ACV Auctions Inc. (NASDAQ:ACVA) Stock Position Cut by One Charles Private Wealth Services LLC

One Charles Private Wealth Services LLC cut its stake in shares of ACV Auctions Inc. (NASDAQ:ACVA) by 8.9% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 1,001,669 shares of the company’s stock after selling 97,324 shares during the period. ACV Auctions comprises approximately 7.3% of One Charles Private Wealth Services LLC’s holdings, making the stock its 4th largest position. One Charles Private Wealth Services LLC owned approximately 0.60% of ACV Auctions worth $21,636,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. William Blair Investment Management LLC increased its position in ACV Auctions by 43.2% during the fourth quarter. William Blair Investment Management LLC now owns 12,099,686 shares of the company’s stock valued at $261,353,000 after acquiring an additional 3,652,871 shares during the last quarter. Spyglass Capital Management LLC increased its position 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 during the last quarter. Wellington Management Group LLP bought a new position in shares of ACV Auctions in the 3rd quarter worth approximately $21,540,000. Massachusetts Financial Services Co. MA boosted its holdings in shares of 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 worth $175,969,000 after buying an additional 897,477 shares during the last quarter. Finally, Jennison Associates LLC grew its position in ACV Auctions by 17.2% during 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. 88.55% of the stock is owned by institutional investors.

ACV Auctions Price Performance

ACVA stock opened at $15.69 on Friday. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.56 and a current ratio of 1.56. The company’s fifty day moving average price is $18.76 and its 200-day moving average price is $19.72. ACV Auctions Inc. has a one year low of $12.77 and a one year high of $23.46. The company has a market capitalization of $2.65 billion, a PE ratio of -32.02 and a beta of 1.73.

ACV Auctions (NASDAQ:ACVA) last announced its quarterly earnings results on Wednesday, February 19th. The company reported ($0.14) EPS for the quarter, topping the consensus estimate of ($0.15) by $0.01. The business had revenue of $159.51 million for the quarter, compared to analysts’ expectations of $156.77 million. ACV Auctions had a negative net margin of 12.51% and a negative return on equity of 12.94%. On average, equities analysts anticipate that ACV Auctions Inc. will post -0.07 EPS for the current fiscal year.

Analysts Set New Price Targets

Several research analysts have recently weighed in on ACVA shares. Stephens upgraded shares of ACV Auctions to a “hold” rating in a research note on Saturday, February 1st. B. Riley upped their price target on ACV Auctions from $24.00 to $27.00 and gave the stock a “buy” rating in a research report on Tuesday, November 26th. Needham & Company LLC reaffirmed a “buy” rating and set a $25.00 price objective on shares of ACV Auctions in a research report on Wednesday, March 12th. 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 report on Wednesday, November 27th. Finally, Piper Sandler raised shares of ACV Auctions from a “neutral” rating to an “overweight” rating and lifted their price target for the company from $18.00 to $20.00 in a report on Thursday. Two research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $23.23.

Insider Activity at ACV Auctions

In other news, CFO William Zerella sold 32,500 shares of the company’s stock in a transaction that occurred on 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 directly owns 490,482 shares of the company’s stock, valued at $10,618,935.30. This represents a 6.21 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Michael Waterman sold 30,162 shares of the firm’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 directly owns 314,738 shares of the company’s stock, valued at approximately $6,461,571.14. This trade represents a 8.75 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 107,662 shares of company stock valued at $2,138,401. Insiders own 8.50% of the company’s stock.

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.