Loomis Sayles & Co. L P Has $57.40 Million Stock Position in ACV Auctions Inc. (NASDAQ:ACVA)

Loomis Sayles & Co. L P cut its holdings in ACV Auctions Inc. (NASDAQ:ACVA) by 2.8% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,657,402 shares of the company’s stock after selling 77,653 shares during the period. Loomis Sayles & Co. L P owned approximately 1.59% of ACV Auctions worth $57,400,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of ACVA. Raymond James Financial Inc. acquired a new stake in shares of ACV Auctions in the fourth quarter worth about $4,704,000. Moody National Bank Trust Division lifted 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 purchasing an additional 31,094 shares during the last quarter. Intech Investment Management LLC boosted its position in ACV Auctions by 55.7% during the fourth quarter. Intech Investment Management LLC now owns 62,395 shares of the company’s stock worth $1,348,000 after purchasing an additional 22,310 shares during the period. Quadrature Capital Ltd acquired a new position in ACV Auctions during the third quarter valued at approximately $566,000. Finally, Charles Schwab Investment Management Inc. grew its holdings in ACV Auctions by 3.9% during 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. 88.55% of the stock is owned by institutional investors and hedge funds.

ACV Auctions Price Performance

NASDAQ:ACVA opened at $15.35 on Thursday. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.56 and a current ratio of 1.56. The company has a 50-day moving average of $18.34 and a 200-day moving average of $19.66. ACV Auctions Inc. has a 52 week low of $12.77 and a 52 week high of $23.46. The company has a market capitalization of $2.59 billion, a price-to-earnings ratio of -31.32 and a beta of 1.73.

ACV Auctions (NASDAQ:ACVA) last released its quarterly earnings data on Wednesday, February 19th. The company reported ($0.14) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.15) by $0.01. The company had revenue of $159.51 million for the quarter, compared to the consensus estimate of $156.77 million. ACV Auctions had a negative return on equity of 12.94% and a negative net margin of 12.51%. As a group, equities research analysts anticipate that ACV Auctions Inc. will post -0.07 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

ACVA has been the subject of several recent analyst reports. Bank of America raised shares of ACV Auctions from a “neutral” rating to a “buy” rating and decreased their price objective for the stock from $22.00 to $20.00 in a report on Wednesday, March 12th. Stephens raised ACV Auctions to a “hold” rating in a research report on Saturday, February 1st. Citigroup boosted their price objective on ACV Auctions from $22.00 to $27.00 and gave the stock a “buy” rating in a research report on Wednesday, November 27th. Piper Sandler raised ACV Auctions from a “neutral” rating to an “overweight” rating and raised their target price for the company from $18.00 to $20.00 in a report on Thursday, March 20th. Finally, JMP Securities reiterated a “market outperform” rating and set a $25.00 price target on shares of ACV Auctions in a report on Monday, December 16th. Two equities research 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, ACV Auctions has an average rating of “Moderate Buy” and a consensus target price of $23.23.

Insider Buying and Selling at ACV Auctions

In other news, CFO William Zerella sold 15,000 shares of ACV Auctions stock in a transaction that occurred 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 completion of the transaction, the chief financial officer now owns 462,452 shares in the company, valued at approximately $9,512,637.64. The trade was a 3.14 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO George Chamoun sold 348,249 shares of the stock in a transaction that occurred on Thursday, March 20th. The stock was sold at an average price of $15.34, for a total value of $5,342,139.66. Following the sale, the chief executive officer now owns 2,821,193 shares in the company, valued at approximately $43,277,100.62. This trade represents a 10.99 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 455,911 shares of company stock valued at $7,480,541. 8.50% of the stock is currently owned by company insiders.

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.