ACV Auctions Inc. (NASDAQ:ACVA) Shares Purchased by Driehaus Capital Management LLC

Driehaus Capital Management LLC lifted its holdings in ACV Auctions Inc. (NASDAQ:ACVA) by 48.0% in the second quarter, according to its most recent disclosure with the SEC. The institutional investor owned 1,232,238 shares of the company’s stock after purchasing an additional 399,402 shares during the period. Driehaus Capital Management LLC’s holdings in ACV Auctions were worth $22,488,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Dimensional Fund Advisors LP lifted its stake in 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 last quarter. Comerica Bank lifted its stake in ACV Auctions by 5,045.7% in the first quarter. Comerica Bank now owns 63,550 shares of the company’s stock worth $1,193,000 after acquiring an additional 62,315 shares during the last quarter. Jennison Associates LLC lifted its stake in 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 last quarter. Congress Asset Management Co. MA lifted its stake in ACV Auctions by 21.8% in the first quarter. Congress Asset Management Co. MA now owns 482,881 shares of the company’s stock worth $9,064,000 after acquiring an additional 86,525 shares during the last quarter. Finally, William Blair Investment Management LLC lifted its stake in ACV Auctions by 4.1% in the second quarter. William Blair Investment Management LLC now owns 5,013,642 shares of the company’s stock worth $91,499,000 after acquiring an additional 198,228 shares during the last quarter. Institutional investors and hedge funds own 88.55% of the company’s stock.

ACV Auctions Stock Down 1.4 %

ACVA stock opened at $20.46 on Friday. The company has a fifty day moving average price of $18.55 and a 200 day moving average price of $18.22. ACV Auctions Inc. has a 12 month low of $12.84 and a 12 month high of $21.10. The company has a market cap of $3.41 billion, a price-to-earnings ratio of -42.63 and a beta of 1.55. The company has a debt-to-equity ratio of 0.24, a current ratio of 1.49 and a quick ratio of 1.49.

ACV Auctions (NASDAQ:ACVA) last released its quarterly earnings results on Wednesday, August 7th. The company reported ($0.07) EPS for the quarter, beating the consensus estimate of ($0.09) by $0.02. ACV Auctions had a negative net margin of 14.53% and a negative return on equity of 13.20%. The firm had revenue of $160.62 million during the quarter, compared to the consensus estimate of $156.33 million. Sell-side analysts expect that ACV Auctions Inc. will post -0.36 earnings per share for the current year.

Wall Street Analysts Forecast Growth

ACVA has been the subject of a number of recent research reports. Raymond James initiated coverage on shares of ACV Auctions in a research note on Friday. They issued a “market perform” rating and a $22.00 price target for the company. Barrington Research restated an “outperform” rating and set a $23.00 price objective on shares of ACV Auctions in a research report on Friday, August 16th. JMP Securities boosted their price objective on shares of ACV Auctions from $21.00 to $24.00 and gave the stock a “market outperform” rating in a research report on Tuesday, September 17th. JPMorgan Chase & Co. upgraded 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. Finally, Needham & Company LLC restated a “buy” rating and set a $23.00 price objective on shares of ACV Auctions in a research report on Monday, June 3rd. Two research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $21.57.

Insider Activity at ACV Auctions

In related news, CFO William Zerella sold 32,500 shares of the company’s stock in a transaction on Tuesday, July 9th. The shares were sold at an average price of $17.51, for a total value of $569,075.00. Following the completion of the sale, the chief financial officer now owns 503,077 shares in the company, valued at approximately $8,808,878.27. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other ACV Auctions news, insider Michael Waterman sold 26,336 shares of the business’s stock in a transaction on Tuesday, July 9th. The shares were sold at an average price of $17.51, for a total value of $461,143.36. Following the transaction, the insider now directly owns 366,710 shares of the company’s stock, valued at approximately $6,421,092.10. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO William Zerella sold 32,500 shares of the business’s stock in a transaction on Tuesday, July 9th. The shares were sold at an average price of $17.51, for a total transaction of $569,075.00. Following the completion of the transaction, the chief financial officer now directly owns 503,077 shares in the company, valued at $8,808,878.27. The disclosure for this sale can be found here. Insiders sold a total of 741,663 shares of company stock worth $14,179,490 in the last 90 days. 8.50% of the stock is owned by insiders.

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.