Zimmer Partners LP Makes New $2.60 Million Investment in ACV Auctions Inc. (NASDAQ:ACVA)

Zimmer Partners LP bought a new position in ACV Auctions Inc. (NASDAQ:ACVA) in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund bought 75,000 shares of the company’s stock, valued at approximately $2,596,000.

Other large investors have also modified their holdings of the company. JPMorgan Chase & Co. bought a new stake in shares of ACV Auctions during the 1st quarter valued at about $72,199,000. Massachusetts Financial Services Co. MA bought a new stake in shares of ACV Auctions during the 1st quarter valued at about $42,661,000. BlackRock Inc. bought a new stake in shares of ACV Auctions during the 1st quarter valued at about $38,071,000. Nuveen Asset Management LLC bought a new stake in shares of ACV Auctions during the 1st quarter valued at about $31,195,000. Finally, Dragoneer Investment Group LLC bought a new stake in shares of ACV Auctions during the 1st quarter valued at about $25,958,000. 13.81% of the stock is owned by institutional investors and hedge funds.

Shares of ACVA traded down $0.34 during mid-day trading on Thursday, hitting $21.43. 573,085 shares of the stock were exchanged, compared to its average volume of 544,317. ACV Auctions Inc. has a 52-week low of $19.96 and a 52-week high of $37.77. The stock has a 50-day simple moving average of $24.67. The company has a debt-to-equity ratio of 0.01, a current ratio of 2.76 and a quick ratio of 2.76.

ACV Auctions (NASDAQ:ACVA) last released its quarterly earnings results on Wednesday, May 12th. The company reported ($0.51) earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.83) by $0.32. The company had revenue of $69.09 million for the quarter, compared to analysts’ expectations of $55.47 million. On average, sell-side analysts expect that ACV Auctions Inc. will post -0.83 earnings per share for the current year.

In related news, insider Michael Waterman sold 94,086 shares of the stock in a transaction on Tuesday, July 6th. The stock was sold at an average price of $23.74, for a total transaction of $2,233,601.64. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink.

A number of research firms have issued reports on ACVA. Citigroup started coverage on ACV Auctions in a research note on Monday, April 19th. They set a “neutral” rating for the company. Guggenheim started coverage on ACV Auctions in a research note on Monday, April 19th. They set a “buy” rating and a $43.00 price objective for the company. Jefferies Financial Group started coverage on ACV Auctions in a research note on Monday, April 19th. They set a “buy” rating and a $45.00 price objective for the company. Canaccord Genuity assumed coverage on ACV Auctions in a research note on Monday, April 19th. They set a “buy” rating and a $43.00 price objective for the company. Finally, JPMorgan Chase & Co. assumed coverage on ACV Auctions in a research note on Monday, April 19th. They issued a “neutral” rating and a $30.00 price target for the company. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and four have given a buy rating to the company. The stock presently has an average rating of “Hold” and an average price target of $39.50.

ACV Auctions Company Profile

ACV Auctions, Inc, operates a digital marketplace that connects buyers and sellers for the online auction of wholesale vehicles. It also provides data services that offer transparent and accurate vehicle information to customers. ACV Auctions, Inc was incorporated in 2014 and is based in Buffalo, New York.

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Institutional Ownership by Quarter for ACV Auctions (NASDAQ:ACVA)

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