Kennedy Capital Management LLC Sells 112,245 Shares of ACV Auctions Inc. (NASDAQ:ACVA)

Kennedy Capital Management LLC lowered its stake in shares of ACV Auctions Inc. (NASDAQ:ACVA) by 32.9% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 229,250 shares of the company’s stock after selling 112,245 shares during the period. Kennedy Capital Management LLC owned 0.14% of ACV Auctions worth $4,303,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently made changes to their positions in ACVA. UMB Bank n.a. acquired a new position in shares of ACV Auctions during the 1st quarter worth approximately $114,000. Penn Mutual Asset Management LLC acquired a new position in shares of ACV Auctions during the 4th quarter worth approximately $153,000. Blair William & Co. IL increased its holdings in shares of ACV Auctions by 14.7% during the 1st quarter. Blair William & Co. IL now owns 12,691 shares of the company’s stock worth $238,000 after acquiring an additional 1,626 shares during the last quarter. Ieq Capital LLC acquired a new position in shares of ACV Auctions during the 4th quarter worth approximately $249,000. Finally, ProShare Advisors LLC increased its holdings in shares of ACV Auctions by 8.5% during the 1st quarter. ProShare Advisors LLC now owns 22,843 shares of the company’s stock worth $429,000 after acquiring an additional 1,798 shares during the last quarter. Institutional investors own 88.55% of the company’s stock.

ACV Auctions Price Performance

Shares of ACVA traded down $0.09 during trading hours on Tuesday, hitting $16.94. 796,421 shares of the company were exchanged, compared to its average volume of 1,139,364. ACV Auctions Inc. has a fifty-two week low of $12.84 and a fifty-two week high of $19.63. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.62 and a current ratio of 1.62. The firm’s fifty day moving average is $18.02 and its 200 day moving average is $17.15.

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

Insider Transactions at ACV Auctions

In other news, insider Michael Waterman sold 26,336 shares of the stock in a transaction on Tuesday, July 9th. The stock was sold at an average price of $17.51, for a total transaction of $461,143.36. Following the sale, the insider now directly owns 366,710 shares of the company’s stock, valued at approximately $6,421,092.10. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In related news, insider Michael Waterman sold 26,336 shares of the company’s stock in a transaction on Tuesday, July 9th. The stock was sold at an average price of $17.51, for a total transaction of $461,143.36. Following the completion of the sale, the insider now directly owns 366,710 shares in the company, valued at approximately $6,421,092.10. The sale was disclosed in a filing with the SEC, which is available through this link. Also, Director Brian Hirsch sold 8,221 shares of the company’s stock in a transaction on Wednesday, May 29th. The stock was sold at an average price of $18.29, for a total value of $150,362.09. Following the sale, the director now owns 95,520 shares of the company’s stock, valued at $1,747,060.80. The disclosure for this sale can be found here. In the last three months, insiders have sold 679,369 shares of company stock valued at $12,178,292. 8.50% of the stock is owned by corporate insiders.

Analyst Ratings Changes

A number of research analysts recently weighed in on the company. JPMorgan Chase & Co. raised ACV Auctions from a “neutral” rating to an “overweight” rating and set a $21.00 target price on the stock in a report on Monday, June 10th. Needham & Company LLC reissued a “buy” rating and set a $23.00 target price on shares of ACV Auctions in a report on Monday, June 3rd. Piper Sandler upped their price objective on ACV Auctions from $15.00 to $16.00 and gave the company a “neutral” rating in a report on Thursday, May 9th. JMP Securities reaffirmed a “market outperform” rating and issued a $21.00 price objective on shares of ACV Auctions in a report on Wednesday, July 10th. Finally, Barrington Research reaffirmed an “outperform” rating and issued a $23.00 price objective on shares of ACV Auctions in a report on Monday, May 13th. One equities research analyst has rated the stock with a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $20.88.

ACV Auctions Company 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.