CIBC Private Wealth Group LLC Raises Holdings in ACV Auctions Inc. (NASDAQ:ACVA)

CIBC Private Wealth Group LLC grew its stake in ACV Auctions Inc. (NASDAQ:ACVA) by 11.0% in the 4th quarter, according to its most recent filing with the SEC. The firm owned 177,199 shares of the company’s stock after buying an additional 17,607 shares during the quarter. CIBC Private Wealth Group LLC owned 0.11% of ACV Auctions worth $3,746,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also made changes to their positions in ACVA. William Blair Investment Management LLC grew its holdings in ACV Auctions by 43.2% during the 4th quarter. William Blair Investment Management LLC now owns 12,099,686 shares of the company’s stock worth $261,353,000 after acquiring an additional 3,652,871 shares in the last quarter. Wellington Management Group LLP acquired a new position in shares of ACV Auctions during the third quarter worth $21,540,000. Vanguard Group Inc. increased its holdings in ACV Auctions by 5.5% in the fourth quarter. Vanguard Group Inc. now owns 14,245,915 shares of the company’s stock valued at $307,712,000 after buying an additional 738,391 shares during the last quarter. Jennison Associates LLC raised its stake in ACV Auctions by 17.2% in the fourth quarter. Jennison Associates LLC now owns 4,980,354 shares of the company’s stock valued at $107,576,000 after buying an additional 732,422 shares in the last quarter. Finally, Norges Bank purchased a new stake in ACV Auctions during the 4th quarter worth about $10,746,000. 88.55% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at ACV Auctions

In other ACV Auctions news, CEO George Chamoun sold 348,249 shares of the company’s stock in a transaction dated Thursday, March 20th. The shares were sold at an average price of $15.34, for a total transaction of $5,342,139.66. Following the transaction, the chief executive officer now directly owns 2,821,193 shares in the company, valued at approximately $43,277,100.62. This represents a 10.99 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Michael Waterman sold 30,162 shares of the stock in a transaction dated Tuesday, January 7th. The shares were sold at an average price of $20.53, for a total transaction of $619,225.86. Following the completion of the transaction, the insider now directly owns 314,738 shares of the company’s stock, valued at approximately $6,461,571.14. This trade represents a 8.75 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 423,411 shares of company stock valued at $6,776,916 in the last ninety days. 8.50% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

A number of analysts have weighed in on ACVA shares. Stephens raised shares of ACV Auctions to a “hold” rating in a report on Saturday, February 1st. JPMorgan Chase & Co. cut their price target on ACV Auctions from $24.00 to $20.00 and set an “overweight” rating on the stock in a research report on Thursday, March 27th. Needham & Company LLC reissued a “buy” rating and issued a $25.00 price objective on shares of ACV Auctions in a report on Wednesday, March 12th. JMP Securities reaffirmed a “market outperform” rating and issued a $25.00 target price on shares of ACV Auctions in a report on Monday, December 16th. Finally, Bank of America upgraded shares of ACV Auctions from a “neutral” rating to a “buy” rating and decreased their price target for the stock from $22.00 to $20.00 in a research note on Wednesday, March 12th. Two research analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. According to data from MarketBeat.com, ACV Auctions presently has a consensus rating of “Moderate Buy” and an average price target of $23.14.

ACV Auctions Price Performance

Shares of ACVA opened at $15.17 on Thursday. The company has a current ratio of 1.56, a quick ratio of 1.56 and a debt-to-equity ratio of 0.28. The stock’s 50 day moving average is $17.63 and its two-hundred day moving average is $19.48. ACV Auctions Inc. has a twelve month low of $12.77 and a twelve month high of $23.46. The firm has a market capitalization of $2.56 billion, a PE ratio of -30.96 and a beta of 1.73.

ACV Auctions (NASDAQ:ACVA) last posted its quarterly earnings results on Wednesday, February 19th. The company reported ($0.14) EPS for the quarter, beating the consensus estimate of ($0.15) by $0.01. ACV Auctions had a negative return on equity of 12.94% and a negative net margin of 12.51%. The business had revenue of $159.51 million during the quarter, compared to analysts’ expectations of $156.77 million. Research analysts anticipate that ACV Auctions Inc. will post -0.07 earnings per share for the current year.

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.