Massachusetts Financial Services Co. MA Has $141.59 Million Position in ACV Auctions Inc. (NASDAQ:ACVA)

Massachusetts Financial Services Co. MA increased its position in shares of ACV Auctions Inc. (NASDAQ:ACVA) by 47.6% in the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 7,758,163 shares of the company’s stock after buying an additional 2,502,064 shares during the quarter. Massachusetts Financial Services Co. MA owned 4.70% of ACV Auctions worth $141,586,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also bought and sold shares of ACVA. Blair William & Co. IL grew its stake 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 in the last quarter. ProShare Advisors LLC increased its position in shares of ACV Auctions by 8.5% in the first quarter. ProShare Advisors LLC now owns 22,843 shares of the company’s stock valued at $429,000 after acquiring an additional 1,798 shares during the last quarter. Arizona State Retirement System raised its holdings in ACV Auctions by 10.4% during the second quarter. Arizona State Retirement System now owns 41,303 shares of the company’s stock worth $754,000 after acquiring an additional 3,881 shares in the last quarter. Price T Rowe Associates Inc. MD boosted its position in ACV Auctions by 6.3% during the first quarter. Price T Rowe Associates Inc. MD now owns 77,547 shares of the company’s stock valued at $1,456,000 after purchasing an additional 4,621 shares during the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank grew its stake in ACV Auctions by 21.9% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 26,478 shares of the company’s stock valued at $483,000 after purchasing an additional 4,752 shares in the last quarter. Institutional investors and hedge funds own 88.55% of the company’s stock.

Insiders Place Their Bets

In related news, CFO William Zerella sold 32,500 shares of the stock in a transaction that occurred on Tuesday, August 6th. The stock was sold at an average price of $15.19, for a total transaction of $493,675.00. Following the sale, the chief financial officer now owns 503,077 shares of the company’s stock, valued at $7,641,739.63. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In related news, COO Vikas Mehta sold 145,928 shares of the business’s stock in a transaction dated Friday, August 23rd. The stock was sold at an average price of $18.71, for a total value of $2,730,312.88. Following the completion of the transaction, the chief operating officer now owns 468,505 shares of the company’s stock, valued at $8,765,728.55. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CFO William Zerella sold 32,500 shares of the stock in a transaction dated Tuesday, August 6th. The stock was sold at an average price of $15.19, for a total transaction of $493,675.00. Following the sale, the chief financial officer now owns 503,077 shares in the company, valued at $7,641,739.63. The disclosure for this sale can be found here. Insiders have sold a total of 553,505 shares of company stock worth $10,366,467 in the last quarter. Corporate insiders own 8.50% of the company’s stock.

ACV Auctions Stock Performance

NASDAQ ACVA opened at $20.25 on Thursday. The stock has a market cap of $3.34 billion, a PE ratio of -42.19 and a beta of 1.55. The company has a debt-to-equity ratio of 0.24, a quick ratio of 1.49 and a current ratio of 1.49. The firm has a 50-day moving average of $18.20 and a 200-day moving average of $18.09. ACV Auctions Inc. has a 52-week low of $12.84 and a 52-week high of $20.82.

ACV Auctions (NASDAQ:ACVA) last announced its earnings results on Wednesday, August 7th. The company reported ($0.07) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.09) by $0.02. ACV Auctions had a negative return on equity of 13.20% and a negative net margin of 14.53%. The company had revenue of $160.62 million for the quarter, compared to analyst estimates of $156.33 million. On average, sell-side analysts anticipate that ACV Auctions Inc. will post -0.36 EPS for the current year.

Analysts Set New Price Targets

Several equities research analysts have recently commented on the company. Needham & Company LLC reissued a “buy” rating and issued a $23.00 price objective on shares of ACV Auctions in a report on Monday, June 3rd. JPMorgan Chase & Co. raised shares of ACV Auctions from a “neutral” rating to an “overweight” rating and set a $21.00 price objective for the company in a research report on Monday, June 10th. Barrington Research reaffirmed an “outperform” rating and issued a $23.00 target price on shares of ACV Auctions in a report on Friday, August 16th. Finally, JMP Securities raised their target price on shares of ACV Auctions from $21.00 to $24.00 and gave the company a “market outperform” rating in a research note on Tuesday. One investment analyst has rated the stock with a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat, ACV Auctions has a consensus rating of “Moderate Buy” and an average price target of $21.50.

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.