Intech Investment Management LLC Has $1.35 Million Stake in ACV Auctions Inc. (NASDAQ:ACVA)

Intech Investment Management LLC increased its position in shares of ACV Auctions Inc. (NASDAQ:ACVA) by 55.7% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 62,395 shares of the company’s stock after buying an additional 22,310 shares during the period. Intech Investment Management LLC’s holdings in ACV Auctions were worth $1,348,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also added to or reduced their stakes in the company. Moody National Bank Trust Division increased its holdings 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 buying an additional 31,094 shares during the last quarter. Quadrature Capital Ltd acquired a new position in shares of ACV Auctions in the third quarter valued at $566,000. TimesSquare Capital Management LLC increased its holdings in shares of ACV Auctions by 6.7% in the fourth quarter. TimesSquare Capital Management LLC now owns 1,891,627 shares of the company’s stock valued at $40,859,000 after purchasing an additional 118,421 shares during the last quarter. Charles Schwab Investment Management Inc. increased its holdings in shares of ACV Auctions by 3.9% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,289,362 shares of the company’s stock valued at $27,850,000 after purchasing an additional 48,021 shares during the last quarter. Finally, JPMorgan Chase & Co. increased its holdings in shares of ACV Auctions by 10.9% in the third quarter. JPMorgan Chase & Co. now owns 3,167,615 shares of the company’s stock valued at $64,398,000 after purchasing an additional 311,465 shares during the last quarter. 88.55% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, CEO George Chamoun sold 348,249 shares of the stock in a transaction dated Thursday, March 20th. The shares were sold at an average price of $15.34, for a total value of $5,342,139.66. Following the completion of the transaction, the chief executive officer now owns 2,821,193 shares of the company’s stock, valued at approximately $43,277,100.62. This represents a 10.99 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO William Zerella sold 15,000 shares of the stock in a transaction dated Tuesday, January 7th. The stock was sold at an average price of $20.57, for a total transaction of $308,550.00. Following the completion of the transaction, the chief financial officer now directly owns 462,452 shares of the company’s stock, valued at $9,512,637.64. This trade represents a 3.14 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 455,911 shares of company stock valued at $7,480,541 over the last quarter. 8.50% of the stock is owned by company insiders.

ACV Auctions Trading Down 2.4 %

Shares of ACV Auctions stock opened at $15.31 on Friday. The firm has a 50-day moving average of $18.65 and a 200-day moving average of $19.70. The stock has a market cap of $2.58 billion, a PE ratio of -31.24 and a beta of 1.73. ACV Auctions Inc. has a 52-week low of $12.77 and a 52-week high of $23.46. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.56 and a current ratio of 1.56.

ACV Auctions (NASDAQ:ACVA) last posted its quarterly earnings data on Wednesday, February 19th. The company reported ($0.14) earnings per share for the quarter, topping the consensus estimate 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 business had revenue of $159.51 million during the quarter, compared to analysts’ expectations of $156.77 million. As a group, sell-side analysts forecast that ACV Auctions Inc. will post -0.07 EPS for the current year.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on ACVA shares. JMP Securities reiterated a “market outperform” rating and issued a $25.00 price objective on shares of ACV Auctions in a report on Monday, December 16th. Needham & Company LLC reiterated a “buy” rating and issued a $25.00 price objective on shares of ACV Auctions in a report on Wednesday, March 12th. Bank of America upgraded shares of ACV Auctions from a “neutral” rating to a “buy” rating and decreased their price objective for the company from $22.00 to $20.00 in a report on Wednesday, March 12th. Piper Sandler upgraded shares of ACV Auctions from a “neutral” rating to an “overweight” rating and upped their price objective for the company from $18.00 to $20.00 in a report on Thursday. Finally, Stephens upgraded shares of ACV Auctions to a “hold” rating in a report on Saturday, February 1st. Two investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $23.23.

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.