William Blair Investment Management LLC Acquires 3,652,871 Shares of ACV Auctions Inc. (NASDAQ:ACVA)

William Blair Investment Management LLC lifted its holdings in shares of ACV Auctions Inc. (NASDAQ:ACVA) by 43.2% during the 4th quarter, according to the company in its most recent filing with the SEC. The fund owned 12,099,686 shares of the company’s stock after purchasing an additional 3,652,871 shares during the period. William Blair Investment Management LLC owned about 7.22% of ACV Auctions worth $261,353,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Moody National Bank Trust Division grew its holdings in ACV Auctions by 64.6% in the 4th quarter. Moody National Bank Trust Division now owns 79,199 shares of the company’s stock worth $1,711,000 after acquiring an additional 31,094 shares during the last quarter. Quadrature Capital Ltd bought a new stake in ACV Auctions in the 3rd quarter worth $566,000. TimesSquare Capital Management LLC grew its holdings in ACV Auctions by 6.7% in the 4th quarter. TimesSquare Capital Management LLC now owns 1,891,627 shares of the company’s stock worth $40,859,000 after acquiring an additional 118,421 shares during the last quarter. JPMorgan Chase & Co. grew its holdings in ACV Auctions by 10.9% in the 3rd quarter. JPMorgan Chase & Co. now owns 3,167,615 shares of the company’s stock worth $64,398,000 after acquiring an additional 311,465 shares during the last quarter. Finally, Quantbot Technologies LP bought a new stake in ACV Auctions in the 3rd quarter worth $2,035,000. Institutional investors own 88.55% of the company’s stock.

ACV Auctions Trading Up 2.2 %

NASDAQ:ACVA opened at $14.31 on Monday. ACV Auctions Inc. has a one year low of $12.77 and a one year high of $23.46. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.56 and a quick ratio of 1.56. The company’s 50-day simple moving average is $19.25 and its 200 day simple moving average is $19.84. The firm has a market capitalization of $2.42 billion, a P/E ratio of -29.20 and a beta of 1.73.

ACV Auctions (NASDAQ:ACVA) last issued its earnings results on Wednesday, February 19th. The company reported ($0.14) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.15) by $0.01. The firm had revenue of $159.51 million for 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%. As a group, analysts forecast that ACV Auctions Inc. will post -0.07 EPS for the current fiscal year.

Insider Transactions at ACV Auctions

In other news, CFO William Zerella sold 15,000 shares of the company’s stock in a transaction that occurred on Tuesday, March 11th. The shares were sold at an average price of $13.53, for a total value of $202,950.00. Following the transaction, the chief financial officer now owns 766,266 shares in the company, valued at approximately $10,367,578.98. This represents a 1.92 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Michael Waterman sold 30,162 shares of the company’s stock in a transaction that occurred on Tuesday, January 7th. The stock was 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 owns 314,738 shares in the company, valued at approximately $6,461,571.14. This represents a 8.75 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 107,662 shares of company stock worth $2,138,401. Corporate insiders own 8.50% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on ACVA. Bank of America raised shares of ACV Auctions from a “neutral” rating to a “buy” rating and cut their price target for the stock from $22.00 to $20.00 in a report on Wednesday, March 12th. B. Riley raised their target price on shares of ACV Auctions from $24.00 to $27.00 and gave the stock a “buy” rating in a research report on Tuesday, November 26th. Stephens raised shares of ACV Auctions to a “hold” rating in a research note on Saturday, February 1st. JMP Securities reaffirmed a “market outperform” rating and set a $25.00 target price on shares of ACV Auctions in a research note on Monday, December 16th. Finally, Citigroup lifted their target price on shares of ACV Auctions from $22.00 to $27.00 and gave the company a “buy” rating in a research note on Wednesday, November 27th. Three equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat.com, ACV Auctions presently has an average rating of “Moderate Buy” and an average target price of $23.05.

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.