ACV Auctions Inc. (NASDAQ:ACVA) Stake Lifted by HarbourVest Partners LLC

HarbourVest Partners LLC boosted its holdings in shares of ACV Auctions Inc. (NASDAQ:ACVAGet Rating) by 214.2% in the 4th quarter, Holdings Channel reports. The firm owned 147,082 shares of the company’s stock after buying an additional 100,269 shares during the period. ACV Auctions makes up approximately 0.4% of HarbourVest Partners LLC’s portfolio, making the stock its 26th largest holding. HarbourVest Partners LLC’s holdings in ACV Auctions were worth $2,771,000 as of its most recent SEC filing.

A number of other hedge funds have also added to or reduced their stakes in the stock. Jacobi Capital Management LLC purchased a new stake in shares of ACV Auctions in the 3rd quarter valued at approximately $26,000. Morgan Stanley purchased a new stake in shares of ACV Auctions in the 1st quarter valued at approximately $40,000. Royal Bank of Canada lifted its position in shares of ACV Auctions by 443.3% in the 2nd quarter. Royal Bank of Canada now owns 1,630 shares of the company’s stock valued at $42,000 after acquiring an additional 1,330 shares in the last quarter. Advisor Group Holdings Inc. lifted its position in shares of ACV Auctions by 50.0% in the 3rd quarter. Advisor Group Holdings Inc. now owns 4,951 shares of the company’s stock valued at $89,000 after acquiring an additional 1,650 shares in the last quarter. Finally, Confluence Wealth Services Inc. purchased a new stake in shares of ACV Auctions in the 4th quarter valued at approximately $133,000. 75.75% of the stock is owned by institutional investors and hedge funds.

ACVA has been the subject of several research analyst reports. JMP Securities reduced their price target on shares of ACV Auctions from $32.00 to $20.00 in a research report on Wednesday. Citigroup restated a “buy” rating and issued a $20.00 price target on shares of ACV Auctions in a research report on Wednesday, April 20th. Needham & Company LLC dropped their price objective on shares of ACV Auctions from $20.00 to $14.00 in a research note on Thursday, May 12th. Zacks Investment Research lowered shares of ACV Auctions from a “buy” rating to a “hold” rating in a research note on Monday, May 16th. Finally, Piper Sandler dropped their price objective on shares of ACV Auctions from $25.00 to $21.00 and set an “overweight” rating on the stock in a research note on Wednesday, March 30th. One analyst has rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Buy” and an average target price of $23.25.

Shares of ACVA stock traded up $0.06 on Friday, hitting $8.12. The company’s stock had a trading volume of 1,181,720 shares, compared to its average volume of 1,596,848. The company has a debt-to-equity ratio of 0.11, a current ratio of 2.07 and a quick ratio of 2.07. ACV Auctions Inc. has a fifty-two week low of $7.52 and a fifty-two week high of $27.53. The firm’s fifty day moving average price is $12.94 and its 200-day moving average price is $15.31. The stock has a market capitalization of $1.27 billion, a price-to-earnings ratio of -14.00 and a beta of 1.16.

ACV Auctions (NASDAQ:ACVAGet Rating) last announced its quarterly earnings results on Wednesday, May 11th. The company reported ($0.19) earnings per share for the quarter, hitting analysts’ consensus estimates of ($0.19). ACV Auctions had a negative return on equity of 16.00% and a negative net margin of 23.08%. During the same period in the previous year, the company earned ($0.51) earnings per share. Analysts predict that ACV Auctions Inc. will post -0.71 EPS for the current fiscal year.

In other ACV Auctions news, insider Michael Waterman sold 2,931 shares of the company’s stock in a transaction that occurred on Monday, May 2nd. The stock was sold at an average price of $12.75, for a total transaction of $37,370.25. Following the completion of the sale, the insider now owns 66,964 shares of the company’s stock, valued at $853,791. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website.

ACV Auctions Profile (Get Rating)

ACV Auctions Inc operates a digital marketplace that connects buyers and sellers for the online auction of wholesale vehicles. It also provides data services that offer insights into the condition and value of used vehicles, as well as offers customer financing services. ACV Auctions Inc was incorporated in 2014 and is headquartered in Buffalo, New York.

Further Reading

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Institutional Ownership by Quarter for ACV Auctions (NASDAQ:ACVA)

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