ACV Auctions Inc. (NASDAQ:ACVA) Shares Acquired by BloombergSen Inc.

BloombergSen Inc. increased its position in shares of ACV Auctions Inc. (NASDAQ:ACVA) by 52.7% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 45,260 shares of the company’s stock after acquiring an additional 15,616 shares during the period. ACV Auctions comprises 0.1% of BloombergSen Inc.’s investment portfolio, making the stock its 24th biggest position. BloombergSen Inc.’s holdings in ACV Auctions were worth $920,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Comerica Bank lifted its position in shares of ACV Auctions by 5,045.7% during the first quarter. Comerica Bank now owns 63,550 shares of the company’s stock worth $1,193,000 after purchasing an additional 62,315 shares in the last quarter. William Blair Investment Management LLC lifted its holdings in ACV Auctions by 4.1% during the 2nd quarter. William Blair Investment Management LLC now owns 5,013,642 shares of the company’s stock worth $91,499,000 after buying an additional 198,228 shares in the last quarter. TimesSquare Capital Management LLC boosted its position in ACV Auctions by 45.6% in the 1st quarter. TimesSquare Capital Management LLC now owns 1,765,822 shares of the company’s stock valued at $33,144,000 after buying an additional 552,719 shares during the period. Swedbank AB acquired a new position in shares of ACV Auctions in the first quarter worth $15,016,000. Finally, Essex Investment Management Co. LLC purchased a new stake in shares of ACV Auctions during the third quarter worth $2,915,000. 88.55% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, CFO William Zerella sold 32,500 shares of the stock in a transaction that occurred on Tuesday, October 15th. The stock was sold at an average price of $18.79, for a total value of $610,675.00. Following the completion of the sale, the chief financial officer now directly owns 490,482 shares of the company’s stock, valued at approximately $9,216,156.78. This represents a 0.00 % 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 this hyperlink. In related news, Director Brian Hirsch sold 61,666 shares of the firm’s stock in a transaction dated Friday, August 23rd. The stock was sold at an average price of $18.63, for a total transaction of $1,148,837.58. Following the transaction, the director now owns 9,239 shares of the company’s stock, valued at $172,122.57. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CFO William Zerella sold 32,500 shares of the company’s stock in a transaction that occurred on Tuesday, October 15th. The shares were sold at an average price of $18.79, for a total value of $610,675.00. Following the sale, the chief financial officer now directly owns 490,482 shares of the company’s stock, valued at approximately $9,216,156.78. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 709,426 shares of company stock valued at $13,792,090 over the last quarter. Company insiders own 8.50% of the company’s stock.

ACV Auctions Price Performance

Shares of ACVA opened at $19.50 on Friday. The company has a debt-to-equity ratio of 0.24, a current ratio of 1.49 and a quick ratio of 1.49. ACV Auctions Inc. has a 1-year low of $12.84 and a 1-year high of $21.10. The stock has a market cap of $3.25 billion, a PE ratio of -40.62 and a beta of 1.59. The firm has a fifty day moving average price of $19.03 and a 200 day moving average price of $18.29.

ACV Auctions (NASDAQ:ACVA) last posted its earnings results on Wednesday, August 7th. The company reported ($0.07) earnings per share for the quarter, beating the consensus estimate of ($0.09) by $0.02. The business had revenue of $160.62 million during the quarter, compared to the consensus estimate of $156.33 million. ACV Auctions had a negative return on equity of 13.20% and a negative net margin of 14.53%. As a group, sell-side analysts anticipate that ACV Auctions Inc. will post -0.35 EPS for the current year.

Analysts Set New Price Targets

Several research analysts recently commented on the company. Raymond James assumed coverage on ACV Auctions in a research note on Friday, September 27th. They set a “market perform” rating and a $22.00 target price for the company. Barrington Research reissued an “outperform” rating and set a $23.00 price objective on shares of ACV Auctions in a research report on Monday. JMP Securities raised their target price on shares of ACV Auctions from $21.00 to $24.00 and gave the company a “market outperform” rating in a report on Tuesday, September 17th. Finally, Jefferies Financial Group boosted their price target on shares of ACV Auctions from $22.00 to $25.00 and gave the stock a “buy” rating in a report on Tuesday, October 22nd. Two research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, ACV Auctions currently has an average rating of “Moderate Buy” and a consensus price target of $22.00.

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.