Deepwater Asset Management LLC Has $14.84 Million Holdings in ACV Auctions Inc. (NASDAQ:ACVA)

Deepwater Asset Management LLC trimmed its stake in shares of ACV Auctions Inc. (NASDAQ:ACVA) by 7.2% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 790,720 shares of the company’s stock after selling 61,099 shares during the quarter. ACV Auctions comprises approximately 5.6% of Deepwater Asset Management LLC’s investment portfolio, making the stock its 6th biggest position. Deepwater Asset Management LLC owned about 0.48% of ACV Auctions worth $14,842,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. John G Ullman & Associates Inc. boosted its position in ACV Auctions by 1.5% during the fourth quarter. John G Ullman & Associates Inc. now owns 66,284 shares of the company’s stock worth $1,004,000 after purchasing an additional 1,000 shares during the period. Moneta Group Investment Advisors LLC boosted its position in shares of ACV Auctions by 4.5% in the third quarter. Moneta Group Investment Advisors LLC now owns 27,248 shares of the company’s stock valued at $414,000 after acquiring an additional 1,168 shares during the period. Arizona State Retirement System boosted its position in shares of ACV Auctions by 4.1% in the fourth quarter. Arizona State Retirement System now owns 38,400 shares of the company’s stock valued at $582,000 after acquiring an additional 1,500 shares during the period. Gotham Asset Management LLC boosted its position in shares of ACV Auctions by 3.7% in the third quarter. Gotham Asset Management LLC now owns 99,477 shares of the company’s stock valued at $1,510,000 after acquiring an additional 3,559 shares during the period. Finally, Mirae Asset Global Investments Co. Ltd. boosted its position in shares of ACV Auctions by 2.4% in the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 206,872 shares of the company’s stock valued at $3,134,000 after acquiring an additional 4,784 shares during the period. 88.55% of the stock is owned by institutional investors.

Insider Activity at ACV Auctions

In other ACV Auctions news, COO Vikas Mehta sold 13,399 shares of the stock in a transaction that occurred on Thursday, April 4th. The stock was sold at an average price of $18.55, for a total transaction of $248,551.45. Following the transaction, the chief operating officer now directly owns 321,475 shares in the company, valued at approximately $5,963,361.25. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In related news, CFO William Zerella sold 32,500 shares of the stock in a transaction on Tuesday, April 16th. The stock was sold at an average price of $17.17, for a total value of $558,025.00. Following the transaction, the chief financial officer now directly owns 314,151 shares in the company, valued at approximately $5,393,972.67. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, COO Vikas Mehta sold 13,399 shares of the stock in a transaction on Thursday, April 4th. The stock was sold at an average price of $18.55, for a total value of $248,551.45. Following the completion of the transaction, the chief operating officer now owns 321,475 shares in the company, valued at $5,963,361.25. The disclosure for this sale can be found here. Insiders have sold 666,432 shares of company stock worth $11,959,825 over the last ninety days. Insiders own 8.50% of the company’s stock.

ACV Auctions Stock Up 1.9 %

Shares of ACV Auctions stock traded up $0.34 on Tuesday, hitting $17.84. The stock had a trading volume of 192,905 shares, compared to its average volume of 1,149,482. The stock has a 50 day moving average of $18.01 and a 200 day moving average of $16.69. ACV Auctions Inc. has a twelve month low of $12.84 and a twelve month high of $19.62. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.62 and a current ratio of 1.62.

ACV Auctions (NASDAQ:ACVA) last announced its earnings results on Wednesday, May 8th. The company reported ($0.09) EPS for the quarter, missing the consensus estimate of ($0.08) by ($0.01). ACV Auctions had a negative net margin of 15.28% and a negative return on equity of 13.50%. The company had revenue of $145.69 million during the quarter, compared to the consensus estimate of $144.14 million. As a group, equities research analysts forecast that ACV Auctions Inc. will post -0.37 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

ACVA has been the subject of a number of recent research reports. Needham & Company LLC reissued a “buy” rating and issued a $23.00 target price on shares of ACV Auctions in a research report on Monday, June 3rd. Piper Sandler boosted their target price on shares of ACV Auctions from $15.00 to $16.00 and gave the company a “neutral” rating in a research report on Thursday, May 9th. JPMorgan Chase & Co. raised ACV Auctions from a “neutral” rating to an “overweight” rating and set a $21.00 price target for the company in a research note on Monday, June 10th. JMP Securities boosted their price target on ACV Auctions from $20.00 to $21.00 and gave the company a “market outperform” rating in a research note on Friday, June 7th. Finally, Barrington Research reaffirmed an “outperform” rating and issued a $23.00 price target on shares of ACV Auctions in a research note on Monday, May 13th. Two research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, ACV Auctions currently has a consensus rating of “Moderate Buy” and an average target price of $20.67.

ACV Auctions Profile

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.