ACV Auctions Inc. (NASDAQ:ACVA) Shares Sold by Cwm LLC

Cwm LLC lowered its holdings in ACV Auctions Inc. (NASDAQ:ACVA) by 18.8% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 137,361 shares of the company’s stock after selling 31,830 shares during the quarter. Cwm LLC’s holdings in ACV Auctions were worth $2,507,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in ACVA. Swedbank AB acquired a new stake in shares of ACV Auctions in the first quarter worth $15,016,000. TimesSquare Capital Management LLC increased its stake in shares of ACV Auctions by 45.6% in the first quarter. TimesSquare Capital Management LLC now owns 1,765,822 shares of the company’s stock worth $33,144,000 after acquiring an additional 552,719 shares during the period. Jennison Associates LLC increased its stake in shares of ACV Auctions by 11.0% in the first quarter. Jennison Associates LLC now owns 3,954,432 shares of the company’s stock worth $74,225,000 after acquiring an additional 393,423 shares during the period. Dimensional Fund Advisors LP increased its stake in shares of ACV Auctions by 21.7% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,846,726 shares of the company’s stock worth $27,979,000 after acquiring an additional 329,854 shares during the period. Finally, Grizzlyrock Capital LLC acquired a new stake in shares of ACV Auctions in the fourth quarter worth $4,953,000. Institutional investors and hedge funds own 88.55% of the company’s stock.

Insider Activity

In other news, Director Brian Hirsch sold 8,221 shares of the stock in a transaction dated Wednesday, May 29th. The shares were sold at an average price of $18.29, for a total value of $150,362.09. Following the completion of the sale, the director now directly owns 95,520 shares in the company, valued at $1,747,060.80. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In related news, insider Michael Waterman sold 26,336 shares of the firm’s stock in a transaction dated Tuesday, July 9th. The shares were 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 $6,421,092.10. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Brian Hirsch sold 8,221 shares of the firm’s stock in a transaction dated Wednesday, May 29th. The stock was sold at an average price of $18.29, for a total transaction 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. Insiders sold 679,369 shares of company stock worth $12,178,292 over the last three months. Insiders own 8.50% of the company’s stock.

Wall Street Analysts Forecast Growth

ACVA has been the topic of a number of recent analyst reports. Needham & Company LLC reissued a “buy” rating and set a $23.00 price target on shares of ACV Auctions in a report on Monday, June 3rd. Piper Sandler increased their price target on shares of ACV Auctions from $15.00 to $16.00 and gave the stock a “neutral” rating in a report on Thursday, May 9th. Barrington Research reissued an “outperform” rating and set a $23.00 price target on shares of ACV Auctions in a report on Monday. JMP Securities reissued a “market outperform” rating and set a $21.00 price target on shares of ACV Auctions in a report on Wednesday, July 10th. Finally, JPMorgan Chase & Co. raised shares of ACV Auctions from a “neutral” rating to an “overweight” rating and set a $21.00 price target on the stock in a report on Monday, June 10th. One equities research analyst has rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. According to MarketBeat.com, ACV Auctions presently has an average rating of “Moderate Buy” and a consensus price target of $20.88.

ACV Auctions Price Performance

ACVA traded up $3.11 during midday trading on Thursday, hitting $17.94. 1,001,651 shares of the company traded hands, compared to its average volume of 1,144,582. The company has a current ratio of 1.62, a quick ratio of 1.62 and a debt-to-equity ratio of 0.27. The company has a market capitalization of $2.96 billion, a price-to-earnings ratio of -34.65 and a beta of 1.54. ACV Auctions Inc. has a 52-week low of $12.84 and a 52-week high of $19.63. The business has a 50 day simple moving average of $17.63 and a two-hundred day simple moving average of $17.23.

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