Titan Global Capital Management USA LLC Decreases Stock Holdings in ACV Auctions Inc. (NASDAQ:ACVA)

Titan Global Capital Management USA LLC cut its stake in ACV Auctions Inc. (NASDAQ:ACVA) by 7.7% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 149,942 shares of the company’s stock after selling 12,566 shares during the period. Titan Global Capital Management USA LLC owned approximately 0.09% of ACV Auctions worth $3,239,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also recently made changes to their positions in the stock. Captrust Financial Advisors increased its position in ACV Auctions by 21.1% during the third quarter. Captrust Financial Advisors now owns 26,216 shares of the company’s stock worth $533,000 after purchasing an additional 4,563 shares during the last quarter. HighTower Advisors LLC increased its holdings in shares of ACV Auctions by 21.6% during the 3rd quarter. HighTower Advisors LLC now owns 25,159 shares of the company’s stock worth $515,000 after buying an additional 4,464 shares during the last quarter. Janus Henderson Group PLC increased its holdings in shares of ACV Auctions by 6.7% during the 3rd quarter. Janus Henderson Group PLC now owns 63,505 shares of the company’s stock worth $1,290,000 after buying an additional 3,961 shares during the last quarter. State Street Corp raised its position in shares of ACV Auctions by 3.7% during the 3rd quarter. State Street Corp now owns 3,242,388 shares of the company’s stock valued at $65,918,000 after buying an additional 115,700 shares during the period. Finally, Wellington Management Group LLP acquired a new position in ACV Auctions in the third quarter valued at approximately $21,540,000. Institutional investors and hedge funds own 88.55% of the company’s stock.

ACV Auctions Stock Down 3.7 %

ACV Auctions stock opened at $13.97 on Friday. ACV Auctions Inc. has a fifty-two week low of $11.88 and a fifty-two week high of $23.46. The firm has a market capitalization of $2.36 billion, a price-to-earnings ratio of -28.51 and a beta of 1.74. The stock’s fifty day moving average is $16.40 and its two-hundred day moving average is $19.11. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.56 and a current ratio of 1.56.

ACV Auctions (NASDAQ:ACVA) last issued its quarterly earnings data on Wednesday, February 19th. The company reported ($0.14) EPS for the quarter, beating analysts’ consensus estimates of ($0.15) by $0.01. The firm had revenue of $159.51 million for the quarter, compared to analysts’ expectations of $156.77 million. ACV Auctions had a negative net margin of 12.51% and a negative return on equity of 12.94%. Analysts predict that ACV Auctions Inc. will post -0.07 EPS for the current fiscal year.

Insider Activity at ACV Auctions

In related news, CFO William Zerella sold 15,000 shares of the company’s stock in a transaction on Tuesday, March 11th. The stock was sold at an average price of $13.53, for a total value of $202,950.00. Following the completion of the transaction, the chief financial officer now directly owns 766,266 shares in the company, valued at approximately $10,367,578.98. This represents a 1.92 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO George Chamoun sold 348,249 shares of ACV Auctions stock in a transaction dated Thursday, March 20th. The shares were sold at an average price of $15.34, for a total value of $5,342,139.66. Following the completion of the sale, the chief executive officer now owns 2,821,193 shares of the company’s stock, valued at $43,277,100.62. This trade represents a 10.99 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 378,249 shares of company stock valued at $5,849,140. 8.50% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on ACVA shares. Piper Sandler upgraded ACV Auctions from a “neutral” rating to an “overweight” rating and lifted their target price for the company from $18.00 to $20.00 in a research report on Thursday, March 20th. JPMorgan Chase & Co. reduced their price objective on shares of ACV Auctions from $24.00 to $20.00 and set an “overweight” rating on the stock in a report on Thursday, March 27th. Stephens raised shares of ACV Auctions to a “hold” rating in a research report on Saturday, February 1st. Bank of America upgraded shares of ACV Auctions from a “neutral” rating to a “buy” rating and dropped their price target for the company from $22.00 to $20.00 in a research report on Wednesday, March 12th. Finally, Needham & Company LLC restated a “buy” rating and issued a $25.00 price objective on shares of ACV Auctions in a report on Wednesday, March 12th. Two analysts have rated the stock with a hold rating and nine have given a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $22.50.

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.