New York State Common Retirement Fund Grows Stake in ACV Auctions Inc. (NASDAQ:ACVA)

New York State Common Retirement Fund lifted its stake in ACV Auctions Inc. (NASDAQ:ACVA) by 100.0% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 753,296 shares of the company’s stock after buying an additional 376,557 shares during the period. New York State Common Retirement Fund owned approximately 0.45% of ACV Auctions worth $16,271,000 as of its most recent SEC filing.

Other large investors also recently bought and sold shares of the company. Massachusetts Financial Services Co. MA grew its holdings in ACV Auctions by 11.6% during 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 in the last quarter. Jennison Associates LLC lifted its stake in shares of ACV Auctions by 17.2% in the fourth quarter. Jennison Associates LLC now owns 4,980,354 shares of the company’s stock worth $107,576,000 after acquiring an additional 732,422 shares in the last quarter. Geode Capital Management LLC boosted its holdings in ACV Auctions by 2.0% in the third quarter. Geode Capital Management LLC now owns 3,517,088 shares of the company’s stock valued at $71,516,000 after purchasing an additional 67,969 shares during the last quarter. State Street Corp grew its stake in ACV Auctions by 3.7% during the 3rd quarter. State Street Corp now owns 3,242,388 shares of the company’s stock valued at $65,918,000 after purchasing an additional 115,700 shares in the last quarter. Finally, JPMorgan Chase & Co. increased its holdings in ACV Auctions by 10.9% during the 3rd 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 last quarter. Institutional investors and hedge funds own 88.55% of the company’s stock.

ACV Auctions Stock Performance

ACVA stock opened at $17.63 on Monday. ACV Auctions Inc. has a 1 year low of $14.76 and a 1 year high of $23.46. The stock has a market capitalization of $2.96 billion, a price-to-earnings ratio of -35.98 and a beta of 1.69. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.51 and a current ratio of 1.56. The stock’s fifty day moving average is $21.17 and its two-hundred day moving average is $20.21.

ACV Auctions (NASDAQ:ACVA) last posted its earnings results on Wednesday, February 19th. The company reported ($0.14) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.15) by $0.01. ACV Auctions had a negative net margin of 12.51% and a negative return on equity of 12.94%. The firm had revenue of $159.51 million during the quarter, compared to analyst estimates of $156.77 million. On average, research analysts predict that ACV Auctions Inc. will post -0.07 EPS for the current year.

Analysts Set New Price Targets

Several equities analysts have recently commented on ACVA shares. Stephens upgraded ACV Auctions to a “hold” rating in a research note on Saturday, February 1st. Barrington Research reissued an “outperform” rating and set a $23.00 price objective on shares of ACV Auctions in a report on Monday, November 4th. Needham & Company LLC cut their target price on shares of ACV Auctions from $28.00 to $25.00 and set a “buy” rating on the stock in a research note on Thursday. Citigroup lifted their price target on ACV Auctions from $22.00 to $27.00 and gave the stock a “buy” rating in a research note on Wednesday, November 27th. Finally, Piper Sandler upped their price objective on ACV Auctions from $16.00 to $18.00 and gave the company a “neutral” rating in a research note on Friday, November 8th. Three investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $23.35.

Insider Activity at ACV Auctions

In other news, insider Michael Waterman sold 15,000 shares of the firm’s stock in a transaction on Tuesday, February 4th. The stock was sold at an average price of $20.27, for a total transaction of $304,050.00. Following the transaction, the insider now directly owns 311,354 shares of the company’s stock, valued at approximately $6,311,145.58. This trade represents a 4.60 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO William Zerella sold 32,500 shares of the firm’s stock in a transaction that occurred on Monday, December 30th. The shares were sold at an average price of $21.65, for a total transaction of $703,625.00. Following the transaction, the chief financial officer now owns 490,482 shares in the company, valued at $10,618,935.30. This represents a 6.21 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 125,162 shares of company stock worth $2,663,776 in the last three months. 8.50% of the stock is owned by company insiders.

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.