TimesSquare Capital Management LLC Raises Stock Holdings in ACV Auctions Inc. (NASDAQ:ACVA)

TimesSquare Capital Management LLC boosted its stake in ACV Auctions Inc. (NASDAQ:ACVA) by 6.7% during the 4th quarter, Holdings Channel reports. The institutional investor owned 1,891,627 shares of the company’s stock after acquiring an additional 118,421 shares during the period. TimesSquare Capital Management LLC’s holdings in ACV Auctions were worth $40,859,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of ACVA. Moody National Bank Trust Division increased its stake in ACV Auctions by 64.6% during the fourth quarter. Moody National Bank Trust Division now owns 79,199 shares of the company’s stock worth $1,711,000 after purchasing an additional 31,094 shares during the period. Quadrature Capital Ltd purchased a new stake in ACV Auctions during the third quarter worth about $566,000. JPMorgan Chase & Co. increased its stake in ACV Auctions by 10.9% during the third quarter. JPMorgan Chase & Co. now owns 3,167,615 shares of the company’s stock worth $64,398,000 after purchasing an additional 311,465 shares during the period. Quantbot Technologies LP purchased a new stake in ACV Auctions during the third quarter worth about $2,035,000. Finally, State Street Corp increased its stake in ACV Auctions by 3.7% during the third quarter. State Street Corp now owns 3,242,388 shares of the company’s stock worth $65,918,000 after purchasing an additional 115,700 shares during the period. 88.55% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of analysts have issued reports on ACVA shares. Jefferies Financial Group boosted their price target on shares of ACV Auctions from $22.00 to $25.00 and gave the stock a “buy” rating in a research note on Tuesday, October 22nd. Stephens upgraded shares of ACV Auctions to a “hold” rating in a research note on Saturday, February 1st. JMP Securities reiterated a “market outperform” rating and set a $25.00 price target on shares of ACV Auctions in a research note on Monday, December 16th. Citigroup boosted their price objective on ACV Auctions from $22.00 to $27.00 and gave the stock a “buy” rating in a research report on Wednesday, November 27th. Finally, Needham & Company LLC reissued a “buy” rating and set a $28.00 price objective (up from $26.00) on shares of ACV Auctions in a research report on Thursday, December 26th. Three investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat.com, ACV Auctions presently has a consensus rating of “Moderate Buy” and an average price target of $23.65.

Insider Activity at ACV Auctions

In related news, CFO William Zerella sold 32,500 shares of the company’s stock in a transaction that occurred on Tuesday, November 26th. The stock was sold at an average price of $22.41, for a total value of $728,325.00. Following the completion of the transaction, the chief financial officer now directly owns 490,482 shares of the company’s stock, valued at $10,991,701.62. This represents a 6.21 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Michael Waterman sold 15,000 shares of the company’s stock in a transaction that occurred 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 completion of the transaction, the insider now directly owns 311,354 shares of the company’s stock, valued at $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. Insiders sold 125,162 shares of company stock valued at $2,663,776 over the last three months. 8.50% of the stock is owned by corporate insiders.

ACV Auctions Stock Performance

Shares of ACVA opened at $20.99 on Wednesday. The stock has a 50 day moving average price of $21.29 and a 200 day moving average price of $20.12. The company has a quick ratio of 1.51, a current ratio of 1.51 and a debt-to-equity ratio of 0.25. The company has a market capitalization of $3.52 billion, a price-to-earnings ratio of -44.66 and a beta of 1.69. ACV Auctions Inc. has a 52-week low of $13.66 and a 52-week high of $23.46.

ACV Auctions 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.