Squarepoint Ops LLC Has $5.02 Million Stake in ACV Auctions Inc. (NASDAQ:ACVA)

Squarepoint Ops LLC decreased its holdings in shares of ACV Auctions Inc. (NASDAQ:ACVA) by 26.4% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 275,288 shares of the company’s stock after selling 98,724 shares during the quarter. Squarepoint Ops LLC owned 0.17% of ACV Auctions worth $5,024,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in ACVA. Dimensional Fund Advisors LP boosted its position 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 valued at $27,979,000 after buying an additional 329,854 shares in the last quarter. Comerica Bank boosted its holdings in shares of ACV Auctions by 5,045.7% during the 1st quarter. Comerica Bank now owns 63,550 shares of the company’s stock valued at $1,193,000 after acquiring an additional 62,315 shares in the last quarter. Jennison Associates LLC grew its position in ACV Auctions by 11.0% during the 1st 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 increased its holdings in ACV Auctions by 21.8% in the 1st quarter. Congress Asset Management Co. MA now owns 482,881 shares of the company’s stock worth $9,064,000 after purchasing an additional 86,525 shares in the last quarter. Finally, William Blair Investment Management LLC raised its position 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 valued at $91,499,000 after purchasing an additional 198,228 shares during the last quarter. 88.55% of the stock is currently owned by institutional investors and hedge funds.

ACV Auctions Stock Performance

ACVA stock opened at $20.33 on Tuesday. ACV Auctions Inc. has a 1-year low of $12.84 and a 1-year high of $21.10. The company has a current ratio of 1.49, a quick ratio of 1.49 and a debt-to-equity ratio of 0.24. The stock has a 50-day moving average price of $18.59 and a 200-day moving average price of $18.25. The firm has a market cap of $3.36 billion, a PE ratio of -42.35 and a beta of 1.55.

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

Wall Street Analyst Weigh In

ACVA has been the topic of several research reports. Barrington Research restated an “outperform” rating and set a $23.00 price target on shares of ACV Auctions in a report on Friday, August 16th. Raymond James initiated coverage on shares of ACV Auctions in a research report on Friday. They issued a “market perform” rating and a $22.00 price target for the company. JMP Securities lifted their price target on shares of ACV Auctions from $21.00 to $24.00 and gave the stock a “market outperform” rating in a report on Tuesday, September 17th. Needham & Company LLC restated a “buy” rating and issued a $23.00 price objective on shares of ACV Auctions in a report on Monday, June 3rd. Finally, JPMorgan Chase & Co. raised ACV Auctions from a “neutral” rating to an “overweight” rating and set a $21.00 target price for the company in a research report on Monday, June 10th. Two research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat.com, ACV Auctions currently has an average rating of “Moderate Buy” and an average price target of $21.57.

Insider Buying and Selling

In other news, CFO William Zerella sold 32,500 shares of the company’s stock in a transaction dated Tuesday, August 6th. The shares were sold at an average price of $15.19, for a total transaction of $493,675.00. Following the transaction, the chief financial officer now owns 503,077 shares in the company, valued at $7,641,739.63. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other news, CFO William Zerella sold 32,500 shares of the business’s 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 completion of the sale, the chief financial officer now owns 503,077 shares in the company, valued at $7,641,739.63. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider Michael Waterman sold 26,336 shares of the stock in a transaction on Tuesday, July 9th. The stock was sold at an average price of $17.51, for a total value of $461,143.36. Following the completion of the transaction, the insider now owns 366,710 shares in the company, valued at $6,421,092.10. The disclosure for this sale can be found here. Insiders have sold a total of 734,163 shares of company stock valued at $14,045,915 over the last ninety days. 8.50% of the stock is owned by corporate insiders.

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.