Essex Investment Management Co. LLC Sells 18,303 Shares of ACV Auctions Inc. (NASDAQ:ACVA)

Essex Investment Management Co. LLC lessened its stake in shares of ACV Auctions Inc. (NASDAQ:ACVA) by 12.8% in the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 125,065 shares of the company’s stock after selling 18,303 shares during the period. Essex Investment Management Co. LLC owned about 0.07% of ACV Auctions worth $2,701,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently modified their holdings of ACVA. Blue Trust Inc. raised its stake in shares of ACV Auctions by 65.8% during the fourth quarter. Blue Trust Inc. now owns 2,352 shares of the company’s stock valued at $48,000 after acquiring an additional 933 shares in the last quarter. KBC Group NV raised its stake in shares of ACV Auctions by 80.4% during the fourth quarter. KBC Group NV now owns 7,406 shares of the company’s stock valued at $160,000 after acquiring an additional 3,300 shares in the last quarter. Verdence Capital Advisors LLC bought a new stake in shares of ACV Auctions during the third quarter valued at approximately $206,000. Icon Wealth Advisors LLC raised its stake in shares of ACV Auctions by 13.5% during the third quarter. Icon Wealth Advisors LLC now owns 11,048 shares of the company’s stock valued at $225,000 after acquiring an additional 1,317 shares in the last quarter. Finally, Versor Investments LP bought a new stake in shares of ACV Auctions during the fourth quarter valued at approximately $262,000. Institutional investors own 88.55% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts recently issued reports on ACVA shares. Citigroup lifted their price objective on shares of ACV Auctions from $22.00 to $27.00 and gave the company a “buy” rating in a report on Wednesday, November 27th. Stephens raised shares of ACV Auctions to a “hold” rating in a report on Saturday, February 1st. JMP Securities reissued a “market outperform” rating and set a $25.00 price objective on shares of ACV Auctions in a report on Monday, December 16th. B. Riley lifted their price objective on shares of ACV Auctions from $24.00 to $27.00 and gave the company a “buy” rating in a report on Tuesday, November 26th. Finally, Needham & Company LLC cut their price objective on shares of ACV Auctions from $28.00 to $25.00 and set a “buy” rating on the stock in a report on Thursday, February 20th. Three analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $23.35.

Insider Activity

In other news, insider Michael Waterman sold 30,162 shares of the business’s stock in a transaction on Tuesday, January 7th. The shares were sold at an average price of $20.53, for a total transaction of $619,225.86. Following the sale, the insider now directly owns 314,738 shares of the company’s stock, valued at $6,461,571.14. The trade was a 8.75 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO William Zerella sold 15,000 shares of the business’s stock in a transaction on Tuesday, January 7th. The shares were sold at an average price of $20.57, for a total transaction of $308,550.00. Following the sale, the chief financial officer now directly owns 462,452 shares in the company, valued at $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. Insiders have sold 92,662 shares of company stock valued at $1,935,451 over the last ninety days. 8.50% of the stock is currently owned by insiders.

ACV Auctions Price Performance

NASDAQ ACVA opened at $14.11 on Monday. The firm’s fifty day simple moving average is $20.00 and its two-hundred day simple moving average is $20.01. The company has a current ratio of 1.56, a quick ratio of 1.56 and a debt-to-equity ratio of 0.28. ACV Auctions Inc. has a 12-month low of $13.02 and a 12-month high of $23.46. The firm has a market capitalization of $2.38 billion, a P/E ratio of -28.80 and a beta of 1.73.

ACV Auctions (NASDAQ:ACVA) last released its quarterly 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 business had revenue of $159.51 million for the quarter, compared to analyst estimates of $156.77 million. ACV Auctions had a negative net margin of 12.51% and a negative return on equity of 12.94%. Analysts forecast that ACV Auctions Inc. will post -0.07 EPS for the current fiscal year.

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.