Connor Clark & Lunn Investment Management Ltd. Makes New Investment in ACV Auctions Inc. (NASDAQ:ACVA)

Connor Clark & Lunn Investment Management Ltd. acquired a new stake in ACV Auctions Inc. (NASDAQ:ACVA) during the fourth quarter, according to its most recent disclosure with the SEC. The institutional investor acquired 198,553 shares of the company’s stock, valued at approximately $4,289,000. Connor Clark & Lunn Investment Management Ltd. owned about 0.12% of ACV Auctions as of its most recent filing with the SEC.

A number of other institutional investors also recently modified their holdings of ACVA. Spyglass Capital Management LLC boosted its stake in shares of ACV Auctions by 69.1% in 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 during the last quarter. Wellington Management Group LLP bought a new stake in shares of ACV Auctions in the 3rd quarter valued at $21,540,000. Massachusetts Financial Services Co. MA boosted its stake in shares of ACV Auctions by 11.6% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 8,655,640 shares of the company’s stock valued at $175,969,000 after purchasing an additional 897,477 shares during the last quarter. Jennison Associates LLC boosted its stake in shares of ACV Auctions by 17.2% in the 4th quarter. Jennison Associates LLC now owns 4,980,354 shares of the company’s stock valued at $107,576,000 after purchasing an additional 732,422 shares during the last quarter. Finally, New York State Common Retirement Fund boosted its stake in shares of ACV Auctions by 100.0% in the 4th quarter. New York State Common Retirement Fund now owns 753,296 shares of the company’s stock valued at $16,271,000 after purchasing an additional 376,557 shares during the last quarter. 88.55% of the stock is owned by institutional investors.

Insider Buying and Selling

In related news, insider Michael Waterman sold 15,000 shares of the firm’s stock in a transaction dated Tuesday, February 4th. The shares were sold at an average price of $20.27, for a total transaction of $304,050.00. Following the completion of the sale, the insider now owns 311,354 shares in the company, valued at approximately $6,311,145.58. This trade represents a 4.60 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CFO William Zerella sold 32,500 shares of the firm’s stock in a transaction dated Monday, December 30th. The stock was sold at an average price of $21.65, for a total transaction of $703,625.00. Following the sale, the chief financial officer now owns 490,482 shares of the company’s stock, valued at $10,618,935.30. This trade represents a 6.21 % decrease in their position. 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.

ACV Auctions Stock Performance

Shares of ACVA stock opened at $14.31 on Monday. The firm has a 50-day moving average of $19.25 and a 200-day moving average of $19.84. The company has a market cap of $2.42 billion, a P/E ratio of -29.20 and a beta of 1.73. 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 Inc. has a one year low of $12.77 and a one year high of $23.46.

ACV Auctions (NASDAQ:ACVA) last announced its earnings results on Wednesday, February 19th. The company reported ($0.14) EPS for the quarter, beating the consensus estimate of ($0.15) by $0.01. The company 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%. Equities research analysts forecast that ACV Auctions Inc. will post -0.07 EPS for the current fiscal year.

Analysts Set New Price Targets

ACVA has been the topic of several research analyst reports. Citigroup increased their target price on shares of ACV Auctions from $22.00 to $27.00 and gave the stock a “buy” rating in a research note on Wednesday, November 27th. 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 research note on Tuesday, November 26th. Needham & Company LLC reissued a “buy” rating and set a $25.00 target price on shares of ACV Auctions in a research note on Wednesday, March 12th. 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, March 12th. Finally, Stephens upgraded shares of ACV Auctions to a “hold” rating in a report on Saturday, February 1st. Three equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $23.05.

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.