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

Intech Investment Management LLC raised its position in shares of ACV Auctions Inc. (NASDAQ:ACVA) by 55.7% in the fourth quarter, according to its most recent filing with the SEC. The firm owned 62,395 shares of the company’s stock after purchasing an additional 22,310 shares during the quarter. Intech Investment Management LLC’s holdings in ACV Auctions were worth $1,348,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in ACVA. Blue Trust Inc. increased its position in ACV Auctions by 65.8% during the 4th quarter. Blue Trust Inc. now owns 2,352 shares of the company’s stock valued at $48,000 after purchasing an additional 933 shares during the period. KBC Group NV increased its position in ACV Auctions by 80.4% during the 4th quarter. KBC Group NV now owns 7,406 shares of the company’s stock valued at $160,000 after purchasing an additional 3,300 shares during the period. Icon Wealth Advisors LLC increased its position in ACV Auctions by 13.5% during the 3rd quarter. Icon Wealth Advisors LLC now owns 11,048 shares of the company’s stock valued at $225,000 after purchasing an additional 1,317 shares during the period. Versor Investments LP acquired a new stake in ACV Auctions during the 4th quarter valued at approximately $262,000. Finally, Cibc World Markets Corp acquired a new stake in ACV Auctions during the 4th quarter valued at approximately $299,000. Institutional investors and hedge funds own 88.55% of the company’s stock.

ACV Auctions Price Performance

Shares of ACVA opened at $15.31 on Friday. ACV Auctions Inc. has a 12-month low of $12.77 and a 12-month high of $23.46. The business’s fifty day moving average is $18.65 and its 200 day moving average is $19.70. The company has a quick ratio of 1.56, a current ratio of 1.56 and a debt-to-equity ratio of 0.28. The stock has a market cap of $2.58 billion, a P/E ratio of -31.24 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 analysts’ consensus estimates of ($0.15) by $0.01. ACV Auctions had a negative return on equity of 12.94% and a negative net margin of 12.51%. The company had revenue of $159.51 million for the quarter, compared to analysts’ expectations of $156.77 million. Sell-side analysts anticipate that ACV Auctions Inc. will post -0.07 earnings per share for the current fiscal year.

Insider Buying and Selling at ACV Auctions

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

Analysts Set New Price Targets

A number of analysts have weighed in on ACVA shares. Citigroup increased their target price on shares of ACV Auctions from $22.00 to $27.00 and gave the company a “buy” rating in a research report on Wednesday, November 27th. 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. Stephens raised shares of ACV Auctions to a “hold” rating in a research report on Saturday, February 1st. JMP Securities reaffirmed a “market outperform” rating and set a $25.00 price objective on shares of ACV Auctions in a research report on Monday, December 16th. Finally, B. Riley raised their price objective 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. Two analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $23.23.

About ACV Auctions

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.