Next Century Growth Investors LLC Buys 5,109 Shares of ACV Auctions Inc. (NASDAQ:ACVA)

Next Century Growth Investors LLC lifted its holdings in shares of ACV Auctions Inc. (NASDAQ:ACVA) by 0.4% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 1,320,228 shares of the company’s stock after purchasing an additional 5,109 shares during the quarter. ACV Auctions accounts for 2.1% of Next Century Growth Investors LLC’s holdings, making the stock its 5th largest position. Next Century Growth Investors LLC owned 0.79% of ACV Auctions worth $28,517,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its stake 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 purchasing an additional 738,391 shares in the last quarter. William Blair Investment Management LLC raised its position in ACV Auctions by 43.2% in the fourth quarter. William Blair Investment Management LLC now owns 12,099,686 shares of the company’s stock valued at $261,353,000 after purchasing an additional 3,652,871 shares during the last quarter. Alliancebernstein L.P. boosted its position in ACV Auctions by 5.3% during the 4th quarter. Alliancebernstein L.P. now owns 5,622,255 shares of the company’s stock worth $121,441,000 after buying an additional 284,880 shares during the period. Jennison Associates LLC lifted its holdings in shares of ACV Auctions by 17.2% during the fourth quarter. Jennison Associates LLC now owns 4,980,354 shares of the company’s stock worth $107,576,000 after purchasing an additional 732,422 shares during the period. Finally, Geode Capital Management LLC lifted its holdings in ACV Auctions by 1.7% during the 4th quarter. Geode Capital Management LLC now owns 3,575,347 shares of the company’s stock worth $77,246,000 after buying an additional 58,259 shares during the period. 88.55% of the stock is owned by institutional investors and hedge funds.

ACV Auctions Price Performance

Shares of NASDAQ ACVA opened at $14.28 on Friday. The firm has a market capitalization of $2.41 billion, a P/E ratio of -29.13 and a beta of 1.74. The firm’s 50-day moving average price is $16.27 and its 200-day moving average price is $19.06. The company has a current ratio of 1.56, a quick ratio of 1.56 and a debt-to-equity ratio of 0.28. ACV Auctions Inc. has a 1-year low of $11.88 and a 1-year high of $23.46.

ACV Auctions (NASDAQ:ACVA) last posted its quarterly earnings results on Wednesday, February 19th. The company reported ($0.14) earnings per share for the quarter, topping analysts’ consensus estimates 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 for the quarter, compared to the consensus estimate of $156.77 million. Equities research analysts anticipate that ACV Auctions Inc. will post -0.07 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, CFO William Zerella sold 15,000 shares of the company’s stock in a transaction dated Tuesday, March 11th. The shares were sold at an average price of $13.53, for a total value of $202,950.00. Following the sale, the chief financial officer now owns 766,266 shares in the company, valued at $10,367,578.98. This represents a 1.92 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 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 transaction, 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. Insiders have sold a total of 378,249 shares of company stock worth $5,849,140 in the last ninety days. Corporate insiders own 8.50% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on the company. Stephens upgraded ACV Auctions to a “hold” rating in a research report on Saturday, February 1st. JPMorgan Chase & Co. lowered their price target on shares of ACV Auctions from $24.00 to $20.00 and set an “overweight” rating for the company in a report on Thursday, March 27th. Needham & Company LLC reaffirmed a “buy” rating and issued a $25.00 price objective on shares of ACV Auctions in a research note on Wednesday, March 12th. JMP Securities lowered their target price on shares of ACV Auctions from $22.00 to $18.00 and set a “market outperform” rating for the company in a research note on Wednesday. Finally, Bank of America upgraded shares of ACV Auctions from a “neutral” rating to a “buy” rating and dropped their target price for the company from $22.00 to $20.00 in a report on Wednesday, March 12th. Two investment analysts have rated the stock with a hold rating and nine have given a buy rating to the company. According to MarketBeat, ACV Auctions currently has an average rating of “Moderate Buy” and an average price target 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.