inc. boosted its stake in shares of ACV Auctions by 1.5% during the fourth quarter. John G Ullman & Associates Inc. now owns 66,284 shares of the company’s stock valued at $1,004,000 after purchasing an additional 1,000 shares during the period. Moneta Group Investment Advisors LLC grew its holdings in ACV Auctions by 4.5% in the 3rd quarter. Moneta Group Investment Advisors LLC now owns 27,248 shares of the company’s stock worth $414,000 after acquiring an additional 1,168 shares during the last quarter. Arizona State Retirement System grew its holdings in ACV Auctions by 4.1% in the 4th quarter. Arizona State Retirement System now owns 38,400 shares of the company’s stock worth $582,000 after acquiring an additional 1,500 shares during the last quarter. Gotham Asset Management LLC increased its position in shares of ACV Auctions by 3.7% in the third quarter. Gotham Asset Management LLC now owns 99,477 shares of the company’s stock valued at $1,510,000 after acquiring an additional 3,559 shares during the period. Finally, Parkside Financial Bank & Trust bought a new position in shares of ACV Auctions during the third quarter valued at about $66,000. 88.55% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at ACV Auctions

In other news, CFO William Zerella sold 276,900 shares of ACV Auctions stock in a transaction dated Tuesday, June 11th. The stock was sold at an average price of $18.13, for a total value of $5,020,197.00. Following the completion of the transaction, the chief financial officer now owns 515,671 shares of the company’s stock, valued at approximately $9,349,115.23. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In other ACV Auctions news, Director Brian Hirsch sold 57,211 shares of ACV Auctions stock in a transaction on Monday, June 10th. The stock was sold at an average price of $18.33, for a total value of $1,048,677.63. Following the completion of the sale, the director now owns 32,197 shares of the company’s stock, valued at approximately $590,171.01. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CFO William Zerella sold 276,900 shares of the company’s stock in a transaction on Tuesday, June 11th. The shares were sold at an average price of $18.13, for a total value of $5,020,197.00. Following the transaction, the chief financial officer now directly owns 515,671 shares in the company, valued at $9,349,115.23. The disclosure for this sale can be found here. Over the last three months, insiders have sold 540,216 shares of company stock valued at $9,763,520. Insiders own 8.50% of the company’s stock.

ACV Auctions Stock Up 0.3 %

NASDAQ ACVA traded up $0.05 during trading hours on Friday, reaching $17.74. 2,341,732 shares of the company’s stock traded hands, compared to its average volume of 813,141. ACV Auctions Inc. has a 52-week low of $12.84 and a 52-week high of $19.62. The company has a debt-to-equity ratio of 0.27, a current ratio of 1.62 and a quick ratio of 1.62. The firm has a 50-day simple moving average of $17.93 and a 200 day simple moving average of $16.52. The firm has a market cap of $2.93 billion, a PE ratio of -36.96 and a beta of 1.55.

ACV Auctions (NASDAQ:ACVA) last issued its quarterly earnings results on Wednesday, May 8th. The company reported ($0.09) EPS for the quarter, missing analysts’ consensus estimates of ($0.08) by ($0.01). The company had revenue of $145.69 million during the quarter, compared to the consensus estimate of $144.14 million. ACV Auctions had a negative return on equity of 13.50% and a negative net margin of 15.28%. Sell-side analysts anticipate that ACV Auctions Inc. will post -0.37 EPS for the current fiscal year.

Analysts Set New Price Targets

Several research firms recently issued reports on ACVA. Barrington Research reissued an “outperform” rating and issued a $23.00 target price on shares of ACV Auctions in a research note on Monday, May 13th. Needham & Company LLC reiterated a “buy” rating and issued a $23.00 price objective on shares of ACV Auctions in a research report on Monday, June 3rd. JPMorgan Chase & Co. upgraded ACV Auctions from a “neutral” rating to an “overweight” rating and set a $21.00 target price for the company in a report on Monday, June 10th. JMP Securities raised their price target on ACV Auctions from $20.00 to $21.00 and gave the stock a “market outperform” rating in a research note on Friday, June 7th. Finally, Piper Sandler boosted their price objective on shares of ACV Auctions from $15.00 to $16.00 and gave the company a “neutral” rating in a research report on Thursday, May 9th. Two research analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. According to MarketBeat.com, ACV Auctions currently has a consensus rating of “Moderate Buy” and a consensus price target of $20.67.

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.